Browse Category: Real Estate

How NTC is Addressing the Issue of Title Defects

Nationwide Title Clearing has made it easier to check and detect errors in title deeds before making any transaction. People can now order property reports online from the company’s website. Title defects were considered a major obstacle to the growth of the mortgage industry for a long time. This is because title defects have led to many wrongful foreclosures. They are an easy problem to address. Executives at the company have said that property records decrease the chances of buyback or foreclosing inability since they present property history clearly.

 

Title defects are commonly caused when someone lays claim to property that is owned by someone else. Other little-known causes may render a title invalid. These include wording errors, the omission of required signatures, and failure to observe the correct filing procedures when recording documents. John Hillman is the CEO of NTC. He said that the key to improving the real estate business is addressing these errors before the property is sold. The reports available on the company’s website for online ordering include the Tax Status Report, Current Owner Report, and the Assignment Verification Report.

 

Hillman added that the report services are derived from research on actual land records. They are available for all residential properties in the nation. He added that the company had made it their mission to offer a simple process of securing a property report. The enterprise collects data from various sources including the counties and then uses automation to compile it. Human verification is important in this step. A team of people counter-checks the data for any errors. This process is what has made NTC a successful company despite the fact that it operates in an industry with massive compliance regulations.

 

The process has been streamlined and can detect when a client has ordered too many fields. It corrects this by removing any unnecessary documents and customizing the report according to the data sets that the customer has checked. Nationwide Title Clearing is a document and research service provider servicing companies in the residential mortgage sector. It provides a wide array of services such as document tracking and retrieval, lien releasing, and imaging. NTC was founded in 1991. Its clients include mortgage investors, lenders, and servicers in the country. Nationwide Title Clearing is based in Palm Harbor, Florida. It recently opened a new office in Dallas, Texas. The new facility serves as a disaster recovery site and a data center to provide a backup in case of any disasters.

 

 

Devco Hotel Project Is In Trouble

Signs of serious trouble are emerging regarding development funds for a New Brunswick hotel and conference center, The Heldrich, as yet another loan payment was missed by the Middlesex County Improvement Authority. The $1 million repayment was for interest and principal on a $20 million loan from the Casino Reinvestment Development Authority.
As reported in the Press of Atlantic City, this missed payment now adds up to $7 million that the Improvement Authority has missed on loans for developments in the area. This loan was given in 2005 to bankroll the building of The Heldrich, a project developed by the New Bruinswick Development Corporation (Devco).

DEVCO was promoted initially as a model of what could be accomplished using public funding to create large scale construction projects. The timing for the opening of The Heldrich was difficult, as the hotel opened in 2007, just as the economy went into a serious downturn. The hotel has 235 rooms, but it has had a very difficult time filling the rooms since its opening. The hotel has had to dip into its own funds to pay for basic upkeep and improvements like replacing mattresses and carpeting.

Attorney Chris Paladino, who heads Devco, defended the project, saying “We took a really crappy block and turned it into something special.” He also added that he’d be much happier with the project once its debt is completely paid.