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Lenders prefer to outsource title search services to offshore firms specializing in the same and have great benefits to offer. It affirms the authenticity of real estate properties before it goes on sale or gets mortgaged. The in-depth evaluation in mortgage title search also determines whether a property is free of legal or any other complications. The benefits of real estate title search solutions offered by third-party or outsourcing mortgage processing firms are highly cost-effective. They have heavily invested in technology and infrastructure capable of making processes highly streamlined. It ensures unfailing data security or confidentiality and highly accurate results within short windows. But in what exact ways does outsourcing title search services help lenders? Let’s find out.

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Meticulous evaluation is done on a property’s history of ownership(s) which goes through systematic analysis from authentic sources such as public records or any other related documents. The outsourcing real estate title search providers will perform the tasks with a comprehensive report submission. This report gives insights about legal issues that confines to the property either due to outstanding monetary obligations or liens against the same. If such issues exist with the property it will not favor good sales.

The other factors responsible for such real estate title search issues are:[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]

• Document fraud due to forging of property documents and exploiting signatures of property owners is prevalent in the industry.

• This type of sham is infamous for creating property closures or even release fake mortgage loans causing legal issues to new title owners.

• Illegitimate titles also arise through the use of fabricated or expired power of attorneys.

• Separated/joint owners who haven’t been legally divorced, or the people who have inherited property as illegitimate heirs can is a major cause for unlawful property possession.

• The other issues are categorized as processing errors where details in a loan are either inaccurately entered or mistakenly omitted. The same happens with indexing the unavailability of documents.

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The other mortgage title search errors documented are as a result of liens for unpaid estate such as income or gift taxes along with undisclosed and erroneous interpretations of wills and invalid tax titles subject to irregular proceedings are some of the other errors that are documented in a title search report.

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• Professional title search services are of a varied kind as offshore outsourcing firms deploy specific expertise. Among them is one called, Current Owner Search, done when a property is bought through a tax sale or during the purchase of a foreclosure. This search process generates limited data compared to the Full title search and has quicker processing cycles.

• A Full Title search is done before someone purchases properties owned by a bank. It is in-depth and takes event the minutest of details into account about all outstanding mortgages and liens that are tied to the property. All judgments and other legal issues related to the property, even, deeds and other vital public records will also be thoroughly verified.

• The other is a Comprehensive Title Search, which applies to all real estate types. It assures a streamlined and smooth transaction for the buyers and all other involved parties. It also protects them against any legal complications in the future.

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These are the reasons why outsourcing mortgage title search is chosen from third-party mortgage processing firms by lenders. For more details feel free to contact us and get a quote.

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