Post-closing services firm Nationwide Title Clearing released a white paper this week to help servicers better manage the costly and risky lien-release process.
Releasing a lien is not a profit generating task for mortgage services, but it is a necessary part of the process.
With many of the common lien-release mistakes creating tail risk for servicers, Nationwide Title Clearing put together a list of recommended steps for companies.
"In the lien release business, there is only one metric that really matters: Out of Compliance (OOC) Percentage," said John Hillman, CEO of Nationwide Title Clearing.
"Specifically, this is the number of lien releases not filed in a timely, accurate and compliant manner. Servicers should demand metrics and reports that provide true transparency from their partners and insist they focus on accuracy and compliance above all else."
A free copy of the White Paper is available online.