Title Outsourcing

Home
Title Outsourcing

Prime

Title Outsourcing Services

PRIME Business provides title insurance outsourcing services required for settlement to Mortgage bankers and lenders nationwide. Title Insurance protects lenders or borrowers against losses arising from problems or defects with the ownership or legal title of a property. We at PRIME Business solutions understand the criticality and the complexities involved in Title Insurance.

Our Title and Settlement services suite would mean a reduction of your turnaround time and paperwork, which would spin you into greater and faster business.

Title Search
Owner & Encumbrance Reports
Legal & Vesting Report
Full Title Examination
Title Commitment Preparation
Preliminary Title Report
Final Policy Production
HUD Statement Preparation

Prime
Business Solutions

Prime

We analyze the mortgage documents in five major underwriting areas (Credit, Appraisal, Income, Fund & Title) and calculate the LTV & DTI (Front-end & Back-end ratios) using the documents submitted by the borrower and providing the detailed analysis report to the US underwriters:

Verify information listed on the loan application and obtain additional documents required
Pre-qualify the borrower, based on the FICO & Overall current financial conditions of the borrower
Evaluate customer profile as per strict compliance standards
Assess the risk profile of the applicants based on the 4 Cs determining the appropriate risk class
Evaluate DTI, LTV and various ratios
Review Automated Underwriting results
Ensure that the loan meets all the Fannie Mae guidelines and investor overlays
Review the property appraisal to determine whether the property represents adequate collateral for the loan
Do Appraisal Logging and FHA Connections for FHA Insured Loans
Review Mortgage Note, Title and Public records in credit report
Complete all underwriting worksheet and income calculations
Determine and document Stips and communicate them
Verify and approving the stips once they come in from the broker / LO
Complete the final underwriting check before submission so as to minimize conditions
Render final loan decision whether it is approved, declined or denied with valid conditions for the same
Issue Clear-To-Close

Title Search / Abstracting

One of the key areas where Prime Business Solutions works on is the creation and management of a Chain of Title for its clients. This clearly is the primary element in the Closing Process. We provide Current Owner, 2 Owner, Date downs, HELOC (Legal and Vesting) searches nationwide. The resulting cost effectiveness and process efficiency for our clients ultimately will result in improved profitability, faster turnaround time and higher accuracy.

The search includes all names in the chain of title and reports liens and judgments for all owners, current and past. The names are run for general liens, such as judgments and federal tax liens, for the full statutory period applicable for the state.

A search that goes back to the Full Value Deed (FVD) and each deed in the chain that was recorded since the FVD must be reviewed to verify that the title passes to the current owner of record.

A search that goes back to the two FVD and each deed in the chain that was recorded since the FVD are reviewed to verify that the title passes to the current owner and two owner of record.

An additional title search to make sure nothing adverse has been recorded in the real estate records since the time of the original search and the recording of the deed or mortgage. The taxes are updated with present tax findings.

Owner & Encumbrance Reports (O&E’s)

This report provides the basic information on a particular piece of property. It typically reports the owner(s) in title and any encumbrances including mortgages, lines of credit, and liens.

Legal & Vesting Report

Using a property address or tax parcel number, this report provides a legal description and owner(s) of record including the vesting.

Full Title Examination

Using your underwriting rules and standards, an order will be examined and include full review of the document images. An examined order will be ready for commitment or prelim preparation.

Title Commitment Preparation

Prime Business Solutions can prepare commitments overnight to have them ready before next day. We have the ability to produce commitments for clients using Title Express, Softpro, Landtech, Gators, Genesis, etc. This includes typing the vesting, conveyance, mortgage, judgments/liens and taxes information into the software as per the Abstract report and proofing for any mistakes to correct them.

Preliminary Title Report

Prime Business Solutions reviews and validates title chain documents such as Deeds, Subordination, Notices, Assignments, etc. We also validate name search documents such as Abstract Judgments and State Tax Liens, and make corrections as required. Any exceptions are reported to the client.

Final Policy Production

The Final Title Policy is a key component in a mortgage transaction. It provides security to the lender and owners and allows for the fulfillment of a real estate transaction. Policy production process generates Short Form, Long Form and Owner Policies in the client application. Information is extracted from the Policy Package (Title Prelim Report) and entered in the client application. Editing is done to the policy adding exceptions and endorsements as given in the Policy Package/Prelim report.

Settlement Statement (HUD)

We prepare HUD settlement statement based upon lender's closing instructions and the requirements of the title insurance commitment. We will provide the preliminary HUD settlement statement to the lender and/or investor for approval prior to the physical signing, if necessary. We use the closing instructions provided by the lender to the Title Company to complete the statement overnight.