CentRealTech Inc. (CRT) announced a new division to provide services associated with processing foreclosure-related title insurance products. This service is currently available for all locations within California, but will soon include other states too, the company said. CRT formed this division because of numerous inquiries from title companies seeking services specifically focused on the foreclosure process.
CRT’s newly formed division will interface with the title company or lender’s preferred trustee service provider, or CRT will recommend someone from its network of professional business partners that provide this service. This division can provide a customer-ready trustee’s sale guarantee or litigation guarantee for the title company to review and issue within 24 hours of receiving the request, which could help because the requisite notices for the foreclosure process are time sensitive.
“We have been receiving an increased number of requests from title companies for services related to the processing of trustee’s sale guarantees and litigation guarantees,” said Robert Matanane, chief executive officer and president of CentRealTech Inc. “These guarantees are used to provide insurance to a trustee or attorney processing the foreclosure of the property used as collateral for a defaulted loan. Many lenders consider these guarantees an essential part of a bundle of services a title company must be capable of providing in order to also insure the resale of the collateralized property following the foreclosure. The professionals within our newly formed division have been specifically trained to meet the unique title processing requirements for the guarantees used for this purpose.”
CRT said these guarantees will also contain hyperlinks to the referenced recorded documents. The guarantee is returned with the indices, documents, maps and tax information used to prepare it, so the title company can thoroughly review their required information. The package can also include the customary 10 day letter for the title company to print, execute and forward to the trustee.