SARASOTA, FLORIDA, May 17, 2018 (Newswire.com) - PropLogix introduced their Payoff Tracking service to the title and settlement services industry in November 2016. In that short time, the number of professionals utilizing the service across the nation has dramatically increased. However, the company’s marketing director, Becky Tassell, said that people not familiar with Payoff Tracking are quick to confuse it with release tracking.
“When people hear the term payoff tracking, they aren’t really sure what it means. When we explain, they automatically think, it’s just release tracking,” said Tassell. “We’re here to let everyone know that they’re similar, but not the same.”
"When people hear the term payoff tracking, they aren't really sure what it means. When we explain, they automatically think, it's just release tracking. We're here to let everyone know that they're similar, but not equal."
Becky Tassell, Marketing Director
The service doesn’t just track releases, but checks for all those recorded instruments that are required by the title commitment’s Schedule B-1 to have a subsequent recording. This includes mortgages, and home equity lines of credit, but also judgments, lis pendens, and financing statements. Most notably, unlike with release tracking, the Payoff Tracking service is a flat fee, regardless of the number of instruments needing to be checked and it also includes resolution when a successful recording can’t be located.
“We were the first company to offer this comprehensive service, and actually coined the term “Payoff Tracking” and recently, we've started seeing all these companies starting to use the term. We want the term to be recognized in the industry because that’s better for us. Imitation is flattering. That’s how you know you’re doing something right,” said Tassell.
The company started offering Payoff Tracking when it was brought to president Tim Healy’s attention that title agents are so overwhelmed with their workload that they were sending the payoffs and then often blindly assumed the payoff would be properly recorded.
“Issues with these post-closing recordings are more common than you might think. According to our 2018 State of Industry report, title agents told us they ran into them in 1-out-of-every-10 closings,” added Tassell. “That amount of frequency is nothing to ignore.”
The company has published an article on their website to help educate professionals on the differences and advantages payoff tracking has over release tracking. You can read it here.
About PropLogix
PropLogix helps title agents protect buyers by uncovering hidden property issues. The company provides solutions for title agents by offering comprehensive reports backed by extensive research to ensure buyers are protected from any critical property issues before closing.
Source: PropLogix
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