An Innovative E2E AOL GSE-Compliant Loan-Closing and Ownership Transfer Platform
Using our end-to-end digital solution, iTitleTransfer will perform a full title search of public land registry records on all current lien holders and previous owners of the subject property. The chain of title reflects the current deed in addition to open mortgages, liens and judgements recorded against the property.
A title examination is the process of performing due diligence utilizing our digital toolsets on documents found during the title search, that effect the title to the property. This is when verification of the legal owner is performed, and the debts owed against the property are determined
Proprietary Risk Scoring
The risk scoring of real estate assets is iTitleTransfer’s proprietary model that categorizes assets into three “traunches” reflecting the quality of assets based on 3-tiered scoring model:
Score 1: “Clean” providing for immediate closing and transfer
Score 2: “Curative action” required which leads to closing and transfer
Score 3: “Extensive underwriting” recommended, which leads to the referral to an affiliated title agency
Title curative action is a set of procedures and actions used to correct or “cure” title defects on real property that are identified in the search and examination of title documents derived from public land registry records. This is often an error, creating a consistency problem with the vesting and legal description in the Purchase & Sale Agreement; or due to real estate related documents not having been properly assigned or released subsequent to a prior transaction.
Attorney Opinion Letter (AOL)
The Attorney Opinion Letter (AOL) is the written opinion of a licensed real-estate attorney and is based on the attorney’s review of the title search and examination, describing current ownership rights in the property, as well as actions to be taken to enforce ownership rights. The AOL confirms the accuracy of the Proprietary Risk Score and utilizes a “date-down” of the search and examination which minimizes a potential gap.
Consistent with GSEs authorization of an AOL as an alternative to title insurance, iTitleTransfer’s services expands AOL protections by indemnifying lenders, investors, buyers, sellers, and successors. Evidence of an existing title insurance policy through the date of transfer minimizes exposure for title defects.
iTitleTransfer’s escrow function protects lender, investor, buyer, seller, and Realtor. Escrow is a legal function in which a designated party temporarily holds a sum of money or property until conditions have been met, including requirements set forth in the Purchase & Sale Agreement.
Traditional documents are prepared for buyer and seller by escrow and lender. Closing and transfer documents including a Warranty Deed and an Attorney Opinion Letter are prepared by iTitleTransfer.
eNotary & eSign
iTitleTransfer’s closing and transfer services includes notary and signing services. A Notary validates the signatures, administers oaths & affirmations, takes affidavits & statutory declarations, and authenticates the execution of agreements and legal documents. In available jurisdictions, the eSign Act is a federal law passed in 2000. It grants legal recognition to electronic signatures and records provides electronic records and signatures which has the same legal effect as traditional paper documents and handwritten signatures.
Warranty Deed Transfer
iTitleTransfer provides a Warranty Deed is a formal, legal document that transfers one person or entity’s rights of ownership to another individual or entity. The Warranty Deed is the official “proof of transfer” for real estate. The term “conveyance” refers to the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership.
To eRecord a document is to submit it for digital record-keeping. In available jurisdictions and by law, these documents hold the same legal merit as a paper document. For real estate closings to be eRecorded; land transfer documents need to be digital. iTitleTransfer coordinates the eRecording, or traditional local recording, as part of our closing and transfer services.
iTitleTransfer’s weekly or monthly Deed Monitoring services is designed to detect fraud and provides an alert when unusual (deed and or recording) activity is identified in public land registry offices. Deed Monitoring is designed to identify title fraud, mortgage fraud, illegal ownership change, illegal foreclosure, home equity fraud and invalid lien filing.
Client reports will include the following data: Date order(s) opened, date of Purchase & Sale Agreement, purchase amount, authorized lender, buyer and seller representative, assigned iTitleTransfer examiner, date of search, examination, curative services, date of signing, recording date of closing and transfer documents; and receipt date by buyer of closing and transfer documents. Additional data points can be provided as requested.