DATA TRACE EXPANDS MORTGAGE RECONVEYANCE TRACKING
September 12, 2000, ANAHEIM, Calif.
The Reconveyance Monitoring Service monitors public record filings to verify whether a lender has filed a reconveyance, a notice that a mortgage obligation has been satisfied, when a loan is paid off. Unless a reconveyance is properly filed as a matter of public record when a mortgage obligation is satisfied, homeowners can face unexpected and sometimes lengthy delays in selling or refinancing property.
The Reconveyance Monitoring System, which uses proprietary software to extract and examine indexed mortgage documents from public records, enables Data Trace customers to monitor hundreds of thousands of mortgage transactions at about one-fifth the cost of traditional tracking methods.
Each day, public record filings are electronically searched for matching numbers associated with specific reconveyances. A calendaring application alerts customers when reconveyance filing deadlines have not been met, and instructs users on the next appropriate steps, including lender notification. Because document numbers are matched electronically, the potential for error is minimized. Since mortgage filings are updated daily and the records search is instantaneous, reconveyance issues can be resolved quickly, enabling faster closing and settlement of real estate and mortgage transactions.
“This service provides our customers numerous, immediate benefits,” said Mike Henney, president of Data Trace. “It lowers costs by eliminating manual records searching. It also reduces exposure by helping lenders to comply with state laws regarding reconveyance filing requirements, and title insurance companies to more quickly issue clear policies.”
“As the service expands to additional states, it creates further benefits by allowing customers to establish regional monitoring centers,” added Henney.
In addition to the state of Washington, the Reconveyance Monitoring Service is active in California, Hawaii, Arizona and Nevada. Data Trace plans to expand the service to Midwestern and Eastern states where the company also has a growing business presence.
Data Trace Information Services is a joint-venture company owned by The First American Corporation (NYSE: FAF) and LandAmerica Financial Group, Inc. (NYSE: LFG). Data Trace provides technology that enables title insurance companies to connect regional title databases and access them using a standard software interface. The Data Trace system, the largest of its kind, delivers title history information, property tax assessment and payment data, document images, and property profiles in major metropolitan areas across the United States. For additional information, visit Data Trace’s Web site at www.edatatrace.com.