ProTitleUSA can now issue a Replacement Title Policy based on their title search in 43
states provided there are no curative actions needed and no impediments to review on the title that would have to be addressed before issuance! Many funds in the capital market require a title policy on file to be able to securitize the asset or have a higher resale value. If the title policy is not available through collateral review during acquisition due diligence, the asset was kicked back from the sale back to the seller.
ProTitleUSA has directly integrated with a number of title insurance agents and underwriters to issue a replacement policy in 43
states using the title searches and quality control conducted by ProTitleUSA during the due diligence
cycle of loan acquisition. In fact, the lack of a title policy in the collateral package is NOW an easily resolvable exception where the policy can be replaced within two days of the approval to issue. The seller can pay for the policy through the discount request of the buyer, or ordered by the seller on the pre-sale activity.
For files with defects preventing issuance of the title policy, ProTitleUSA has a Curative Department
that can cure a multitude of issues such as prior mortgages from title, issues with liens and judgments as well as active foreclosure actions and litigations. The team can process commercial replacement policies, MMP (Mortgage Modification Policies), as well as replacement policies for Reverse Mortgages.
A solution for the remaining seven unlicensed states is also available through partnership referrals where the ProTitleUSA search cannot be used for issuance of the policy.
Please don’t hesitate to reach out to Veronica Rudan who can schedule a call to add this service to existing SLA/MSA or on-board new clients for this product.