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Nationwide Title Clearing, Inc.
2100 ALT 19 North
Palm Harbor, FL 34683
Nationwide Title Clearing is picky, and in their line of business, picky is good. Their goal is to get accurate title records for their customers in every county in the U.S. — a daunting task they seem to relish.
“Our focus is the source of the data,” said Adam Sala, Deputy COO at Nationwide Title Clearing. “We only use tested and reliable database sources (some databases can have gaps in their indexing that might cause inaccurate reports) and most often go to the original images to make sure the reports are complete and make sense. We really push for the highest quality of information to fuel the property reports we provide for our clients.”
Getting accurate records and images requires a national network of relationships with county officials, high-quality data/image vendors and abstracters. Counties have different methods of indexing and displaying their information, and that information is always changing.
“It has taken us decades to build up our network and the relationships necessary to have that access, so that we can get nearly any document in the country very rapidly,” Sala said.
NTC has created a direct ordering module that lets clients order property reports by simply entering an address into its web portal and choosing type, time frame, county, etc., through its decision engine. The system automatically charts the fastest and most economical route to getting the information that the client needs, whether that is capturing digital images of original documents, making a call, or sending an abstracter to physically obtain it from a county courthouse.
“There are a lot of people behind the scenes who work on extracting the right information to create our reports, and then there’s the technology that makes it possible,” Sala said.
“We’ve been in business 23 years, and organically grown our presence from just California to all 3,771 recording jurisdictions in the United States. Collecting property data from one region is not that difficult; gathering information from the whole country and refining it is,” he said.
The right information is vital to establishing ownership, and even more important in today’s regulatory environment, Sala said. “The biggest area where we help our clients is by allowing them to get easy access to information that enables them to be in compliance — to cross all their t’s and dot all their i’s. We have embraced being as technical as possible to make it easy for those in our industry to stay compliant.”
The market for title services has traditionally centered on origination as mortgage lenders, servicers and investors confirm the lien position. Secondary markets have typically looked at credit and compliance risk factors, but haven’t looked at the quality of the collateral file. However, NTC has seen an increasing interest from the secondary market, where land record verification plays an important part in mitigating risk.
Investors can order assignment verification reports, which identify any gaps or clouds on the assignment chain, as well as verify that the assignments on record transfer the beneficial rights of the servicer or investor.
“There is a high level of due diligence that is now being required in the secondary market, and that hasn’t always been the case. It’s important for investors and others looking at non-performing loan pools to have the appropriate servicer on record before making any transfers. Sometimes they are oblivious until the report is done that there is something that seriously clouds the title.”
NTC is constantly looking to make more and more reports available, Sala said, and is developing a process where clients can upload large numbers of properties at a time into a spreadsheet without retyping.
“Our niche has been in working with the largest servicing banks, and we’ve developed specialties in document production as well as research and property reports. Now we’re taking the skills we’ve attained by working with the biggest servicers and making that kind of information accessible to practically everyone.”
For more information about Nationwide Title Clearing, Inc. (NTC), visit nwtc.com.