One of the major concerns in the real estate market today is title defects. These defects have led to erroneous foreclosures and the transaction of real estate assets in the secondary market. Executives at Nationwide Title Clearing, Inc. (NTC) have stated that accurate property records are key to transferring property titles, reducing the risk of buybacks, and can also cause an inability to foreclose on a property. Due to this issue the executives have taken steps to make access to property reports simpler. They have done this by launching a new website that features online property reports.
A title defect usually occurs when a person or entity claims a property that they don’t actually own. Other issues that lead to a title defect is wording in the document that isn’t compliant with area real estate standards, previous leans haven’t been removed, and a failure to follow proper procedures when recording or filing the documents.
Due to these issues the Chief Executive Officer of NTC, John Hillman, stressed that it is necessary to address title defects long before the property is sold or transferred. The new website will have a full database of property across the US. The website will have four property reports available with data available from multiple sources in order to provide a clear view of a property’s title.
Through the use of both automation and human verification the website will provide the most accurate information available, built upon NTC’s full understanding of what the end user is looking for.
Nationwide Title Clearing Inc. is headquartered in Palm Harbor, Florida. The company was founded in 1991 and has since grown to be one of the largest residential post-closing services companies in the world. The company provides research, audit, and document-processing services to mortgage lenders, loan servicers, and investors throughout the United States. NTC employs over 450 people and won a Tampa Bay Times Top 100 Workplace award for five of the last six years.
NTC has also been very involved in charitable work in their local communities. Some of the many charities they have worked with include Feeding Tampa Bay which provides food to more than 700,000 people in West Central Florida. Another of the charities NTC has contributed to is the Humane Society of Pinellas by sponsoring festivals and having pet supply food drives.