You don't Know Me Like That
What document attaches the collateral to the debt
What is a mortgage document
The fee to record any recordable document in NC is $26.00.
T/F
Explain
False. There is a fee to record a Corporate Assignment or Affidavit of Lost Assignment but no fee to record a Release.
What is the name of the trustee that records lien releases in ID, MT, NE, OR, WA, UT?
What is First American Title Insurance Company?
Name at least 3 sources you can use to obtain the recording information and/or document image for the Mortgage.
Free
1.Docuware.
2.BOA Portal Look for Assignments and Security Instrument)
3.Obtain from the Fileroom.
4.The matrix contains information to title company or logins to county records to obtain indexed recording information ir document images.
Paid subscriptions
1.SiteXPro
2.Datatree (limited county access)
3.Landex (limited county access)
4.DoxPop (limited county access)
5.Tapestry (limited county access)
6.PropertyRadar (for some purchase money states CA, AZ, NV, AK, MT, OR, SD). GA is not available. WA is no longer a purchase money state but you can still obtain the recording information.
7.some counties – online or via mail
8.Title Report
Name at least documents you will need to process a lien release
Recorded Mortgage/DOT
Recorded Assignment (if applicable)
What document transfer the title?
What is an Assignment
If RTR doesn't have signing authority and need to assign the loan into an entity for which we do have signing authority for to proceed with the lien release, you can use the Affidavit of Lost Assignment.
T/F
Explain
True, but doesn't apply to all states. If that specific information is not provided in the matrix, contact the county clerk where the Release will be sent for recordation to confirm if their county will accept the document.
What states require you to provide the borrower with the cancelled Note upon releasing the lien?
What is OH and RI
If I need to find out who we acquired the loan from, where do I locate this information in ILS?
What is Loan Info?
What lien position do you use when the loan is unsecured?
What is 5th lien
What document is evidence that we can sign as attorney-in-fact?
What is a Power of Attorney?
When you release the lien for Flood Compliance, you process the lien release in the same manner as our normal Full lien release process.
T/F
Explain
False. Food Compliance grant Partial/lien only releases, still financially obligated to the debt under the Note.
What happens if you miss a compliance timeframe?
What is a potential lawsuit?
What is the most common type of comment we use in Lien management?
What is Servicing?
What state requires a Full Chain Out?
What does Full Chain Out mean?
What is NY.
All recordable documents pertaining to that mortgage must be cited on the lien release.
What document conveys your promise to repay the balance of the mortgage, with interest and other possible costs over a set period of time?
What is a Promissory Note?
You do not have to add the MERS MIN # to the lien release if the loan was assigned out of MERS.
T/F
Explain
False. If the loan originated in MERS or a non-MERS loan that was assigned to MERS, the MERS MIN# must appear on the Release.
What state requires the Power of Attorney but must be assigned out of MERS first?
What is Colorado?
What does it mean if the MERS status = Inactive?
What is the loan was assigned out of MERS?
(....typically)
What state must you use the Township as the recording District and to locate the recording index or document images?
What is CT.
What document shows all the recorded liens on a property?
What is the Title Report?
In CA and NV, the current trustee is the same as the original trustee.
T/F
Explain
False. The current beneficiary in CA and NV will be Real Time Resolutions, Inc.
RTR has to be appointed as the substituted trustee in order to have authority to release the lien and convey a clear title. For this reason, the Substitution of Trustee must be recorded prior to the Full Reconveyance document.
How many days do you have to deactivate a MIN after you have assigned the loan out of MERS?
What is 7 days?
In Rekon, where do you select which POA set to use?
What is bene > current bene? add/edit signature block?
What state requires you top send an additional check (separate from the recording fees) to cover the county surcharge?
What is NH?