reQuire is an Internet-based lien release tracking and reporting service available at no cost to entities disbursing payoff funds satisfying lien requirements.

The epidemic problem in the real estate closing transaction industry related to unreleased mortgages results from the nationalization of mortgage origination coupled with the diversity of statutes, regulations, and local customs unique to individual counties wherein the secured real property lies. This leads to challenges for payoff lenders seeking statutory compliance in releasing secured real properties when the mortgage note is paid or satisfied. The broad incongruency in lien release/reconveyance methods from state to state results in significant failure of the release instrument to appear in the proper land record index. As a result as many as 30% of paid mortgages may not appear of record.

A communication link between the payoff lender and the settlement/escrow agent was missing. It was this need to bridge the communication gap that sparked the idea for reQuire™ release tracking.

The result is a no-cost solution for settlement agents burdened with the task of release follow-up many months after a transaction has been closed. reQuire release tracking relieves this burden and ensures that lenders comply with statutory requirements.

reQuire began in Virginia Beach, VA as a standalone system for a few settlement agencies looking to outsource their release follow-up tasks in early 2000. By 2002, reQuire built and implemented a web-based system incorporating new security and integrity measures to ensure accuracy and speed in tracking and reporting methods.

reQuire tracks and reports releases, cancellations and reconveyances in all 50 states.

Title agents will immediately enjoy quicker remittance on policies in addition to quicker file closure. Over time, agents will be free from calls from former customers, title companies or attorneys seeking a release for a case that was closed in the past. The benefits are: (1) the time saved by outsourcing follow-up work on closed files; (2) the relief of knowing that reQuire will track and report the status of every file entered into the system; and (3) the ability to defer any calls to reQuire™ that are related to releases. Settlement agents may also utilize our title curative services, a complementary service, to track down the proper signatory for old liens that appear on their title reports from prior closings.

Title underwriters will see a reduction in claims arising from unreleased deeds of trusts and mortgages, a reduction in defalcation, and some measurable reduction in mortgage fraud. These benefits will be a result of reQuire's efforts to verify that each and every paid note is: (1) fully paid or satisfied by the obligor; and (2) a proper lien release or cancellation instrument is recorded in a timely manner.

Sellers have the added assurance that the conveyance of their real property is truly free of the lien and encumbrance represented by the paid mortgages on their property. Borrowers (usually in a refinance) benefit by knowing the former lien will be properly released, or in the case of open lines of credit, that the credit line will be properly closed and the related mortgage lien is released. Home buyers can be assured that all mortgage liens paid off at the closing of the property they are purchasing will be released 100% of the time.

The extensive activity reporting systems are the most important feature of reQuire. This feature allows the settlement agent to close pending files and then send them to storage. Our Disbursement History Report shows, in real time, each and every action performed by the reQuire staff from file creation to final indexing and/or receipt of the release.

reQuire tracks the releases associated with home equity lines. Because we search and contact the lender a short period after the closing, as an added benefit, reQuire will notify you if there is an open loan that you thought was closed.

reQuire's fee is $35.00 per paid lien.

reQuire's release tracking fee is typically paid by the seller in a sale or the borrower in a refinance.

reQuire works with potential and existing customers on a case by case basis to ensure they have no issues related to unreleased liens. reQuire can clean-up old files that a settlement agent has personally closed (archives), as well as assist with title curative issues (title defect files) that he or she is trying to clear-up to close the transaction.

Yes. Please visit the Title Curative Services page of this reQuire website. Upon clicking this link, website users interested in this service are encouraged to contact us and provide as much information as possible on the file they are trying to close. In every case, reQuire can identify the authorized person to sign a release within three hours. All reQuire customers receive no-cost title curative services (TCS).

reQuire currently utilizes an activeX mail merge interface that syncs the data in TSS, Landtech, Softpro, Ramqest, Closer's Choice, Snap Close, Iclose and AIM for Windows with its system. Several other settlement software interfaces (Double Time, Display Soft and Title Soft) are in line for future development. There is no charge for this feature.

reQuire's is the industry standard trusted source for release tracking and reporting supported by the desire to be the conduit of communication between the settlement agent and the payoff lender. reQuire is committed to developing innovative technology delivered with superior customer service to help with efficiencies that benefit all parties in a real estate transaction. reQuire will continue to find ways to reduce the amount of time from loan payoff to lien release recording.

There are no risks nor are there contracts to sign or long term obligations to fulfill. reQuire is a pay-as-you-go service that agents can start and stop at any time.

reQuire is an efficient, cost effective alternative to the old laborious, inefficient, costly and stressful practice of lien release management. reQuire's Team does the job that nobody wants to do and does it at no cost to you.