Posted by 101livescan on 10/9/13 8:20am
Msg #487480
Industry Standards
Now that the XYZ has sold the concept of background checks to title companies to comply with federal guidelines, how do we get title companies to do the same with Signing Service owners? Is XYZ able to swing this program over to SS owners and their employees?
I have a database of some 14,000 title and escrow and law firms who are settlement agents for refis, purchases and sales of real property. They should all be vetting their signing services, I wonder just how many there are on this list doing this. These are active companies/firms who are used by major mortgage brokers across the U.S. There are multiple layers of subcontractors who are not vetted.
If a signing company is owned by a notary in CA, we know that their background has been checked. But what about their employees/independent contractors? If they are not notaries, it is likely they have not been background checked.
Since legislation is not possible, we do need some industry standards. I think Fightback! might be just the conduit to bring about change for notaries/loan signing agents coast to coast.
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Reply by Darlin_AL on 10/9/13 11:22am
Msg #487504
went to Fightback site, activated invitation e-mail. Do you have to subscribe? Can't get into the site right now. If we hired them, as a group, what is their fee?
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Reply by Yoli/CA on 10/9/13 12:23pm
Msg #487514
Why not send everyone on that database of yours (all 14,000) a blast email setting forth your concerns and suggestions for resolution. Might even reference NotRot. Keep the message concise and to the point. You lose your audience if it's too long.
Now would be the ideal time to undertake this endeavor ... with the slow times.
JMPO
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Reply by 101livescan on 10/9/13 2:44pm
Msg #487535
Just talked with the COO of a major title company in the SB office. I won't have to do that because in January CFPB will have incredible standards by which all lenders must abide.
We may after all see an end to this scamming industry of SS's who collect all the notary/loan signing fee from title and never pay the notary.
I'll keep you all posted as I learn more. I still think it is a good idea to FIGHTBACK.
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Reply by Darlin_AL on 10/9/13 3:41pm
Msg #487540
Fightback site is an ad? n/m
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Reply by JanetK_CA on 10/9/13 2:03pm
Msg #487527
My suggestion is to propose that idea to XYZ. If there's money in it for them - which there undoubtedly would be - they'll likely be all for it. And they have the resources to promote the idea big time. Just think of all the additional background checks they can sell...  They're already going after the NSAs with the promotion of their BGC, so why not add all the signing services. That's a whole new market for them!
The only thing that might get in the way of them doing that is if somehow it goes against the interests of any of their buddies at the big producers, who may not want to pay for BGCs for every employee who has access to borrower data. However, with new scrutiny by regulators, I imagine they'll be doing that anyway. I can't really think of any good reason to oppose it. Anyone else?
I have no problem with them making money on something that also could help clean up our industry.
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