Re: Deed Not Recorded
a deed does not show ownership. It shows a transfer of interest in real property. Title is an intangible item.
The preliminary title report showed Federal National Mortgage Association as the owner/seller, but the deed does not.
In any property, there will be many deeds recorded for any given property. When one researches the deeds, one can determine ownership of the property by following the chain of title and the transfers of any given party to another. If the title company came up with an initial finding of FM being owner, they had to have seen a deed that transferred interest to them. It sounds like the deed you are referring might be a deed of trust with the former owners transferring their interest to CitiMortgage to be held in trust. Obviously that is speculation on my part but trying to give you a few things to look at.
what I would suggest doing is calling the title company and asking them to explain the situation, in laymen's terms. That might give you more of an answer to your questions. If not, being whatever information you get back here and post it. Maybe somebody here can explain things with the additional info.
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.