Judgment Enforcement Attorneys
Uninsured Title Searches for Fannie Mae Compliance
For over 20 years, AFX has been providing fast and accurate title research services for several industries, including mortgage servicing. As Fannie Mae implements new requirements affecting mortgage servicers, AFX remains committed to providing compliant, uninsured title searches that meet those specific needs.
Title search and update requirements
The world of real estate finance is constantly changing, and having a dependable title research partner has never been as crucial. Mortgage servicers have a vested interest in knowing Fannie Mae's requirements so they can continue operations in as streamlined a manner as possible, with minimal expenses.
The maximum allowable foreclosure-related title cost includes:
- An initial two-owner title search dating back to the deed prior to the mortgagor’s deed
- Up to three title updates to the initial title search that are required and necessary to complete the foreclosure sale
- Complete copies of all documents and a summary page
Unless otherwise specified by Fannie Mae, the initial title search must be an uninsured title search, with no extra charges for insurance or guarantees. The search, along with any necessary updates, must verify the property's title and identify all recorded liens, documents affecting the title, and all parties required to receive notice of the foreclosure sale.
Understanding the Requirements
Compliance without excess cost
Fannie Mae has provided strict parameters for the cost of foreclosure-related title expenses to keep them reasonable for the mortgage servicer. The essence is to conduct thorough title searches without being too costly — a balance between compliance and preserving the integrity of the title research.
Risk Identification
Accurate title research helps in the identification of recorded liens or encumbrances that may pose potential risks during the foreclosure process, so a mortgage servicer can take steps to reduce potential legal issues.
Regulatory Compliance
Fannie Mae's guidelines are not mere suggestions, but regulatory requirements that carry penalties and possible loss of eligibility for continued servicing. AFX keeps mortgage servicers current and in compliance.
Faster Foreclosure Timelines
The process of foreclosure and sale is often long-winded and convoluted. With exacting title information at their fingertips, servicers can shorten the process, saving money and time.
AFX Custom Title Research Services
Built for mortgage servicers
At AFX, we realize that one size does not fit all with title research services. For our mortgage servicers, we offer the following products and services:
Customizable Title Search Packages
Since every case of foreclosure differs, AFX provides customizable packages for title searches. Mortgage servicers can choose only what best suits their particular needs — they never have to pay for services they will not use.
Advanced Integration of Technology Solutions
AFX utilizes advanced technological solutions for hassle-free data transmission and integration with mortgage servicing platforms. Our API can easily integrate into existing systems, enabling real-time access to title information and updates.
Expertise in Regulatory Compliance
With over two decades of experience, AFX has cultivated a strong understanding of the regulatory environment as it pertains to mortgage servicing. Our staff is exceedingly well-versed regarding Fannie Mae's guidelines, protecting our clients and adding value to their reputation.
Fast Turnaround Times
Time is of the essence in mortgage servicing. AFX has the industry's quickest turnaround time for title searches and updates, averaging less than one day — enabling mortgage servicers to move forward with foreclosures without added delays.
Why It Matters
The role of title research in foreclosure proceedings
Identifying Liens and Encumbrances
A full title search provides all liens and encumbrances of record which may affect title to the property. Identification of all parties required to receive notice of the foreclosure sale assists the servicer in avoiding potential legal challenges due to lack of notice.
Supporting Legal Compliance
Complying with local, state, and federal regulations is the most central part of mortgage servicing. AFX's title research services provide the needed documentation and insight to support compliance efforts throughout the foreclosure process.
Improving Client Relationships
AFX's quick and efficient title research services help mortgage servicers improve their relationships with their clients. Timely and accurate information supports clear communication with borrowers and other stakeholders.
Your trusted partner for Fannie Mae title research
Partnering with AFX connects you to over 20 years of expertise in title research, cutting-edge technology solutions, and a deep understanding of the mortgage servicing landscape. We simplify the complexities of title research so you can focus on your core mission: serving your clients and achieving success in your mortgage servicing operations.
Start Your Title Search Today
Fast, accurate property title research, nationwide. Order online in minutes, or talk to our team about the search that fits your matter.
Questions? Call 877-848-5337 ext. 138 or email info@afxllc.com