Posted by Negrete on 9/14/12 3:38pm
Msg #434435

Secure Settlement and thier backround check ?

Spoke to one of my Title Companies and they are being told by a couple of lenders that you MUST use this Secure Settlements backround check and thiers only. I called them and they told me that they are just helping the lenders comply with the new rules that will take affect Jan 1, 2013.

My question is to the notary community, has anyone heard of these new rules ?

I think that it is another company trying to make money of the notaries back again. I am just trying to get this out to the notary community and see what your thoiught are on this.

Reply by MW/VA on 9/14/12 3:44pm
Msg #434436

This seems to be coming up a lot lately. Another co. is

requiring a bgc from Lexis-Nexis. Just how many bgc's do they think a notary should undergo & pay for? Are they forgetting that we're at the bottom of the food chain, and we're already being a paltry fee for closing these loans.
I don't have a problem with bgc's being required. I had one through XYZ (Lexis-Nexis) and now through NR.
I'd be interested what the new rules are for Jan. l.

Reply by ToniK on 9/14/12 4:09pm
Msg #434439

Exactly...WTH is going on with all these companies

Equifax, Mortgage Connect...Negretes contacts...I mean seriously???? So are they expecting us to have 6 BGC?

I hold a top secret clearance...Im going to start giving out the FSO name to companies and tell them call the FSO to verify my background...a TS clearance trumps all these minute BGC. And I use to work for the FBI. So Im not about to pay for countless bgc cuz some companies cant get their act together.

Reply by Negrete on 9/14/12 4:20pm
Msg #434441

Re: Exactly...WTH is going on with all these companies

I spoke again to the Lender and I do think he has a better understanding of the role of the Notary Signing Agent versus the Closing Agent.

I hope we can make them all understand the notary role in the closing process.

Reply by ToniK on 9/14/12 4:27pm
Msg #434443

Re: Exactly...WTH is going on with all these companies

I was just about to say that a notary signing agent and a closing agent are two different roles. I know you have to be licensed to be a closing agent in most states. I think alot of these companies dont understand that.

In my google search I did come across this: http://www.virtualunderwriter.com/vubulletins.jsp?displaykey=BL125857614900000007

Reply by Jack/AL on 9/14/12 4:43pm
Msg #434446

Not gonna happen. Maybe it's just me, but ............

Equifax requires the BGC be done just for Equifax, and it can not be an existing one. If you had one done last month and now want to sign up with, or continue doing to work with Equifax, you'll have to get a new BGC! Hope this is not a new thing for the entire industry, with each TC/SS for which we work requjiring a fresh BGC just for it/them. I've worked for 40 companies this year, which is about the norm for me, but am not getting 40 BGCs this year, or any year. Maybe it's just me, but it seems that the companies with the new, rather absurd requirements, are all among the companies that use me 1 to 5 times per year. If one of the big clients that hire me dozens of times per year wants to impose such new rules as industry standards, I can probably go along with that, once, and then share the BGC and other information with the others.

Reply by sueharke on 9/14/12 9:56pm
Msg #434469

Re: Not gonna happen. Maybe it's just me, but ............

I can understand asking for a background check. I have a CPA certificate and had to get a BCG to get my license. I have other certificates that required a BGC. When I worked for the Federal government I had a very high security clearance.

I also had an experience where two different people forged my name (as a CPA) to a letters to a lender in 2004. He or she claimed I reviewed their self-employment income and income tax return. I just wrote back to the loan office (before becoming a notary) that it was not me who wrote or signed the faked letters.

So, I can understand BGC for the reputable signing services (not the *&^^%$ low-ballers).

Reply by Lee/AR on 9/14/12 7:19pm
Msg #434455

238 companies that I work with are in my database...

Not every one every year...and some probably are OOB...but most do pop in regularly, some rarely.
A very few are one hit wonders. If each one wanted 'their' BGC.... I'd be getting a background check nearly every working day of the year!

Now, multiply that by the number of notaries in the U.S..... the BGC companies are doing just fine while we're scratching around looking for the least expensive equipment, supplies and tools--while paying our self-employed taxes and health insurance.

You can't tell me that's not nuts.

Reply by anotaryinva on 9/14/12 8:14pm
Msg #434461

Does anyone have a link

To the new law that begins Jan 2013?

Reply by ME/NJ on 9/14/12 8:45pm
Msg #434462

I don't mind BGC, just wish they can take any company that ran it within a years time. If a company wants to vet you in the real world they run a background check on you before they hire you, why not the same for us? Can you imagine every interview you go on, that will be 40 dollars please for background and credit check.

CHASE is cracking down on it's vendors now, reason being because of projected volume in next couple of months. As mentioned in another post Mortgage Connect wants a new contract and same BS all over again. (25 pages long and a test) It's because they have taken Provident as a client. I need to figure out is the cut in pay worth losing 1200-2000 year.

Funny how you can be with companies for years and get tossed aside like bad meat if you don't jump through the hoops.

Reply by NJDiva on 9/14/12 8:59pm
Msg #434466

Mike if they've got Provident and have lowered their fees...

they won't have Provident for long. Or they'll realize that if they want qualified notaries they'll have to pay for it. I would hope that you wouldn't lower your standards. You've been in this business too long and are too qualified to lower yourself to that.

If you can just stand your ground, I've no doubt it won't take long before they're begging to pay you a fair fee to get you back.

And I would be happy if we just let them run themselves right outta business anyway. Get their business to a REAL paying company!

Reply by CopperheadVA on 9/14/12 9:09pm
Msg #434467

Agree with NJDiva

No way can anyone do Provident for rock-bottom fees. They require perfection from both borrower and notary - and it's the notary's job to make sure the borrower complies with the perfection requirement. I do them for one of my regular TC's for $150.

Reply by Dave Heine on 9/15/12 9:19am
Msg #434487

Tony:

It has to do with the new CFPB rules. Anyone that touches a loan file is going to have to be vetted to comply with the new CFPB rules. Title Agents, Attorneys even if your only function is to sit in the closing and present the documents.

Welcome to the new CFPB and the reform that is going to reshape the mortgage industry. There is also in the works a new "imporved" HUD, TIL and many other documents that people that have never worked in the industry will be telling us is better for the consumer public.

Think last HUD settlement revision and how much "easier" it is to understand.

Reply by Dave Heine on 9/15/12 9:20am
Msg #434488

oh, and Secured Settlements is fast becoming the LENDERS preferred vetting company

Reply by anotaryinva on 9/15/12 9:52am
Msg #434492

Dave can you post a link

To the new rules you are talking about with this requirement? Toni posted a bunch of links, she couldn't find it and I couldn't either. I googled cfpb new rules and ended up with a 442 page file. I think I got through roughly half and didn't see it.
http://www.regulations.gov/#!documentDetail;D=CFPB-2012-0028-0353

I just want to see the actual rule. What sets secure settlement apart from the background screening here on notaryrotary other then the constant monitoring and the $99 fee? I sent them an email with some basic questions but they haven't gotten back to me yet.

Reply by CopperheadVA on 9/15/12 2:37pm
Msg #434531

<< There is also in the works a new "imporved" HUD, TIL >>

Last week I had the opportunity to speak with the owner of a TC here in Virginia who is very active in the Land Title Association - he told me that the HUD and TIL will be combined and it will be.... 6 pages, of course!