HOURS: Monday-Friday 8:30am-5:00pm
SUMMARY OF POSITION:
The Title Processor (TP) is responsible for the day to day processing of files which are referred to Tower Title Services. These responsibilities include timely ordering of services from outside vendors, preparing necessary documents both before and after closing and ensuring that the settlement occurs in a timely fashion. The TP will be the primary contact with the lender and other parties to the transaction.
The TP will handle the file from initial receipt of the title order through shipment of the post closing package to the lender including preparing the title insurance commitment and policy as well as the Settlement Statement using the settlement software system. Additionally the TP will be responsible to maintain contact with outside vendors to be certain they are responding timely to the needs of the title company regarding a given file.
For daily processing priorities and problem solving, accepts direction from Sr. Title Processor.
PRINCIPAL ACCOUNTABILITIES AND FUNCTIONS:
Maintains contact, obtaining and disseminating appropriate and timely information, with appropriate internal and external parties i.e. (member(s), seller(s), Real Estate Agents, Lender, abstractor, surveyor, closer, etc.). Provide prompt response to inquiries from all parties. Coordinates scheduling of closing with lender, borrower, closer, real estate agents and seller.
Effectively manages assigned files to ensure that completion of title search, processing, title commitment and policy, settlement, disbursement and recording occur in a timely and effective manner. Verifies receipt of purchase contract for purchase settlements in accordance to industry standards.
Maintains a thorough knowledge of the title company products and procedures to ensure compliance throughout the settlement process without daily supervision. Additionally, keeps abreast of changes in underwriter or industry requirements in settlement and title insurance processes. Identifies and strives for continuous quality improvements in settlement processes and service to the members and internal customers of the title company.
Determines, prepares and/or obtains appropriate forms, correspondence, information and documentation to ensure that files are compliant with underwriting and state regulatory guidelines.
Orders and tracks status of orders necessary services from outside vendors including title searches, mobile closings, payoff statements and surveys. Insures that they are received in a timely manner.
Assists settlement attorney with review of title abstract, judgment reports, Patriot Act search and survey while noting issues which may impair granting of insurable title. Collaborates with the settlement attorney and the lender in clearing any outstanding title issues including prior unreleased mortgages, judgments or other such clouds as may be on title. Prepares title commitment based upon standard industry and specific underwriter guidelines.
Transmits title commitment as well as insured closing letter and preliminary Settlement Statement to lender as well as communicating any potential issues to lender and, where necessary, other parties including borrower, seller and/or real estate agent.
Verifies receipt of property tax and, where necessary, water, ground rent, condominium and homeowners association information and use said information to prepare Settlement Statement based upon lender’s closing instructions, payoff statements, real estate agents’ commissions and any other information necessary. Balances file to verify that receipts equal disbursements.
Completes closing package to be given to closer. Incorporate lender’s closing documents, Settlement Statement, owner’s title policy (where necessary) and any title company required affidavits. Prepares final title policy to be sent to lender along with final closing package being certain that all requirements in commitment have been met and incorporating updated loan amount and closing date information. Submits final Settlement Statement for approval from lender and contact borrower to advise amount of funds required to close or amount being disbursed to borrower.
Transmits closing package to closer by e-mail where necessary. If closing occurring in the office, or closer is pickup up package, have it available. For purchase transactions, make certain that seller’s proceeds checks as well as real estate agents’ checks are cut by Senior Title Processor and signed for distribution at settlement.
Upon completion of settlement, reviews settlement package to ensure that all documents have been signed correctly with no alterations and submits settlement statement to lender to verify that settlement occurred. Verifies receipt of funds from lender and instructs Senior Title Processor to prepare disbursement checks on appropriate disbursement date. Ships out all appropriate packages including payoffs, lenders package, recording package and other disbursements.
Follows up with abstractor/recorder to ascertain that documents have been recorded timely and if not, maintain contact to make all necessary corrections to have recorded. Once reasonable time has passed, verifies that appropriate releases have been recorded.
Has completed file sent to appropriate archiving location as determined by title company management.
Maintains effective communication with all title company employees (internal customers) to ensure coordination and exchange of information for adherence to the long and short-term goals of the title company. Works with co-workers as a team member in identifying, analyzing and solving situations that may arise throughout the settlement process.
Performs other duties and assignments as requested by the Settlement Attorney.
Prefer a B.A. or B.S; or AA degree, or an equivalent educational experience i.e. Real Estate Lending processing coursework from accredited trade group or title industry related organization.
Minimum 2, (prefer-3) years’ experience as a title processor or comparable experience working in a Real Estate settlement or mortgage processing environment.
Experience with utilizing settlement software program, preferably Title Express (TSS).
Prefer current title producer’s license in State of Maryland: or must be willing to obtain within one year of employment. and retain during employment
Demonstrates a thorough knowledge of title insurance practices and underwriter guidelines including ability to examine title and judgment reports.