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. Nationwide Title Clearing, Inc., (NTC) has responded to these overwhelming regulatory and compliance changes in the mortgage industry by striving to keep its processes continually up-to-date.
In response to the changes, NTC says that the pressures can be alleviated by remaining up-to-date with industry standards. NTC is adapting to the changes by continuing company-wide employee education. NTC CEO John Hillman insists that continual training can help companies procure an edge over competitors by immersing themselves in the stringent regulatory standards. 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.
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. To learn more about NTC's Lien Release Processing Services or download the latest white paper, click here.
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.
To read the full story click here: Nationwide Title Clearing Stands Tall Amid Regulatory Pressure—Embraces Steadfast Reform
