This is true...the major players are all streamlining their programs and going green. No more printing, paper, extra expenses. Just imagine all those 125 page closings coming back, being manually recorded, filed, bill paid and then stored for 5 years in boxes. Yes, MERS stores the Note and Mtg. but title has a responsibility to preserve more... Companies developing software geared to them is where it is at. They want to cut costs, expenditures and storing wear houses of documents, not to mention the shredding service twice a month to their office. The truth is, the NSA's fee is peanuts compared to the reality of why they are streamlining, but when it happens, they will need trained NSA's to step in and continue on. I believe the big lenders and title companies will offer training to their favorites and be of little to no expense to the NSA, but they need to be willing to learn it. A buyer's package will then be given at the end when it funds and it's done. Refi's the same, just have to wait the 3 days of recession.
I think the days of home closing and courtesy closings are going to end the more and more progress moves forward, and the borrowers will have to go to their relator's office or title company who has the capabilities and security features that are needed. Just what I think, and where I currently work have moved into a Green system and learning it right now. NSA's will be needed, but in a totally different way of doing things. Title companies have no interest of doing their own closings unless necessary and their NSA's are busy and have to...they are busy getting packages together and working towards the next one and starting new ones....and not cost effective to do their own closings when we have professionals who specialize in it (NSA's).
Embrace it, get into the new technology faster than your competition (ask your major title companies when they think its going to happen and show interest) and I believe you will be making more money than now and be working smarter instead of harder. |
