Posted by 101livescan on 9/27/12 4:43pm
Msg #436181

More on background checking

in 2004 I was a loan officer with RBC Mortgage, owned by the Royal Bank of Canada. This bank immediately gleened the market would tank in the US and sold us off.

Everytime a loan was getting ready to fund, the UW ran a screening called "FRAUDGUARD", and everyone was checked out, originator, appraiser, borrower, notary, escrow/title. No stone unturned. Even today, some lenders run a check on me and another notary with my name in Cerritos who is on the Department of Home Land Security watch list comes up. I get to defend my honor often.

I don't think this is in CA only. So, tell me why all this background checking needs to be done.

When I work directly for Fidelity, Chicago, FATCO, ORTC, STEWART TITLE, they all have preapproved their notaries, so no BGC is required.

We need to get standardized. Across the board approval by one company. This is ridiculous and expensive. Just because some legal counsel in B&M decides everyone must march to his music?

Reply by MW/VA on 9/27/12 4:58pm
Msg #436183

The interesting part is that it's been pointed out many

times is that a BGC is only good to that point. A person could commit a major crime the day following & it wouldn't show up.
When you mention "standardized" I think somewhere down the road we will be required to be licensed, like everyone else in the lending industry is required to do now.

Reply by HSH/WA on 9/27/12 5:01pm
Msg #436184

Re: One BGC by a known checker is enough

It hasn't come up yet but when it does I intend to offer the BGC I have and let it go at that. Once checked by someone known in the industry, that should do it. You BG doesn't change from day to day and any good report should show the same.