RedVision, a provider of title reports and real property research solutions, has created a new Loan Modification Services Bundle that the company says directly coincides with the Obama administration’s announced focus on increasing loan modification alternatives for at-risk consumers.
The administration’s original 2009 estimate of more than 4 million potential modifications has resulted in just more than 1 million completed transactions over the three years, falling far short of expected goals. In response to the new efforts, RedVision has leveraged its strength in facilitating nationwide, comprehensive title services to bundle the additional components consisting of a lien priority policy and recording service to offer this streamlined loan modification solution.
From due-diligence reporting on the status of title, through the recording of the loan modification documents and facilitating the issuance of lien priority insurance, RedVision’s team of specialists acts as a single point of contact each step of the way inclusive of tracking recording and lien priority policy issuance.
RedVision’s client relationship team meets with each client to map out a process that is customized to their specifications. The company’s technology provides the means to tailor workflows and deliverables that facilitate a successful loan modification transaction across multistate jurisdictions, and its team of title specialists and examiners capitalize on their nationwide knowledge and experience to ensure lenders and loan-servicer clients are meeting investor timelines and requirements on each transaction.
The Loan Modification Services Bundle will:
- Generate and ensure quality control of current-owner title report.
- Review title report and assign eligibility grade customized to lender’s criteria.
- Perform quality-control review of executed loan modification agreement prior to recording.
- Coordinate electronic recording or direct record via delivery to county recorder’s office.
- Confirm recording and scan copy of recorded document.
- Coordinate lien priority insurance with selected title underwriter.
- Deliver original recorded modification to customer’s document custodian.
- Provide automated customized status and exception reporting.
- Offer a single-point–of-contact customer service team.
“We believe in providing industry-specific solutions crafted to meet client needs, helping them to succeed in growing their business or responding to critical organizational challenges around regulatory risk, compliance and default management,” the company stated. “From comprehensive title searches to optimized workflow solutions, our objective is to optimize production, ensure the highest quality and provide outstanding service.”
RedVision serves more than 1,650 customers in the real estate industry including lenders, title underwriters, title agents, attorneys and settlement/default servicing firms completing more than 1.5 million title orders per year.