Nationwide Title Clearing, Inc., Delegate Attends CFO Roundtable—Discusses Stifling Dodd-Frank Restrictions
Palm Harbor, FL (PRWEB) July 11, 2013 -- Nationwide Title Clearing, Inc (NTC), a leading service provider to the residential mortgage industry, was recently represented by Myron Finley at a roundtable discussion with Florida’s Chief Financial Officer (CFO), Jeff Atwater. Finley, legal liaison for NTC, attended the meeting to glean data on what concerns Atwater has regarding future issues facing the legislature. In particular, Finley wanted to discuss concerns about the impact of the Dodd-Frank Act, which heavily affects the future of the financial services industry as well as the availability of credit in this country.
NTC, which has steadfastly maintained its commitment to compliance, maintains that the Dodd-Frank Act’s stringent regulations—such as the QM rule—are crushing the finance industry. The reform is prohibiting credit from flowing to potential homeowners and hindering banks from being able to grant loans. Moreover, the crippling costs of complying with new regulatory oversight is having an effect that is the exact opposite of what was intended when the Dodd-Frank Act was passed—the protection of American consumers. As banks spend more and more money and attention on compliance, the cost of credit grows while its availability simultaneously shrinks. The effects of this act trickle down to all consumers, affecting nearly every transaction today – including grocery costs, as well as bank fees.
CFO Atwater indicated that he has written letters and communicated repeatedly to people at the federal level about the stifling effects that this new law has been having on the economy. The new regulations of today affect all of NTC’s clients and Atwater encouraged NTC, and other businesses like it, to direct their communications to federal representatives. Atwater’s solution: send, and continue to send, information to federal offices regarding the compliance and regulatory issues that are restricting companies such as community banks and financial institutions from continuing to grow.
However, per Finley, while the restrictions are prohibiting the growth of financial institutions, Florida is, conversely, an economically strong state—a fact that is not always evident to the casual observer.
“NTC operates in Pinellas County and, to a large extent, [NTC’s] condition reflects the economic landscape in the community,” said Finley. “It is good to know that the local economy is not one of the factors disabling small business here.”
While the financial services industry is still recovering from previous setbacks, NTC asserts that its processes will continue to align with today’s shifting terrain.
“Despite some uncertainty clouding the industry right now, [NTC] has chosen to adapt to the changes, rather than resist them—correct business operations are a priority and we strive to reach that goal each day,” said NTC CEO, John Hillman.
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% within-compliance rate on a consistent basis. Hillman is also investing in better technologies to monitor, measure and maintain regulatory compliance with banking policies.
Because of NTC’s stringent documentation practices, they have seen an increase in business from the top banking institutions and federal agencies. In 2012, NTC won the prestigious Inc. 5000 award for an 85% three-year growth, and was also a winner of the Inc. Hire Power award for their achievements in lowering the unemployment rate in their region.
NTC’s ongoing efforts to help their clients meet industry requirements have led to its being named as an innovator for its revolutionary PerfectChain(SM) Assignment Verification Process(1).
For more information about Nationwide Title Clearing and its 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.“PerfectChainSM Assignment Verification Process.” Giantsof.com. N.p., n.d. Web. 05 Apr. 2013. giantsof.com/giant/nwtc.
Alyssa Kaplan, JoTo PR, 888-202-4614, [email protected]
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