The world of real estate finance is constantly changing, and having a dependable title research partner has never been as crucial. For over 20 years, AFX has been providing fast and accurate title research services for several industries, including mortgage servicing. As Fannie Mae implements new requirements affecting mortgage servicers, AFX remains committed to providing compliant, uninsured title searches that meet those specific needs. Understandably, mortgage servicers have a vested interest in knowing such requirements so they can continue with operations in as streamlined a manner possible, with minimal expenses.
✓ Title Search and Update Requirements
The maximum allowable foreclosure-related title cost includes:
Unless otherwise specified by Fannie Mae, the initial title search must be an uninsured title search, with no extra charges for insurance or guarantees. The search, along with any necessary updates, must verify the property's title and identify all recorded liens, documents affecting the title, and all parties required to receive notice of the foreclosure sale.
For this reason, Fannie Mae has provided strict parameters for the cost of foreclosure-related title expenses to maintain their reasonableness as much as possible to the mortgage servicer. The essence in this case is to conduct thorough title searches without being too costly. It is a balance between compliance and preserving the integrity of the research on the title.
Initial Two-Owner Title Search: Each foreclosure requires an initial two-owner title search. The search should go back to include the deed before the mortgagor's deed. AFX specializes in extensive searches involving a look at historical ownership for the purpose of confirming title and any problems with the titles.
Accurate title research helps in the identification of recorded liens or encumbrances that may pose potential risks during the foreclosure process. With this in full view, a mortgage servicer would possibly take steps to reduce some of these potential legal issues.
Fannie Mae's guidelines are not mere suggestions, but rather regulatory requirements that carry with them penalties and possible loss of eligibility for continued servicing. The services provided by AFX will keep the mortgage servicer current and in compliance with those regulations.
Often, the process of foreclosure and sale is very long-winded and convoluted. Because the servicer has exacting title information at their fingertips, the process could be much shorter, thereby saving money and time.
A construction loan title report can identify several issues, including:
At AFX, we realize that there is one size that does not fit all with title research services. For our mortgage servicers, we offer the following products and services:
It is important to consider that title research is a vital part of foreclosure. Here are several ways in which comprehensive title research impacts the process of foreclosure:
In today’s fast-paced and competitive real estate lending environment, having precise and timely access to title information is more crucial than ever. AFX Research is dedicated to providing comprehensive and customizable title report services tailored to meet the unique needs of Fannie Mae and mortgage servicers. Our commitment to accuracy, regulatory compliance, and exceptional customer satisfaction has established us as a leader in the title research industry.
Partnering with AFX connects you to over 20 years of expertise in title research, cutting-edge technology solutions, and a deep understanding of the mortgage servicing landscape. We aim to simplify the complexities of title research, enabling smoother processes and improved financial outcomes. With AFX as your trusted partner, you can focus on your core mission: serving your clients and achieving success in your mortgage servicing operations.