Mortgage industry experts understand the stress and frustration of the last-minute exceptions added by title and the additional exception items they could not remove previously. To facilitate the process of closing, it is important to familiarize yourself with the solutions to help when title won’t remove an exception item.
The following bullet points provide the main elements of the article:
– Step 1: Examine the language and title commitment.
– Step 2: Research the underlying claims by searching the property records.
– Step 3: Request a subordination or exemption agreement from any lien holders, if necessary.
– Step 4: Communicate with title and the customer to develop a solution.
Knowing how to handle the minor details can give professionals in the mortgage industry the confidence to deal with the unexpected, stressful, and overwhelming situations that arise in title processing. Keeping communication open with all parties and understanding the content of any agreement can help alleviate the stress for everyone involved. Understanding and implementing these solutions could spell the difference between closing successfully or prolonging the process.
You can read this full article at: https://geracilawfirm.com/what-to-do-when-title-wont-remove-an-exception-item/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
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