If you’re a real estate professional, you probably think of the local title company as “the escrow people” or, perhaps, “the closing agent.” We’re among the last professionals to touch your customer before she takes the keys to her new home. If you’re a loan officer or a mortgage broker, you may think of the title people as the ones who do…. something...to check a few boxes before underwriting and disbursements will give the “clear to close” order.
Now, of course, many of you know much more about what a settlement services firm like Commonwealth USA does. But the fact remains that, just by the way we’re positioned in your transaction, you’re likely most concerned about us doing our work fast so your client can get the keys!
Title companies like Commonwealth USA do quite a few things you’re probably aware of at some level, and quite a few more that you might not know about. For example, during a typical refinance transaction, we’re likely to…
Order, manage and review a title search and abstract.
Triple check to make sure nobody else has any kind of claim (we call these “clouds”) to the property. (e.g. After a divorce, nobody ever got the ex to sign off on the sale of the house to the seller you’re dealing with today…).
If someone does have a claim, we do all we can to get them to release that claim (we call this “curative”).
Coordinate with the title insurance company (underwriter) to issue the policy.
Coordinate with the mortgage lender as to where, when, how and how much will be transferred in the way of funding.
Coordinate with any real estate professionals and/or mortgage brokers (frequently) to update them on all of this.
Finally, depending on the laws of the state you’re in, we set up and handle the closing itself.
And, of course, there’s the recording of the deed with government and the “post-closing” work with the lender.
Most of you probably had some idea that we did all of this, and that we strive to do it fast enough to keep the transaction moving forward and keep everyone from getting too impatient; all while staying in accordance with the many laws, regulations, and rules that govern the process from state-to-state and even city-to-city.
But did you know a good firm like ours also:
Maintains extensive, layered cyber-security and protocols to protect the sensitive personal data (NPI) of your client from sophisticated, would-be identity thieves or fraudsters.
Possesses thorough knowledge of laws, regulations, local ordinances, and GSE-mandated requirements so that, as we do our work, lenders are protected from the demand of “buybacks” from “upstream” warehouse lenders and their partners if the details of each loan aren’t pristine.
Customizes our process or workflows so that our lending and realty partners don’t have to worry about the details. You can be confident that our process is compliant even when we make adjustments to our own internal workings for your needs. Above all, know that your transaction is moving along as fast as it can!
Acts, in many ways, as an effective operational consultant for the operations professionals with our mortgage lending partners. After all, we’ve seen the process done quite a few different ways. Chances are, we can offer tips and ideas that will smooth your process as well (e.g. save you money).
Your title and settlement services partner should be like your trusted Swiss army knife--versatile; adaptable and trustworthy. The fact is, from the moment you client's sales agreement becomes final, we’re in on the transaction; in many more ways than you may have thought.
Stay tuned to our Blog where we’ll dive into some of these details to illustrate just how involved Commonwealth USA and other good title and settlement firms are in assisting a lender’s or Realtor’s success.