In today’s highly regulated environment, problems with document tracking or flow can have a profound negative impact on the firm’s ability to protect loan assets. Failure to assess your operation could be viewed negatively by regulators. A best practices approach requires annual assessment. But what should your company assess?
To help answer this question, NTC has released a white paper entitled, Scoring Your Trailing Document Process & Tips for Efficiency, that includes a checklist about how to score your trailing document process and best practices to improve efficiency. Fill out the form on the right to access the white paper today.
Read the white paper and take a moment and consider how your shop rates on each point in the checklist. You might be surprised.
Here is one of the helpful tips included in the white paper:
"One way to establish a cost-effective abstractor network is to make a list of the 150 most populous counties in your portfolio and find a capable abstractor in each county that is willing to work within your price limits and turnaround times. Since the majority of your retrieval will be in those counties, this is a great place to start so that it is not too daunting."
The white paper also answers a few important questions, such as:
- What percentage of outstanding documents should be aged no more than 60 days?
- How do I establish a national abstractor network for document retrieval?
- What items should I include to determine my actual in-house costs for process?
- Should we track closing agent information in our system? What do we do if we don't have it in our system?