Typing and Examination - Loan Modification

Basics of Examination

Objective: Reviewing the provided documents and capturing the exact information by
validating the same.
 WHY
 WHAT
 HOW
Review and Validation process will be done on the following specified documents as follows:

Assessor:
In Assessor sheet the following will be reviewed and match with the order sheet information
(Property Address, PIN, Owner Name).
 Situs address
 Assessed values for the current year
 Property Type
 And the Legal description.
Refer Assessor document
In the assessor we mainly review the situs address and that should exactly match with the
address provided in the Order sheet.
along with that we also verify owner name the assessed values and the property type and also
the Legal Description
If the property type is a Mobile Home - then we need to follow the clients specific.

Taxes:
In Tax sheet the following information will be reviewed.
 Total Assessed Taxes for the current year.
 Match the Parcel ID and Situs Address with the provided Order Information
 Check for any delinquent taxes of previous years
 Status of the current year Taxes (Paid/Due/Delinquent)
Refer Tax sheet
Types of Tenancies:
I. Sole and Separate
II. Joint Tenancy
III. Joint Tenants with the Rights of Survivorship
IV. Tenants in common

Sole and Separate:

In this type of tenancy, the 100% interest will be with a single person.
if the vested party deceased, then the property will be distributed to the legal heir of said
deceased party.
The process of appointing or determining the legal heir by the Court is called as Probate.
If the probate proceeding documents found in your package, then we need to review
thoroughly to determine whether the correct parties acting as a legal heir or the Personal
Representative.
This can be determined by:
 Letters of Administration or
 Order Determining Homestead Status of Real Property
Joint Tenancy:
In this type of tenancy, 2 parties having the equal interest on the property.
Most commonly this type of tenancy will be with the husband and wife.
If any one of the spouse deceased, then the 100% interest of the property will be with the
surviving spouse.

Joint Tenants with the Rights of Survivorship:

In this type of tenancy, two or more people have equal interest on the property.
If any person deceased among those parties, as the name suggests the interest of the deceased
party will be distributed equally to the remaining surviving parties.
Tenants in Common:
In this type of tenancy two or more parties have unequal interests on the property.
If any person deceased the interest of said party, will be transfer to the legal heir through
probate proceedings.
if you came across any probate that recorded on your grantor or grantee then we must validate
the probate documents in order to determine whether the right party conveying the property
or not.
John Harold and Jennie Harold
Title Insurance:
Owner’s Policy:
Lender’s Policy:
Rights associated with the Ownership:
 Right of Possession
 Right of Enjoyment
 Right of Control
 Right of Exclusion
 Right of Disposition

Deed/Conveyance document:
Touch points:
Types of Deeds:
I. Special Warranty Deed
II. General Warranty Deed
III. Corporate Warranty Deed
IV. Warranty Deed
V. Certificate of Title
VI. Trustee’s Deed
VII. Sheriff’s Deed
VIII. Tax Deed
IX. Quitclaim/Interspousal Deed

Q). What are the parameters that we review or examine in the Deed?
Mortgage/Deed of Trust:
Types of Mortgages/Deed of Trust:
I. Purchase Money Mortgage/DoT
II. Close-End Mortgage/DoT
III. Open-End Mortgage/DoT
IV. Master/Blanket Mortgage/DoT
V. All Inclusive/Wrap Around Mortgage/DoT
VI. Assumption of Mortgage/DoT
VII. Reverse Mortgage
VIII. Construction Mortgage/DoT

Mortgage/DoT – Associated documents:

I. Assignment of MTG/DoT
II. Modification of MTG/DoT
III. Subordination of MTG/DoT
IV. Partial Release of MTG/DoT
V. Release/Satisfaction of MTG/DoT

Bank of America 01/01/2005 - $100,000.00

WellsFargo Bank 01/01/2019 - $650,000.00 1
SUBD 01/01/2019 - $100,000.00 & $650,000.00

Liens:
Property Specific Name Specific
Homeowner’s Association Lien Federal Tax Lien
Condominium Owner’s Association Lien State Tax Lien
Municipal Lien Hospital Lien
Mechanical Lien Code Enforcement Lien
UCC Lien Criminal Judgment
Federal Tax Lien – Department of Revenue IRS Civil Judgment
Tax Lien – Homestead Tax Lien Federal Judgment – U.S.A.
Code Enforcement Lien Abstract Judgment
Notice of Commencement Foreign Judgment
District Court Judgment
Unemployment Lien
Warrant
Child Support
Judgments:
Types of Judgments:
I. Civil Judgments
II. Criminal Judgments
III. Abstract Judgments
IV. Child Support Judgments
V. Foreign Judgments
VI. Judgments in favor of U.S.A.
How to request for Upper Court Search:

The Upper Court Search need to request for all the NJ County orders.
To Perform this, first we need to select Preliminary Review under Events Tab.

Then need to right click and select the Delay Event:

Then need to enter the cause of the Delay as shown below:

Delay Note should be always: Upper Court Search requested, please advise further.

Then Click on Submit.

The next window will be pop up as shown below:
How to request for Greenbelt Search:

I. Need to select Preliminary Review in Order Tracking Main

II. Right Click and select Delay Event

III. Then Click on New Event to create an Event.
 IV. Select the Delay Type – Preliminary Rvw
Select Delay Reason – Copies
Select Severity - Medium
Caused by should be – Abstractor
Delay Note – Greenbelt search requested.
Check the Email Assigned to – Check Box as shown below:
V. Select the Email Address “TANDERINE CLARK
(TACLARK@MORTGAGECONNECTLP.COM)”.

VI. In the next window select Email FROM : “Your Email ID”.

VII. The next window will pop up as below:

How to Identify Torrens:

Torrens will see specifically in MA/MN States.

If you find the Torrens info., In the Deed, then we need to select Torrens in Main tab of Title
Systems Main, as below:

Along with that we need to reflect the Torrens Certificate Number Info below the Legal
Description.
Eg: Torrens ID: 145378.