Documentation is key to compliance under new federal rules for mortgage servicers
(Palm Harbor, FL) April 3, 2018 – As the industry prepares to comply with the Consumer Financial Protection Bureau’s (CFPB’s) new mortgage servicing requirements, the servicer’s loan documentation will become critically important, according to executives at Nationwide Title Clearing. In April, the CFPB will implement changes to Regulation X and Regulation Z. Some of these changes will impact standard proceures and how servicers share information when ownership of real estate changes.
“Compliance with the CFPB’s new rules for servicers will come down to how servicers communicate with other parties to the mortgage transaction and what information they share,” said Greg McCoskey, Lead General Counsel for NTC. “This will put more pressure on servicers to ensure that every document related to the transaction is accurate and that all documents recorded into the public record are compliant.”
Nationwide Title Clearing (NTC), the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, offers the most comprehensive and cutting-edge approach to providing fully compliant document services backed by notably high compliance rates and incredibly low reject rates, as well as the strongest indemnity policy in the industry.
“Regulatory changes have become commonplace in our industry, but partners that can provide the support to help servicers respond to these changes appropriately is not common,” said John Hillman, NTC’s CEO. “That’s why we’ve built the infrastructure that allows us to meet client demands, while still satisfying third party oversight. Partnering with our clients, we manage change as well as goals and objectives with complete transparency, keeping all parties fully compliant.”
Hillman pointed out some of the reasons his company can stand behind this claim:
- Proprietary document review & execution module
- 70 percent-plus eRecord Coverage
- Up to 80 percent research coverage without abstracting
- Less than 1 percent reject rate
- Over 99.9 percent state compliance
For more information about how NTC can offer your company both compliance and protection, contact the company today.