Outsource Function Title Insurance
- Preparation of Lender Policy Schedule
- Preparation of Owner Policy Schedule
We are preparing Lender’s Policy Schedule and Owner’s Policy Schedule for a client based in the USA. We received a number of documents like Deeds, Property Taxes, Tax payments, Abstract Report (Current Owner Search Report), Preliminary HUD1 for review, Deed of Trust, Mortgage Deed and other documents. On the basis of that, we prepare Lender’s Policy Schedule and Owner’s Policy Schedule. The client has also given us a walkthrough of his requirement through video conferencing and skype.
Lender’s Policy Schedule consists of:-
- Cover page, in which we enter the information regarding Insured, Borrower’s name, Loan Amount, and Details of the documents to be attached
- Schedule A: In Schedule A, we mention Policy number, Loan No., File No., Amount of Insurance, Date of policy, and Title Ownership.
- Schedule B-1, where there is an information regarding Standard Exceptions, which means, the Loan Policy does not insure against loss or damage, and the Company will not pay costs, attorneys, fees, or expenses that arise by the reason of.
- Schedule B-II: In this Schedule, we fill in the information regarding Subordinate matters or information regarding second loan.
- Exhibit A, that contains Legal Description of the Property.
Owner’s Policy Schedule consists of:-
- Schedule A, where we mention Policy number, Loan No., File No., Amount of Insurance, Date of policy, Title Ownership, Insured Address, Property ID, Property Address.
- Schedule B- Section I: Borrower’s Details, File No. Details regarding the documents showing the payoff and/or satisfaction of encumbrances, Mortgages and/or Deeds of Trust in connection with the subject Property.
- Schedule B- Section II List of Standard Exceptions.
Benefits Delivered by LSW Team:-
- Delivery of Quality work: One of the major success points is the delivery of quality work. Our internal process focus on the quality both at the process as well as at the review and delivery level.
- Round the Clock Support: We have a well-trained team that works in two shifts, which enables the client to have a fast turnaround time.
- Enhanced Cost Savings.
- Increased Efficiency: Since there is a team working during the US hours, there has been constant interaction amongst the teams to streamline the process, which ultimately lead to increased efficiency.