Title curative is described as a set of procedures used to “cure” defects in chains of title, that can involve correcting instruments that are erroneous or ambiguous. This is required when the title search reports show that mortgage documents are not properly assigned or released.
Liens and other issues on titles can result in a slow down or even derailment of purchases and refinances. Title issues are common obstacles that delay loan modifications and result in penalties for servicers. Studies show that 15 to 20% of all loan modifications require title curative work.
Common Title Curative Issues
There are a host of Title curative issues that can affect servicers and Title agents with respect to both commercial as well as residential mortgage. Some of the most repetitively found Title curative issues include:
- Land Description
It is necessary that the deed or lease should describe the property according to all jurisdiction requirements.
- Recordation
The registered documents must contain all the elements required by the state or county of record.
- Mortgages & Tax Liens
Any lien before release necessitates verification. In the case of mortgages, only a part of the property can be released following a takedown schedule or with consecutive partial releases.
- Death, Intestacy, & Wills
Any testamentary documents must provide the testator’s sufficient intent to transfer the title to the new owner.
- Joint Tenancies & Life Estates
Unique ownership with specific circumstances must be adequately conveyed. For instance, the death of a person holding an estate should appear in the documentation.
- Marital Interests & Divorce Decrees
Divorce decree will transfer titles via family court for proper filing and recording.
Find out how PrivoCorp can help title agents manage volume fluctuations effortlessly while ensuring compliance
Benefits of Working with A Reliable Title Curative Partner
Title agents and servicers may not always have the bandwidth to check thoroughly for title issues. They require solid title support services and title examination services. To avoid delays in the mortgage process due to title defects, it’s best to partner with reliable title curative partners to better meet deadlines for closings.
Title curative partners help title agents and servicers to ensure the file is ready-to-close as quickly as possible. Here are the top 5 benefits of partnering with trusted Title curative partners:
1. Expert Staff
Title curative is a specialized area. It helps to partner with companies that has knowledgeable staff and unparalleled industry expertise. Such companies will review and complete even the most challenging commitment requirements.
Their curative teams have title experts with years of experience in the mortgage and title industry. They also have excellent communication and problem-solving skills.
2. Unconventional & Creative Ideas
In different cases, title curative issues bound to differ. It is possible that some issues require a creative approach to clear complex matters easily. Expert curative teams use critical thinking to decrease turn times and issue clear to close certificates.
However, skills and competencies like these come only after years of experience in the industry. It’s best to join hands with title curative partners with a robust and competent team of specialists to handle title curative needs efficiently.
3. Smart Business Analysis & Reporting
Most often, files used in the title curative require multiple follow-ups. It makes business sense to have an intelligent review of the pipeline with proper report generation. Title curative experts have specialists who perform these reviews to identify trends of common issues, then develop a standard resolution option.
With comprehensive reporting, partners offer title agents access to relevant details to identify gaps and correct issues.
4. Frequent Follow-Ups
Typically, title issues need human intervention and effort to resolve them. It is necessary to analyse the initial issue correctly and then follow it up regularly for resolution. Taking effective measures will guarantee the files get reviewed promptly.
Expert title curative partners provide title support services in the form of reports and tools to significantly aid in achieving these objectives.
5. Trusted & Reliable
Trust is a very important aspect when it comes to closing deals as soon as possible. Reliable title curative partners help rectify all defective issues on titles regardless of the amount of intensity.
They have experts to scale rapidly and meet volume demands as per month-end volume increases.
How PrivoCorp can help with Title Curative
PrivoCorp’s Title curative specialists are well-trained to manage any chinks in the title armour caused by missing mortgage documents.
With proven processes, title domain expertise and innovative use of technology, PrivoCorp experts help title agents streamline operations. They also assist agents in obtaining unreleased mortgage liens, security deeds, deeds of trust, or missing mortgage assignments. PrivoCorp offers end-to-end Title support services to Title Agents, Underwriters, Attorneys, Lenders and Vendor management companies.
