Mortgage Services

MileStoneInfotech improves the scale, quality and economics of our client’s back-office operations. We offer fully compliant Mortgage outsourcing services to Mortgage Lenders. The processing stage consists of requesting, collecting, and submitting all supporting credit documents to the mortgage banker for approval. MileStoneInfoTech Software Solutions processor will ensure completed loan application is verified and the supporting documents like income and asset information, "Pulling" a credit report and obtaining property documents for underwriting. We gather information and take each file from Pre-approval to closing. We do all types of loans (Conventional/FHA/VA and USDA) and have trained our Processors to do both Wholesale and Correspondent loans. .

Title

A title is generally, the rights of ownership and possession of a particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents).

“Title” is defined as “the evidence one has of right to possession of the land”. In other words, the legally recognized owner of the land has “title” to the land.

What Title Search Services we offer 

  1. Current Owner Search
  2. Two Owner Search
  3. Full Search
  4. Update Search
  5. Deed Search.
  6. Open Mortgage Search
  7. Liens & Judgments search
  8. Bankruptcy Search
  9. Latest Tax Status for the property

Current Owner Search

  • Current owner search involves searching for the details of the present title holder of the subject property and the latest deed with consideration.
  • Search done by searching from the current date backward.
  • Details like Vesting Deed, Current Tax status, county assessment information, open mortgages, judgments, liens, and legal description will be captured
  • This search is usually done for origination of Home Equity transactions, short sale, foreclosure auctions, and pre-tax auctions

Two Owner Search

  • Two-Owner Title search is for the last two owners in the chain of title of the subject property.
  • Search done by searching from the current date backward
  • Details like Vesting Deed, Current Tax status, county assessment information, open mortgages, judgments, liens, and legal description will be captured.
  • This search is usually done for origination of Home Equity transactions, short sale, foreclosure auctions, and pre-tax auctions.

Full Search

  • Detailed full Title search on Current and Previous owners
  • The search should include all names in the chain of title and should report liens and judgments for all owners, current and past. The names must be run for general liens, such as judgments and federal tax liens, for the full statutory period applicable for the state.
  • In addition, all defects, liens, and encumbrances specifically referred to in the documents revealed in the search must be reported as exceptions, unless properly disposed of.
  • Includes searches related to property lien, easements, CC & Rs-covenants, conditions and restrictions, agreements, and resolutions and ordinances that affect real property
  • We also do historical searches up to 50 years for additional pricing

Update Search

  • We also perform an update search on the subject property from the date of the last search to the current date
  • A report is provided on all the documents posted and recorded during the period.
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  • This is performed just before the closing takes place

Deed Search

  • To Check the Full Value Deed to Start the Search, and to provide Chain of Title

DEED

A deed is a written contract or agreement between a seller, who signs the deed and is called the "grantor", and a purchaser to whom the deed convey as real estate and who is called the "grantee". There are several kinds of deeds. Following are the types :

Types of Deed

  1. Quit Claim Deed
  2. Warranty Deed
  3. Special Warranty Deed

Quit Claim Deed

A deed that conveys only the grantor’s rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership

Warranty Deed

One that contains that the grantor will protect the grantee against all claims.Usually contains assurance of good title, and freedom from encumbrances

Special Warranty Deed

A deed which the grantor limits the title warranty given to the grantee.The grantor does not warrant against title defects arising from conditions that existed before he owned the property

Contents of Deed

  1. Grantor(Seller is Grantor)
  2. Grantee(Purchaser is in Grantee position)
  3. Vesting
  4. Made Date(Dated Date)
  5. Recording Date
  6. Consideration Amount(Selling price of the property)
  7. Book/Page
  8. Property Address
  9. Legal Description
  10. Signature
  11. Notary Public Seal And Signature

Deed in trust

Deed in trust is a deed that conveys title from a trustor to the trustee for the benefit of the beneficiary. A deed of trust is often used in lieu of a mortgage, when the borrower, the trustor, transfers the deed to a trustee as security for the loan given by the lender.

Contents Of Deed in Trust

  1. Borrower/Trustor(he is th one who has taken loan)
  2. Lender or Beneficiary(he is the one who gives the loan/Bank)
  3. Trustee
  4. Made Date(Dated Date)
  5. Recording Date
  6. Principal Amount(Loan Amount)
  7. Book/Page
  8. Property Address
  9. Legal Description
  10. Signature
  11. Notary Public Seal And Signature
  12. Maturity Date
  13. Need to type Closed end or Open end

Appraisal Services

Appraisal Report contains the appraised value of the real estate for which the borrower is to be granted a loan. This report is provided by certified Appraisers. We have a appraisal review team is one of the more resource-intensive tasks performed during the course of the mortgage process. The experienced underwriters at MileStoneInfoTech closely review every appraisal to help ensure that the collateral is adequate for the mortgage and that there are no critical issues with the property that would affect its value.

