reQuire Release Tracking Integrates with ResWare
|August 21, 2014|
ResWare is now fully integrated with reQuire’s Release Tracking service. ResWare users are now able to electronically order release tracking with reQuire from within the ResWare environment.
reQuire’s goal is to provide search and reporting to consumers on mortgage liens to assure the obligations committed to in the purchase or sale of a home have been satisfied. As an ancillary benefit, settlement companies, law firms, and underwriters have access to this solution to improve their file management, recordkeeping and risk abatement processes.
The release tracking service is a proactive approach to complying with ALTA’s Best Practices, reQuire said in a release. Additionally, the service fulfills the reasonable expectation of the consumer that the lien associated with the mortgage paid-off at closing will be promptly removed from the property.
“Settlement agents and attorneys are improperly burdened with the task of trying to get the former mortgage holder to clear paid liens many months, and sometimes years, after a transaction has been closed,” said Matt Klein, president of reQuire. “The integration with ResWare streamlines the process of ordering reQuire Release Tracking which assures the lien is promptly removed from the property.”
The fourth pillar of ALTA’s “Title Insurance and Settlement Company Best Practices” addresses recording procedures to ensure compliance with the settlement process. Implementing a tracking mechanism is helpful in providing a record of what documents were sent, when they were sent and method of delivery.