Good morning,
As part of our mortgage loan q.c. we review for items returned back from the title company such as final title policy & recorded mortgage. If our new loan is paying off a current loan, we've always looked for the recorded satisfaction too. Our servicing department has been reaching out to the title companies to obtain these as it seems like they aren't automatically sent and receiving confusion from the title companies on why we are requesting them as other banks/mortgage companies have not requested. I'm just wondering if other banks look for the recorded satisfaction or just rely on the final title policy stating the title is clean and there are no other liens? Are we doing too much?
TIA!