Posted by 101livescan on 4/26/13 10:08pm
Msg #467366

HOW THINGS WILL CHANGE AT THE CLOSING TABLE

2013 Outlook For Mortgage Industry: A Focus On Better Training, Professionalism

ROBERT A. CAMEROTA, FIRST AMERICAN MORTGAGE SERVICES CEO OF THE COMPANY'S ORIGINATION AND VALUATION DIVISIONS.



THE ONLY CONTACT THE CONSUMER MAY HAVE DURING THE ENTIRE LOAN PROCESS IS WITH THE SIGNING AGENT.

New regulations mandated by the National Mortgage Settlement, the growing use of electronic banking transactions, and the ever-present threat of identity theft will cause financial institutions to revise their operating procedures — many of which will affect Notaries — according to the 2013 Banking Industry Outlook from the Deloitte Center for Financial Services.

One of the predominant themes of the forecast, entitled “Moving forward in the age of re-regulation,” is an increased focus on consumer protection and customer satisfaction. The new regulations force lenders to ensure loan closings are kept proper and consistent, underlining the need for training and appropriate compensation for all those involved in this facet of the mortgage industry. “Irate customers, aggressive regulators and the realities of their own bottom line could likely drive bank executives to re-energize efforts around performance improvement,” the report states.

The impact of these new standards could well be felt by both Signing Agents and Notary employees of financial institutions as lenders work to guarantee that their own workforce, as well as outside servicers, are properly trained and present a professional appearance to their clients.

Reply by ikando on 4/26/13 10:42pm
Msg #467369

Note this sentence: "The new regulations force lenders to ensure loan closings are kept proper and consistent, underlining the need for training and APPROPRIATE COMPENSATION for all those involved in this facet of the mortgage industry." I added the emphasis.

Reply by 101livescan on 4/26/13 10:48pm
Msg #467372

Thank you for doing that! I really thing we're going to be seeing a thinning of the low paying, slow paying, no paying companies in the months ahead.


I was spared the usual low paying companies this week, I'm hoping someone raises the bar on education, training, behavior, appropriate and professional attire, etc. I met up with a notary this week whose day job is a security guard, and she was wearing her uniform....oh, boy...well, at least it wasn't a speedo on a tattooed body donning a chartreuse mohawk!

Reply by JanetK_CA on 4/26/13 10:54pm
Msg #467373

Sheesh! I don't know how I'd feel if a notary showed up at my home with my documents wearing a security guard uniform. It kind of reminds me of the commercial that was running recently during tax season that shows a plumber at someone's home, where the homeowner is trying to remember where he knew the guy from... and is then told that the plumber is the one who did his taxes!

Reply by JanetK_CA on 4/26/13 10:46pm
Msg #467371

Very interesting post, especially this part: "...underlining the need for training and appropriate compensation..."

I'm delighted to see the 2nd part, naturally, depending on how that gets interpreted. I just hope that their idea of "training" doesn't translate into the mostly meaningless XYZ "certification", which only distinguishes graduates from those who know absolutely nothing at all about loan signing.

Reply by Linda_H/FL on 4/27/13 8:49am
Msg #467402

I am all for proper training of NSA's - maybe it will

eliminate the portion of our business who got into it cuz "gee, this looks like fun!" AND those SS's that started THEIR business for the same reason.

JMO