Protect Your Investment with the Right Partner
When loans are bought and sold, it’s good practice for buyers to take control of the process and partner with an experienced third party to ensure that assignments are done correctly. When a buyer is in control of the assignment, careful follow-up will ensure that everything is signed, returned and sent for electronic recording.
If the buyer is not on the county record as the loan owner, it can put the investment at risk. This is especially important for non-performing loans, which are commonly sold. It’s critical that paperwork is done timely and correctly on these loans. For this type, portfolio modifications or foreclosure is the resolution. The new owner of the asset must be on record with a proper chain of title to follow this path. An investor who is not listed in the real property records as the owner will not be notified of adverse incidents or situations. This can be critical information to managing your assets properly.
The rejection of a lien release by the county is another potential risk when the loan on record is not in the investor’s name. A borrower who pays off a loan may suffer as a result of difficulty in releasing the lien, resulting in poor service to the customer.
How Our Assignment Service Works
Our assignment solution is built around good communication with our clients, allowing us to work quickly and efficiently. We rely on our proprietary system and a team dedicated to your success. Here’s how the process works:
- You provide the legal names of the assignor and assignee and we load the information into our proprietary system, eliminating the need to re-enter every assignment
- Once the appropriate source document is provided (recorded mortgage/DOT/title policy), MetaSource generates an assignment document using county specific rules to eliminate obstacles that can lead to rejection
- The assignment is recorded electronically, where possible, and sent by mail using our in-house sending and tracking system where e-recording is not an option
- When the recorded assignment is received from the county, your assignment is imaged for further routing and the original is returned to you or your designee
We manage the assignment process every step of the way until the recording process is complete.
Tracking Missing Assignments
Missing intervening assignments is another potential challenge that may arise. Tracking down missing assignments is time consuming, but becomes even harder if those assignments belong to companies that have gone out of business. In that case, an experienced document services provider can provide valuable help.
MetaSource leverages its database of contact information for companies and their authorized employees to get problems resolved quickly. Even servicers and investors with staff to handle this problem can leverage our extensive database to determine how quickly problems might be solved.