Streamlining The Pre-Foreclosure Process

ATPR Inc., a provider of technology based solutions for the real estate and settlement services industry has rolled out several functionality enhancements to its Two-Owner Search(2OS) and Full Search products as a part of its SmartProp range of property reports. With these enhancements, SmartProp will now be able to offer even more aggressive turnaround times to its customers. 

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Alok Datta, President, ATPR, noted that the enhancements would be especially valuable for servicers in the default and foreclosure market. “It is becoming critical for servicers to use pre-foreclosure search effectively in order to assess risk at early stage default. These new features are designed to help the servicer to meet these evolving demands.”

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ATPR’s Two-Owner Search product, according to Datta, offers 100% vesting information; all deeds from prior second owner to current date; any pertinent pages of all open Mortgages/Deed of Trust along with associated documents; tax information with land, assessed and improvement values as well as copies of open judgments and liens. “Today’s servicer needs property reports quickly, accurately and efficiently,” said Datta. “Currently, we are typically delivering online Two-Owner Search reports within 8-12 hours of receiving the order; and 72 – 96 hours where an abstractor from our national network is required to be engaged.”

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ATPR’s Full Search product delivers all elements produced by the Two-Owner Search product as well as all deeds and chains of title from the years requested and the pertinent pages of any easements, restrictions, CC&Rs, maps and any other documents having an impact on the transaction. According to Datta, the average turnaround time for the Full Search is 4 – 5 business days.
 
“Even though the pre-foreclosure/default inventory has dipped in recent years, investors and lenders are demanding a more streamlined process from their servicing partners,” he said. “Investors, especially, are making use of new technologies and new strategies in order to maximize the returns on their investments. ATPR’s search products have been enhanced with this evolution in mind.”