[1]Florida-based research and document processing company Nationwide Title Clearing (NTC [2]) is now offering a complete collateral file audit and remediation service, according to an announcement from NTC.
Collateral files are audited by a team of professionals who use NTC's document and research retrieval methods to bring the files up to a transferable standard and cure any exceptions. The collateral file audit and remediation service is customizable and can be tailored to specific portfolios, investors, and objectives, according to NTC.
"The value of a mortgage-based loan portfolio is directly impacted by the completeness and accuracy-or lack thereof-of the collateral files of the loans of which it is comprised," NTC CEO John Hillman said. "In some portfolios we have audited, we have found errors in 40 percent to 60 percent of the loans. Remediating the exceptions in these loans increases the value of the entire portfolio, and enables the owner of the portfolio to make more money with each sale."
NTC reports that the principal benefits of the collateral file audit and remediation service are complete file management under one servicer, which includes shipping, storage, remediation, assignments, property reports, exception management, and reporting; a reduced amount of money wasted from buybacks and/or reintegration into servicing departments; more certainty about representations and warranties from buyers; and the value of the assets presented for sale would be increased.
For most NTC clients, the collateral file audit and remediation service represents and investment with an immediate payback; therefore, interest in the service is high, according to NTC.
The collateral file audit and remediation service of NTC includes file intake, inventory, imaging, and indexing; complete collateral file creation; a fully customizable audit to the client's specifications, curative and remedial actions for any exceptions, and complete file management. The service also offers a variety of property reports that are customizable to indicate lien position, broken assignment chains, the current beneficiary, or the current owner of the property.