Due to the increasing complexities surrounding the foreclosure process, Nationwide REO Brokers has expanded its services by offering third-party foreclosure review and certification for lenders and servicers.
As part of its service expansion, the Braintree, Mass.-based default solutions provider will offer lenders and servicers a complete loan level foreclosure document review by attorneys and supervised paralegals.
“Our staff is qualified to provide thorough title and document review based upon 20 plus years of experience providing third-party oversight of our clients' foreclosure attorneys,” the provider said in a press release.
The attorneys will provide a summary legal opinion, which will include recommendations for remedial actions if this is required. Additionally, NREOB will now provide statistical information to support lenders and servicers' analytics, an important aspect to identifying trends within foreclosure offices or servicers internal foreclosure departments, the firm said.
NREOB currently has a legal department staffed with Massachusetts licensed real estate attorneys, paralegals and administrators who are all trained in foreclosure protocols and title review. The company's propriety workflow management system allows secure, online access for sellers, attorneys, brokers and contractors.
According to NREOB, performing a forensic foreclosure review is not just proactive, but necessary to quantify and mitigate risks associated with improper foreclosures. The risks today for lenders and servicers extend beyond potential penalties associated with the Treasury Department and state's attorney general inquiries, NREOB said.
