We are a Veteran owned and operated mortgage company.

I would give similar advice to someone that wanted to open a restaurant, landscaping company, hair saloon, etc.  

My company charges an application fee.

There is a company out there right now paying 40% annualized and I know an investor who thinks its great, well yeah its great until you lose it all - as never in the history of mankind has a company been able to pay its investors 40% per year on a continuing basis.

@Tarik Kafel recommend checking NARM.com for professional and licensed PMCs.Also, here's our copy & paste advice:Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I do have owner's company address with me I got it from the county department. 

I had a property in Cleveland (Warrensville Heights) for 4 years and yes, I had to pay for the water/sewer (but not snow plow) and it was in my name, as the utility company billed me directly.But, I had that expense factored into the rent, so I was reimbursed when the rent was paid.

I want to understand what benefits it truly brings since seems like my insurance probably would go up after they get transferred.Another reason I'm looking into this is because I've been trying to add my Property Manager as additional insured, but my current company (Citizens) won't do it.Thanks everyone!

Or Another strategy I heard is you get another policy with the name of your LLC/trust as the primary policyholder, identifying the mortgage company as well, then adding the seller as an additional holder. 

So, they prefer shorter and "easy and to the point".Those types of contracts will get a property management company in trouble.