Atlantic Assurance Introduces "SatTrack" - A Timesaving Lien Release Enhancement
February 27, 2003
Service Offers Lenders Better Outsourcing Options Along With Confidence That Prior Liens Are Satisfied of Public Record
CHARLOTTE, N.C.,- Atlantic Assurance Group, a national real estate information provider, has introduced SatTrack, a new satisfaction tracking service. The new process provides mortgage lenders an efficient way to monitor satisfactions of previously recorded liens, e.g., mortgages, judgments, delinquent taxes, etc., along with the ability to determine whether those liens, once paid, are properly cleared of public record.
"We created this new verification service based on the lending community's request for a faster, more reliable way to track the release of recorded liens," said Jim Seagraves, senior partner at Atlantic Assurance. "It's a natural extension of the current outsourcing services that we provide to our customers and was designed using our traditional comprehensive approach to customer care with our national network of field resources in mind."
Most refinance and home equity loan transactions have prior liens to be paid from loan proceeds. Typically, the new lender has the responsibility of tracking satisfaction documentation and having these liens released from public record. As a result, the new lender is forced to rely on its staff to track the process and ensure that the creditor follows through on its obligation to return the needed documentation. According to Seagraves, SatTrack relieves the lender of this burden.
"The traditional tracking methods used by most lenders are problematic because the original lien holder typically does not respond within a timely manner, although they are obligated by statute in most states to do so. Valuable employee time is lost when branch personnel must repeatedly follow up with the creditor or go to the courthouse to investigate lien satisfactions," added Seagraves. "SatTrack provides the lender with peace of mind in knowing that confirmation of mortgage satisfactions and other recorded liens can now be facilitated without sacrificing time and resources for the process."
Atlantic's proprietary Atlas software, the company's order management system, drives the SatTrack process. Each payoff is tracked individually, through final receipt of the satisfied documents, ensuring that Atlantic Assurance has the proper documentation to complete the satisfaction process and have the lien cleared of public record. The lender is then provided a final update report for the new loan file.
Source: Atlantic Assurance Group