Good Morning
I am seeking information from other financial institutions regarding the provision of performance feedback to title companies involved in loan origination.
Our internal efforts include a Lean Six Sigma Green Belt in Title Defect Management, which identified opportunities for improvement with both our title partners and internal processes. The project focused on common issues such as missing or incorrect information (e.g., documents, signatures, dates, notary details), E-Signed document issues, and illegible copies.
More serious defects we encountered included:
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Liens on subject properties that were not effectively closed, released, or subordinated, resulting in our loan taking a second lien position.
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Inaccuracies in borrower names (e.g., Jr. vs. Sr.).
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Property address mismatches, which in one instance led to a borrower's homeowners' insurance policy being canceled.
Our title partners have indicated that Wells Fargo offers feedback. I am keen to discuss our strategies to explore potential alignment for greater impact.
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Rachel Kenyon
Mortgage Vendor & Operations Support Manager
CRVPM V
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