Okay, so last week, we told you all about this partial lien release nightmare that we've been dealing with.Then this week, we announced an offer to get two weeks of Payoff Tracking free. This is a service that we launched back in November of 2016, and since then we've had a lot of questions about what this service provides. We want to clarify by answering a few questions we've been getting.
What is Payoff Tracking?
Payoff Tracking is about tracking your closing payoffs to make sure that any required satisfactions or releases are timely recorded post-closing. It’s for when Schedule B-1 of the title commitment reveals previously recorded documents (most commonly, the current Seller’s mortgage*) that must be paid off and therefore need a subsequent recording (most commonly, the Satisfaction of Mortgage). That means that Payoff Tracking is usually mortgage satisfaction tracking.
So why call it Payoff Tracking?
Because we offer so much more than just mortgage satisfaction tracking. For example, when there is a lis pendens, UCC statement, second mortgage, or judgment recorded, we’re going to make sure the necessary terminations, subordinations, and releases are recorded. We're not just looking for one thing, but many, depending on the needs of your closing. When it comes down to it, we're following up after closing on all those payoffs you sent to make sure the corresponding documentation was recorded.
Why should I care about Payoff Tracking?
If any one of those things we track goes unrecorded, you could be running into a world of trouble. We have seen it time and again, especially with lien releases and mortgage satisfactions, where it's come back to bite the title agent, or company, that never followed up.
If you're the owner of a title company or real estate law firm, and you’re thinking to yourself "my people already do this," maybe you should double check. Who IS responsible for this seemingly "simple" task of following up after the statutory deadline for recording and how often do other, more pressing tasks take precedence? You may be surprised.
Anyways, I'm glad we've got that all cleared up. Now that you know what the service is, maybe you'd be interested in giving it a try for FREE for two weeks.
*We offer payoff tracking nationwide. Since we’re in Florida, we’re writing about mortgages and satisfactions, but we also track reconveyances in deed of trust states.