Lien Release Tracking Service: Too Good to be True?
Is our lien release tracking service too good to be true?
Well, no. Easy Soft’s lien release tracking is a fantastic service that many in the title and settlement world have responded to with great enthusiasm. But we thought we’d share some of the questions that we received and clarify those of you who are still skeptics!
Q: Aren’t mortgage lien releases the responsibility of the title company?
A: No. While title companies might be of occasional assistance in tracking releases, they are not typically obligated to do so. The responsibility falls instead on settlement agents like you.
Q: What type of liens do you track?
A: We can track any lien that appears on the title: from mortgages to private liens, tax liens to contractor liens.
Q: When do I place my lien release tracking order?
A: Do so anytime before the payoff, so that the lender can be informed. If you have already made payoffs, you can still place tracking order – up to 45 days from closing.
Q: Who pays the lien release tracking fee?
A: In a real estate sale, you can charge it to the seller. In a refinance, it depends on how the GFE was prepared. If you list the item on your GFE, it is a borrower’s charge. If not, it comes out of your fee.
Q: How do I record my lien release tracking fee on a HUD-1?
A: In a sale, insert it in section 1300 (seller’s column). If listed on a GFE for a refinance, insert it in section 1100.
Q: What about the recording fee?
A: If not collected by the lender as part of a payoff, send that to Easy Soft along with The tracking fee. In either case, we will deliver a recorded mortgage lien release.
Q: What about really old liens which are still uncleared?
A: We have a separate service called “Curative Title Tracking” ($250 fee). You might have completed a settlement which needs to be cleared or you have a deal with old uncleared lien. Either way, we can help.
For more information, call Easy Soft at 800.905.7638.