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Title Guaranty – Rapid Certificate

Title Guaranty – Rapid Certificate . Final Certificates are more timely No waiting for mortgage releases No chasing releases Rapid Certificate is required when issuing Closing Protection letter. Title Guaranty – Rapid Certificate. How does it work?

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Title Guaranty – Rapid Certificate

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  1. Title Guaranty – Rapid Certificate • Final Certificates are more timely • No waiting for mortgage releases • No chasing releases • Rapid Certificate is required when issuing Closing Protection letter

  2. Title Guaranty – Rapid Certificate • How does it work? • Available on Field Issued Certificates only • Issuer has proof of payoff

  3. Title Guaranty – Rapid Certificate • Proof of payment • Payoff statement • Cancelled check (copy) • Proof of wired funds • If line of credit – must have proof of closure

  4. Title Guaranty – Rapid Certificate • Schedule B of Final Certificate will show the unreleased mortgage • Endorsement Against Loss Lien • Guaranty lender and borrower against any loss due to unreleased mortgage • No charge for this endorsement

  5. Title Guaranty – Rapid Certificate • Maintaining Clean Title Records • 4 months post closing – we contact issuer • Check for release • If release has been filed • Provide recording information in our system

  6. Title Guaranty – Rapid Certificate • Maintaining Clean Title … • If release not filed • Issuer sends us proof of payoff and Application for Mortgage Release • Title Guaranty will release using Mortgage Release Program • No charge for recording fees

  7. Title Guaranty – Rapid Certificate • Advantages • Lenders get Certificate quicker • No need to hold for releases • Slows process • Title Guaranty Certificate of Release • Release unreleased mortgages • Release over bad releases

  8. Questions?? Linda Berg Linda.berg2@iowa.gov 515.725.4893

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