Software Provider Offers New Foreclosure Processing Service
December 13, 2011
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 as well, the company said in a release.
This division has been formed as a result of numerous inquiries from title companies seeking services specifically focused on the foreclosure process, according to Robert Matanane, CEO and president of CentRealTech Inc.
"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,” Matanane said. “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."
This division will interface with the title company or lender's preferred Trustee Service Provider, or it can recommend someone from CRT's 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, the company 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. As an added benefit to its clients, CRT said it can also assist with the date down of the guarantee prior to the scheduled sale.