Bringdown. Rundown. Update. Bring-to-date.
These terms may have been tossed out there by the title companies you’ve worked with in the past, especially when it comes time to close a loan that has maybe tarried in the pipeline a little longer than expected. Unbeknownst to you, they all refer to the same thing: Title Updates.
Every title insurance policy is backed by a thorough title “search”. The search examines all public records, determining open mortgages of record or any potential liens or judgments levied against the property in question. However, since a real estate transaction can sometimes take a little while to close (30, 60, 90 days), title underwriters require that their agents perform a “title update”, reexamining the records to see if any new liens, judgments, or mortgages have been recorded. Here is how Avenue 365 operates in this regard and how you can make sure a title update does not slow down your closing.
Avenue 365 requires an update after 45 days, and an update typically takes 24-48 hours to come in. If you know a loan could become clear to close in the next couple of days, you should check with our team (firstname.lastname@example.org) to see if a title update is needed. They can order the update, giving it plenty of time to come in before closing.
If a loan suddenly becomes CTC, the commitment is 45 days old, and you have not yet inquired about the update with our team, we can still schedule the loan to close so that we can book a notary/attorney, but it’s best to schedule for a date/time 48 hours in the future to allow for the update to arrive. If the commitment is over 60 days old, Avenue 365 will schedule the loan to close only after the bringdown has been reviewed.