Mortgage

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Overview

Sumukha Business Solutions focuses on end-to-end mortgage processing solutions that assist brokers, bankers and lenders in streamlining their business processes which reduce processing costs and turn around time.


Our partnership based business model

Our partnership based business model with established mortgage bankers and title companies in the US has given us a unique insight into market needs and has provided us the technology and process knowledge tools to service their needs effectively. From a tactical perspective, Sumukha reduces costs, streamlines operations, increases productivity, improves quality and enhance responsiveness. From a strategic perspective, Sumukha helps evolve custom service offerings proactively.


Sumukha's Mortgage Service Offerings

Sumukha's international standard information management processes and highly qualified professionals with industry approved accreditations deliver effective solutions. A combination of our global delivery model, mortgage domain expertise, US market knowledge and customer focus provides the clients with superior service and reduction in staffing. Sumukha's end-to-end solutions take operations off your hands, so that you can concentrate on your core business while your processes become more efficient and highly cost effective.


Why You Choose Sumukha

  • Title Report

    Searching the electronic title plant databases for the current and prior owners in the chain of title, deeds, mortgages, judgments and liens, bankruptcies and preparing the report.


  • Current owner searches

    Search current date backward from present title holder and last deed for consideration, to find a warranty deed or other arms-length transfer on the subject property. This involves reporting details like title report, vesting deed, chain deed(s) for 24 months, security deed(s) / mortgages and judgments and liens.


  • Two Owner Search

    This report involves a detailed title search on the last two owners in the chain of title of the subject property. Report details like vesting deed, previous owner chain deeds and security deeds,current tax status, county assessment information, open mortgages, active judgments, active liens and legal description. Historical searches can be done for up to 30 years.


  • Full Search

    Searching the chain of title prepared by doing a full search. It includes verifying the chain of title, Full Value Deeds, vesting deed, chain deeds, assignments, power of attorney, affidavits, liens, covenants, easements, Taxes and Maps. This will be used as a base for preparing the Prelim or Commitment report.


  • Deed and Mortgage report

    This involves verifying latest vesting deed and reporting any open mortgages on the property.


  • Condominium Search

    Searching master deed, amendments, declaration of trust, current list of trustees and most current phase and carry out an additional title search to make sure nothing adverse has been recorded in the real estate records since the time of the original search and the recording of the deed or mortgage and the taxes are up to date with present tax findings.


  • Abstract Keying/ Commitment Typing

    This involves Keying in data on the title production system from the title abstract in order to prepare the commitment report. It includes typing the Vesting, conveyance, mortgage, judgments/liens and taxes information into the Client Application as per the Abstract report and proof for any typos or mistakes to correct them.


  • Liens & Judgment Searches

    Listing of active liens on the subject property and checking for judgments against the borrower and reporting the same.


  • Bankruptcy searches

    To check if there is any Bankruptcy filed against the borrower and upload the search docs in the file.


  • Tax Search

    Determining the current status of real estate taxes against a property. The report covers reporting parcel identification number, tax year, tax period (annual or in instalments), tax id number, date paid and the amount, delinquent taxes, assessed value, homestead exemption and building and land value.


  • Various Property Reports and Product List

    Providing the complete picture of property and owner's status through our property and title reports like full title report, current owner property information report, ownership and encumbrance property report, HELOC/legal and vesting report, deed and mortgage search report, mortgage record verification, mortgage release verification, land title report and commitment typing.


  • Legal Vesting Report

    This involves reporting property address and location information, full legal description as per deed, tax status and vesting information.


  • Bring Down/ Update Search/ Date down

    Update run or search on the subject property from the date of last search to the latest effective date and report all postings during this period.


  • Hyper-linking

    Create hypertext for the appropriate documents or a specific element within a document to allow user to navigate to the associated search reports.


  • Legal Indexing / Title Indexing / Alpha Indexing

    Involves capturing legal description data, title information and other relevant details (grantor, grantee, book, page, instrument type, recording date and legal description) and posting the results to a title plant database.


  • Flood Zone Determination

    Determination of the flood zone severity levels for any property in United States of America using the Property Information Databases, GIS imaging, overlay software and Federal Emergency Management Agency (FEMA) Flood Insurance Rate Maps (FIRM). Additional calls to the local agencies if needed.


  • Life Of Loan (LOL) & Portfolio

    Life-of-Loan flood services includes monitoring and reporting of all changes in the flood hazard status of the loan, required by lenders to monitor existing loans for possible changes in flood zone status that may occur when the Federal Emergency Management Agency (FEMA) re-maps or re-designates special flood hazard areas. This is also offered as part of an evaluation of a portfolio of loans.