New Joint Venture Offers Life-of-Loan Services from Closing to Payoff

""Nationwide Title Clearing"":http://www.nwtc.com (NTC), a document and services provider for the residential mortgage industry, has teamed up with the founders of TransContinental Title to form a new national title company, ""Lenders Title Solutions"":http://lenderstitlesolutions.com (LTS).

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The new Florida-based firm provides title and closing services to lenders in all 50 states, and according to the principals, together, LTS and NTC will offer a life-of-loan services solution, from the moment the loan is closed until it is paid off and released.

""This is the first time a service provider like NTC has joined forces with a title company in this way,"" said Jeremy Pomerantz, SVP of Nationwide Title Clearing. ""After researching and retrieving millions of missing title-related documents, we know our customers are feeling

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pain here. This new partnership will relieve that pain and expense at the root of the issue.""

Pomerantz explained that participating lenders who close loans with LTS are automatically provided NTC's final/trailing document services to track the mortgage and title policy after closing, and he says the lender will never have to pay for missing documents.

The NTC bundled services with LTS include document tracking, imaging, audits, corrections, retrieval, and delivery.

The companies say title-related documents are the most often lost or missing documents in a loan file and when these assets change hands or fail an agency audit, the missing documents must be replaced, often at great expense. And in some cases, the policy may not exist and the local agent may even be out of business, further increasing the costs.

Pomerantz said, ""This offering is designed to provide substantial cost savings and easy delivery of the loan documents to buyers or investors, preventing costly buyback requests for lenders or the subsequent servicers.""

He added, ""This will be much more attractive to the industry than hiring a separate company to go after missing documents that they have already paid for or to correct document errors years later. Lost mortgages or title policies just won't exist for lenders who work with LTS and NTC.""