NTC’s Final Documents Process Offers Competitive Advantages

Nationwide Title Clearing (NTC), a privately-owned leading research and document-processing service provider for the nation’s largest financial institutions, investors, and servicers, has announced that users of its proprietary Final Documents Process were enjoying competitive advantages over other firms. This was a direct result of perfecting the process of handing loans off from the origination team to the mortgage servicer. The Final Documents Process, itself, was designed to lower the cost of boarding quality loans.

"Investors are now well aware of the problems that can arise from a faulty post-close process. They are no longer willing to run that risk," said NTC CEO John Hillman, in a press release issued by the company. "What we're hearing from our customers is that investors are paying attention to the process and putting a higher value on companies that get it right. As more investors move into an improving home finance industry, this will give some firms a competitive advantage over others."

As part of its Final Documents Process, NTC works with its clients to strategically build the complete trailing document process that best fits their operation. Once complete, NTC's client provides instructions to their closing agents/ title companies/ correspondent lenders or attorneys to forward all original mortgages, deeds of trust, title policies and assignments (as applicable) to NTC after origination and recording for all new loans. This results in fewer outstanding documents, reduced document retrieval requirements, lower investor penalty risk, and the elimination of agent fraud.

After receiving the original mortgages/deeds of trust and title policies, NTC will then perform a variety of tasks including document imaging, investor/custodian delivery, document tracking, individual document audits, data capture, and escalated document retrieval.

"We've created a process that makes it virtually impossible for problems to hide and returns complete records to investors in a timely fashion," Hillman said. "Furthermore, we have the capacity to handle whatever volume the industry sends our way, allowing us to eliminate the volume influx challenges that have plagued servicers and take the loan delivery work out of the hands of the originator, freeing them up to pursue more business."

Documents received are forwarded to the appropriate investor as instructed by the client. Any documents not received automatically within the pre-set time frame will trigger a series of follow-up actions with the appropriate title company/ closing agent or attorney. If documents don't arrive, NTC will obtain a copy of the documents from the county to satisfy investor requirements.

To find out more about NTC’s Final Document Processing, click here.