Lender field often blank

Submitted by Michael from NV - 12/11/2009 - 5:17pm

When I have a list of search results, click Customize, add the "Lender" column, and view the report, the "Lender" field is usually blank. (This is in Clark county, NV.)

The same is true for the "Lender: " field in the "Foreclosure Summary" pane on the details page for the property.

But when I click through to the "Transaction History" Details, the lender is often listed in one of the Loan. An example would be 7320 Pleasant View Ave, Las Vegas. The Lender field is blank, but in the Transaction history the Loan marked as 1st has a Lender of "First Franklin Financial Corp".

Am I misunderstanding what the "Lender" field means?

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Comments

Submitted by Michelle - 12/15/2009 - 4:35pm

No you are not misunderstanding the lender field. Since we are pulling all information from the Notice of Default and Notice of Trustee Sale we only report the lender name when they appear on those documents. There is not a legal requirement for them to list the lender name on the foreclosure notices, they only need to reference the Deed of Trust. When you are looking in the Transaction History you are seeing the originating lender from the Deed of Trust. This may not be the current servicer or foreclosing lender although you will see the foreclosing lender on the Trustees Deed if the bank takes the property back at Trustee Sale.

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