Now mortgage servicing and default management professionals, foreclosure attorneys and trustees can order comprehensive, low-cost loan modification and foreclosure information reports from WFG’s top-rated Default Title Services group
Portland, Ore., March 16, 2020 – WFG National Title Insurance Company’s Default Title Services division has expanded its offerings to include Forbearance, Loan Modification and Foreclosure Information Reports on a nationwide basis. These expanded offerings complement the organization’s existing roster of comprehensive, national title and closing services offered by the company’s Enterprise Solutions group.
The division’s clients, which include foreclosure attorneys, trustees, and mortgage servicing and default management professionals, know they can rely on WFG Default Title Services Senior Vice President and industry veteran Dean Kirchen and his team to provide highly customized service in a segment in which each transaction is distinctly unique.
“For the past year, we’ve been listening to Servicers who have been exhausting all efforts to try to keep their borrowers in their homes,” said Kirchen. “Our Default Title Services division is committed to providing the same world-class service levels for which our parent company is known, and offering customizable solutions for all our clients is key to this effort, regardless of their size. This focus is quite different from other providers in our space, who typically restrict that benefit to their largest-volume clients.”
According to Kirchen, another benefit of working with WFG National Title is that the company has a team of underwriters who understand the nuances of foreclosures and the potential effect of recent legislation related to moratorium on foreclosures.
“This is important when looking at title insurance after a foreclosure sale,” Kirchen states. “To illustrate the point, our proprietary Fannie Mae foreclosure report is considered the product of choice by many of our customers because we call out unreleased deeds of trust under Schedule C. This is extremely helpful for title curative purposes.”
Forbearance legislation and moratoriums have all but stopped foreclosure proceedings during the pandemic and will continue until at least June 2021; however, industry experts expect a surge of default activity in Q4 2021 and beyond once these initiatives are lifted.
WFG Executive Chairman and Founder Patrick F. Stone said, “While we don’t expect an onslaught of foreclosures like we saw during the mortgage meltdown before the great recession, we can foresee a time after the current forbearance scenario ends in which as many as 500,000 to 700,000 foreclosures may occur. That might begin as early as the fourth quarter of 2021 and, in case it becomes necessary, these services will be ready to support our default customers.”
The full slate of services
In addition to its recently launched loan modification and forbearance title offerings and pre-foreclosure information reports, WFG Default Title Services also offers national title and closing services for loss mitigation and default, including:
Loss Mitigation Title and Closing Services
- Valuation services
- Property reports
- Document signing and recording services
- Lien priority insurance
- Assignment verification
- Title policy retrieval/replacement
Foreclosure and REO Title and Closing Services
- Foreclosure information reports
- Trustee Sale Guarantee
- Litigation Guarantees
- Deed-in-Lieu of Foreclosure
- Short sale
- REO title and closing services
The Default Services group also has system integrations with the leading foreclosure platforms which enhance operational efficiency for foreclosure attorneys, trustees and mortgage servicing clients.
“We work with all of the industry’s largest foreclosure platforms to provide greater accuracy, reduce redundancy, and shorten timeframes,” Kirchen said.
For more information on how WFG Default Title Services can help optimize the default management process, call 818-638-7505 or email tsg@wfgnationaltitle.com
About Williston Financial Group
Williston Financial Group (WFG) is the Portland, Oregon-based parent company of several national title insurance and settlement services providers, including WFG Lender Services and WFG National Title Insurance Company. One of six national underwriters, WFG achieved a national footprint faster than any title insurance provider in history. The WFG family of companies offers full-service title insurance and settlement services for use in residential and commercial mortgage and real estate transactions nationwide. For more information, visit www.WFGNationalTitle.com.
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