PALM HARBOR, FL (PRWEB) May 29, 2013
Banks and other financial institutions are in the midst of restructuring business processes in light of hundreds of pending rules that will touch everything from loan origination to payoff. Regulatory and compliance pressures are one of the biggest challenges faced by financial institutions today—the mortgage industry, in particular, is heavily affected by compliance demands that dictate correct business operations. In response to the changes, Nationwide Title Clearing, Inc. (NTC), a leading service provider to the mortgage and financial industry, says that the pressures can be alleviated by simply remaining up-to-date with industry standards.
While many banking executives deem strict regulations as the primary impediment to growth and traditional bank business models (1), NTC says that adapting to the changes by continuing company-wide employee education is a must. NTC CEO John Hillman insists that continual training can help companies procure an edge over competitors by immersing themselves in the stringent regulatory standards.
“All companies in the mortgage industry are in the same boat, but few are using the regulatory onslaught to become more competitive,” said Hillman. “By taking advantage of the changes rather than resisting them, companies can succeed in turning a risk into a benefit. Generating a better understanding of industry regulations is the key to maintaining proper processes.”
In addition to housing an impressive staff training to keep its 350+ employees up-to-date on stringent compliance procedures, NTC regularly attends conferences and workshops throughout the year—and most recently attended the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference and Expo, which focused on creating a solid understanding of newly implemented regulations and how they will impact the business workflow.
Businesses which fail to adhere to regulation standards run the risk of noncompliance, which is often costly—banks and mortgage companies routinely incur millions of dollars in fines and penalties for failure to comply with hundreds of regulatory requirements (2).
NTC specializes in building customized service solutions, such as lien release services, document retrieval and assignment services for the residential mortgage industry, where compliance is crucial. NTC officials routinely monitor the rate of compliance they maintain for their clients, and report a 99.8% compliance rate on a consistent basis for lien releases sent to recording jurisdictions within state statute deadlines. Hillman is also investing in better technologies to monitor, measure and maintain regulatory compliance with banking policies.
Nationwide Title Clearing is also SSAE 16 SOC 1 certified, a designation which stands for Statement on Standards for Attestation Engagements “SSAE” No. 16 for Controls at a Service Organization in the financial industry. This is just one of the many new regulatory compliance points that mortgage servicers must ensure their service providers have in place under new vendor management rules set by regulators’ enforcement actions and the National Mortgage Settlement. While these are new regulations, NTC has had a longtime practice of being stringently audited under these standards regularly since 2005.
NTC, perhaps most notable for its expertise in lien release processing and management, and has also worked closely for years with many of the country’s leading mortgage lenders and servicers to standardize the mortgage assignment document process. NTC made a name for itself by perfecting that process to the betterment of borrowers, homeowners, land records and the industry at large. NTC’s ongoing efforts to help its clients meet industry requirements have led to it being named as an innovator for its revolutionary PerfectChain(SM) Assignment Verification Process(3).
To learn more about Nationwide Title Clearing, including its post-closing services relating to document retrieval, lien release and assignment processing services, visit http://www.nwtc.com.
About Nationwide Title Clearing, Inc.:
Based in Palm Harbor, Florida, and founded in 1991, Nationwide Title Clearing, Inc. (NTC) is a privately-owned leading service provider to the residential mortgage industry, serving mortgage lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country. NTC earned the position of #2,730 on the 2012 Inc. 5000 list of fastest-growing private companies in America, ranking #36 in Tampa and #46 in the real estate industry. The company’s land records and document experts are able to track and fulfill county document requirements for close to 3,600 recording jurisdictions nationwide. NTC specializes in providing land records research, lien release services, assignment services, final document tracking, document retrieval and other custom business solutions. For more information, visit the company’s website at http://www.nwtc.com.
1.“Four Ways to Make Your Firm Risk Resistant.” Techjournal.org. Tech Journals, 17 May 2013. Web. 21 May 2013. techjournal.org/2013/05/four-ways-to-make-your-firm-risk-resistant/?utm_source=contactology.
2.Klein, Russ. “A New Compliance Era Requires More Vigorous Vendor Training.” Mortgageorb.com. Mortgage Orb, 17 Apr. 2013. Web. 21 May 2013. mortgageorb.com/e107_plugins/content/content.php?content.13663.
3.“PerfectChainSM Assignment Verification Process.” Giantsof.com. N.p., n.d. Web. 05 Apr. 2013. giantsof.com/giant/nwtc.