Posted by Stoli on 11/25/13 5:39pm
Msg #494041

LSI and the SPW

The Signing Professionals Workgroup (SPW) was formed to assist in the creation of professional standards for certified signing professionals. This committee of senior executives from major lenders and national title companies announced a new set of standards at the Mortgage Bankers Association's annual convention. These Standards include metrics for background check standards, insurance coverage, professional conduct and training requirements for Notaries to obtain a Certified Signing Specialist (CSS) designation. These standards have been established to ensure borrowers have an improved customer experience and to comply with federal regulations regarding service providers.



LSI, as a member of the SPW, is adopting the standards and expectations outlined by this industry group. It is important that you familiarize yourself with the new standards. Please visit the SPW website to learn more.

Reply by MAC/WA on 11/25/13 5:43pm
Msg #494043

Got the same email today n/m

Reply by CarolF/NC on 11/25/13 6:02pm
Msg #494046

Good bye n/m

Reply by Lee/AR on 11/25/13 6:08pm
Msg #494047

Got something similar and had 2 thoughts...

What happened to the proposed 'opening up the SPW site for notary input'??
Also thought this was a work in progress and hadn't been finalized yet.
Seems 'forked-tongue' is being spoken in many places.

Reply by MikeC/TX on 11/25/13 8:53pm
Msg #494076

Only 2?

There is no way yet to declare anyone as a CSS - there's no certification test, and we don't know who will be allowed to award that certification (although we all know at least one company that will...). How do you adopt a "standard" without knowing how it will be implemented??

The insurance requirements are a joke - Notary E&O Insurance will not cover most of the errors that might occur at a signing. Why is that a focus in their attempt to make the signing experience better?

Finally, no one in any position of actual authority has blessed this effort...

Reply by Linda_H/FL on 11/25/13 6:11pm
Msg #494048

I got it too - and LSI was the reason I rejoined the NNA

and got recertified by them - and yes it's paid off

But I think I've reached my limit.

Reply by CarolF/NC on 11/25/13 6:18pm
Msg #494049

Debt settlements are more appealing to n/m

Reply by CarolF/NC on 11/25/13 6:20pm
Msg #494051

Re: Debt settlements are more appealing to

Me than giving my money to the NNA (National Nuts Association)

Reply by MAC/WA on 11/25/13 6:22pm
Msg #494052

NO effective date given in LSI email

As far as I know, the new "certification" process that requires:

Annual Exam
Annual BGC w/point screen
Code of Conduct (which one has to sign)

HAVE NOT GONE INTO EFFECT YET.

Reply by MW/VA on 11/25/13 6:28pm
Msg #494054

Business 101. You have to create the demand first, and then

create the supply. That's exactly what's been going on here. I seriously doubt that they're really concerned about how notaries feel about all this. ;-(

Reply by JimAZ on 11/25/13 9:03pm
Msg #494077

Re: Business 101. You have to create the demand first, and then

Econ 101,102,202,203,304,306. Demand is what the market creates. In our business, it's how many loans are being generated. Supply is our problem. NNA has flooded the industry with unqualified, low ball notaries that are going to make a promised $100K per year at $75 per signing. If only they could do the math. Four signings per day, 365 days per year to gross $100k, not counting expenses. We just have to wait until these folks can't pay their gas, paper, toner, NNA membership fees, and their credit cards are maxed out. Then supply takes over.

Reply by MW/VA on 11/26/13 9:04am
Msg #494103

I agree with you, Jim. A gal I met the other day is a

newbie. She's proudly telling everyone she's a "Certified" notary & passed the test. They just don't know any better because they're buying into XYZ's speil. She also mentioned that she had talked with a notary who had done her own signing who was doing 40 signings a month. She said she would be happy to be doing 2 a day. I wasn't about to tell her that many people who have been in this biz for a long time would be thrilled to see that. That's what we're up against, thanks to XYZ.

Reply by JimAZ on 11/25/13 7:32pm
Msg #494059

I quit doing business with LSI about a year ago. Reason was, no loan docs, poor communication, and if there was a problem, it was always the Signing Agent"s fault. I turned down too many good customer jobs to reserve a spot for LSI. Only to have LSI cancel, not offer a reschedule and tell me that's "how this business works". In other words, Crap on the notary.

Reply by JanetK_CA on 11/25/13 7:33pm
Msg #494060

I doubt enforcement of use of the script would provide an "improved customer experience", unless the customer/borrower is in front of someone who's right out of a class. Even then, what about all the documents that aren't addressed? I counted 22 documents on their list (if you lump the riders together). I'd guess it to be a very, very small percentage of packages that only have that many separate documents in them - if any. I guess they just want the notary to be silent on the rest of them and sit there like a robot?

BTW, I noticed they haven't gotten around to correcting the 1-4 Family Rider description yet. If I used that definition, I would lose all credibility in front of the not-infrequent borrowers I see who own 2nd homes ad investment properties if I told them it meant theirs was a multi-unit property. Even worse, it might cause the signing to grind to a halt. (I can think of numerous situations where that would likely have been the result if we couldn't reach the loan officer - also, a frequent event.)

I don't see how any of this equates to an "improved" customer experience. And I wonder if the CEOs of the lender companies truly realize the implications of this... It seems to me that the script was written by lawyers from a purely defensive perspective, without much (if any) thought about how this would come across in a real life setting.

Someone in those companies is bound to care about REAL customer service that is more than lip-service. A one-size-fits-all approach conducted by rote is NOT going to provide the positive outcome that customers experience today when many of us come in their front doors... (or back doors, or garages. )

Reply by Christine/OK on 11/26/13 4:29am
Msg #494087

Please REMEMBER the announcement earlier this year

May, 2013: ServiceLink/FNF is buying out LSI/LPS.

Ergo, something important to consider IF your business model does not support the very low fees and lack of respect for professional CNSAs as demonstrated across the US by the ServiceLink team members.

Here are a couple of links with respect to that . . .

http://www.sourceoftitle.com/article.aspx?uniq=7590

http://www.bizjournals.com/pittsburgh/blog/the-next-move/2013/09/lsi-cuts-back-at-cherrington.html

Reply by Stamper_WI on 11/26/13 6:55am
Msg #494090

Re: Please REMEMBER the announcement earlier this year

Yet LSI does not accept the required Sterling BGC from Servicelink? LSI told me it was because Sterling did not check the DMV information. The way I read the report was that if the DMV search did not find anything, no report was generated. I have never even had a parking ticket.
My contact at LSI said he was going to check into it. To not pull the trigger on a Lexis Nexus, then came back and told me to get the Lexis. In my mind at least we will have continuity if required BGC. But their ambitions on Certification run the risk of competative generation of unqualified certification of signing agents. For profit.

Reply by Christine/OK on 11/26/13 7:19am
Msg #494092

Wall Street Journal Announcement of FNF/ServiceLink buyout

of LSI/LPS:

http://blogs.wsj.com/moneybeat/2013/05/22/fidelity-national-financial-thomas-h-lee-in-talks-to-acquire-lender-processing-services/