We order and review below streamlined appraisal reports in a manner sufficient with the underwriting expectations of Fannie Mae/HUD.

Single Family Forms

1004 Uniform Residential Appraisal Report
2055 Exterior-Only Drive-By Appraisal Report
2075 Property Inspection Report
1004MC Market Conditions Addendum to the Appraisal Report
1004D Appraisal Update and/or Completion Report

Condominium Forms

1073 Individual Condominium Unit Appraisal Report
1075 Exterior-Only Drive-By Single Condominium Unit Appraisal

Manufactured Homes

1004C Manufactured Home Appraisal Report

Investment Property Forms

1025 Small Residential Income Property Appraisal Report
216 Operating Income Statement
1007 Single Family Comparable Rent Schedule

Cooperative Property Forms

2090 Individual Cooperative Interest Appraisal Report
2095 Exterior-Only Inspection Individual Cooperative Interest Appraisal Report

Review Appraisals Forms

2000 One-Unit Residential Appraisal Field Review Report
2000A Two-to Four-Unit Residential Appraisal Field Review Report

Mortgage

A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

OPEN-END MORTGAGE:

A mortgage is said to be open end which does not include maturity date.

CLOSED-END MORTGAGE

The mortgage which is having both open date and the maturity date is called closed-end mortgage. For example opening date is 01/10/2010 the closing date will be 05/10/2050.

Contents of Mortgage

  1. Borrower (he is the one who has taken loan)
  2. Lender or Beneficiary(he is the one who gives the loan/Bank)
  3. Made Date(Dated Date)
  4. Recording Date
  5. Principal Amount(Loan Amount)
  6. Book/Page
  7. Property Address
  8. Legal Description
  9. Signature
  10. Notary Public Seal And Signature
  11. Maturity Date
  12. Need to type Closed end or Open end

LIEN

This is the claim that allows a creditor or lender upon the lands of a debtor. Normally it is a defaulted amount which is not paid.

TYPES OF LIENS:

  1. Federal tax lien
  2. Mechanic’s lien
  3. Hospital lien
  4. Home assessment lien
  5. Condominium lien
  6. Municipal or County lien

FEDERAL TAX LIEN:

If the person has not paid the delinquent taxes then the concern department files a lien on his property.

MECHANIC’S LIEN:

If the property owner doesn’t pay the money for owners and labors payment.

HOSPITAL LIEN:

If a person has not paid his treatment charges in hospital then that defaulted amount will come under hospital lien.

HOME ASSESSMENT LIEN:

A Homeowner’s Association Lien is generally filed by the homeowner’s association for failure of the borrower to pay assessments due for common area maintenance or recreation facilities.

CONDOMINIUM LIEN:

A Condominium Association Lien would be filed by the CondominiumAssociation, generally for failure of the borrower to pay assessments due for common area maintenance or recreation facilities.

MUNICIPAL OR COUNTY LIEN:

A municipal or county lien is one which is filed by the city and or county supplying services, such as water and sewer, to the property which have not be paid.

Mortgage & Deed of Trust

  • To Check Open Mortgages / Deed of Trust which is related to given property, and Additional Document which include Assignment, Modification, Subordination, Substitution of Trustee, and upload the search docs in the file.

Judgments search

  • To check if there is any Judgments against the borrower by using the www.lexisnexis.com and upload the search docs in the file.

Liens search

  • Verify if there are any closed lien showing on title and request for release/ Paid in full letter. Request judgment payoffs.

Bankruptcy Search

  • To check if there is any Bankruptcy filed against the borrower by using the PACER site and upload the search docs in the file.

Latest Tax Status for the property

  • We provide comprehensive solutions on real estate Tax information for insured and uninsured products with a widespread coverage in the United States and quick turn times.

We are working on Netronline Application for 36 Sates: KSS offers the lowest cost service in comparison to local title agencies (50% Savings) in the most efficient way. Our terms are the shortest most searches can be completed within 24 hours.  KSS Property Title Search service is a convenient and fast way of securing yourself from buying a shady property. Just enter the property address to the form above and follow the registration instructions.