OAK RIDGE, Tenn. (12/18/14)--The subsidiaries of ORNL FCU and Y-12 FCU have teamed up to launch a title company.
CU Community and Credit Union Services of East Tennessee, both based in Oak Ridge, Tenn., will partner to form CU Community Title Co., effective Jan. 2.
"Our credit unions provide the absolute best mortgage services available in the marketplace and adding title services allows us to take full ownership of our members' experience," said Mark Ziegler, president/CEO of $720 million-asset Y-12 FCU.
Added Chris Johnson, president/CEO of $1.5 billion-asset ORNL FCU: "By forming our own title company, we now can be sure the same outstanding service is provided all the way through closing."
Title companies research property records to ensure the purchaser legally owns the property and that no one else can claim full or partial ownership of the property. During this research, the title company also verifies that there are no outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might affect ownership.