NSW Land Registry Services (NSW LRS) has launched a new Mortgage Title Verification service. The service enables banks and other registered mortgage providers to efficiently compare their mortgage books against the NSW land titles register.
Over 230,000 new mortgages were placed on the NSW land titles register in 2019. Approximately 80% of these represented new mortgages accompanying a property ownership transfer, and 20% were related to refinancing on an existing property.
Mortgage Title Verification enables registered mortgage providers to promptly identify and correct errors in their own records, as well as identify when changes to their registered mortgages occur.
The new service assists registered mortgage providers in managing their mortgage risks and supports compliance with regulatory requirements. The service specifically targets requirements for unequivocal enforcement rights over mortgaged property and helps to determine whether that financial exposure is secured by a registered mortgage.
Previously, registered mortgage providers reconciled their mortgage records manually against the land titles register, which is often prohibitively time-consuming and a process which itself could be prone to errors. Instead subscribers, to Mortgage Title Verification, can check their complete list of mortgages on title from a single source. As a result, unregistered or discharged mortgages which remain on the land titles register can be identified and addressed, improving outcomes for both lenders and their customers.
CEO of NSW Land Registry Services, Adam Bennett, said: “The Mortgage Title Verification service reflects our strong focus on understanding and meeting the needs of businesses, mortgage customers and stakeholders - who depend on the quality and security of our records - while improving our services, efficiency and accessibility."
“We have invested substantially in our people and systems to enhance the quality of our core registry operations while facilitating the adoption of electronic conveyancing and developing innovative new services. Mortgage Title Verification offers financial institutions efficiencies in accessing data and greater assurance for their customers, that data is accurately recorded across systems."
“We value and appreciate the vital role we play in the property sector, which is a major part of the economy and on which the whole community depends. We take that role seriously; operating with the utmost diligence and integrity in everything we do.”
Find out more about the Mortgage Title Verification service
For more information please visit www.nswlrs.com.au/Business-Solutions/Mortgage-Title-Verification
About NSW Land Registry Services
NSW Land Registry Services operates the NSW land titles register on behalf of the NSW Government under a 35-year concession awarded in July 2017. NSW LRS promotes confidence and delivers value for citizens and businesses as the trusted custodians of NSW titling and property information.
The land titles registry underpins the state’s secure, efficient and guaranteed system of land ownership. NSW LRS maintain land titles information and provide property insights services.
The community, business and government rely on this information for a variety of purposes including land management, conveyancing, property development, investment, local planning, state economic and social development, and historical research.