Nationwide Title Clearing, Inc. was established in 1991 as a local title company serving the local surrounding area. Today it is one of the largest and most well-known wholesale title and document processing companies in America. Out of the top ten retail mortgage companies in the United States, eight of them count on Nationwide for their documents.
Nationwide enjoys excellent leadership which guides and shapes the 570 plus employees each day as they process hundreds of documents that must be totally accurate and be transmitted to the proper recipients with great efficiency. Employees a very detailed and intense training during their early days with the company, and there are many areas of advanced training that are available to them in many diverse paths depending on their desire for advancement.
The measure of success for a wholesale documents company like Nationwide rests on the speed at which documents can be transmitted to the proper parties and the accuracy of those documents. Nationwide has a failure rate of less than 1% and a compliance rate of 99.8%. These statistics translate to a near 100% rate of success in both the areas of finding the right documents and having them be the correct documents.
The importance of having the right information is supported in a recent article written by Nationwide’s Chief Legal Officer, Myron Finley. He cites a situation where title to the property had been deemed as clear and was the key to a $600,000 loan being made. Because there was information lacking about the title, it was, if fact not clear, but encumbered. In effect, there was critical information that was lacking that would have signaled a problem with the title, and the transaction would have been terminated. The result was a lawsuit that would not have occurred had a simple procedure been followed but was not.
The chain of title authenticity is the bedrock of property transactions and the validity of ownership. Nationwide Title Clearing, Inc. says it all with the title of the company, as they initiate the process by sourcing and validating that the proper documentation is on hand when needed to make the proper legal transfer of property, so there are no questions.
Nationwide recently published a white paper to help lenders evaluate and score the document trailing process that they use on a regular basis. The purpose of keeping track of your documentation and how it flows is a best practice that helps to stay in compliance with regulators and help maximize returns on effort expended.