What does it really take to be the best possible partner to the industry?
Nationwide Title Clearing (NTC), the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, announced today that it has successfully implemented its own standards internally to achieve a status of preferred partner. Being an approved vendor may get clients in the door, but achieving a ‘preferred partner’ designation will keep them there. Intangible attributes necessary to be a preferred partner has been NTC’s standards for years, and should be recognized by the mortgage industry as a whole. It goes beyond the measurable and documented requirements that exist within our industry today.
“Within the governance of third party oversight, the industry has set standards for an approved vendor, “said Danny Byrnes, Vice President of Marketing and Sales. “NTC’s standard operating basis provides evaluation criteria above and beyond what is required. This not only makes us more competitive in the market, but also reconfirms our current client base that their processes and workflows are with the right company.”
“Everyone will say that they offer the best service, have the best people, the highest level of quality and the most service options, but that can’t be true of everyone in any market,” Byrnes said. “Someone has to be the best, but it can be difficult for buyers to identify that potential partner without an explicit standards for preferred partner. We believe we measure to that standard today even though this has not been defined within our industry. We also do not expect to live by it for long, not when we continually raise the bar with the goal of standing out amongst the rest. NTC wants to be that company everyone strives to be.”
NTC has successfully established a Life of Loan service platform built upon expertise, knowledge, and experience that reduces redundant tasks, controls data entry points, and – most importantly – is paperless after the first touch of the actual collateral. There is a measurable cost savings in the bundled services NTC has designed.
With an in-house technology infrastructure and key project management, NTC can easily integrate solutions into client processes, continuously gain efficiencies, keep up with industry changes and stay within budget. Resource and technology investments are made with client’s needs in mind and not driven by a parent company’s objectives. NTC manages up to 150 percent capacity with immediate resources at all times, cross-trained experts and multiple working shifts to accommodate volume influx and new or unpredicted project demands.
NTC focuses on providing quality solutions, not just services. True subject matter experts partner with clients to build successful processes that are most importantly governed by stringent quality controls, as well as an independent and dedicated quality inspection department that is maintained at seven to 10 percent of its overall staff. All of which contribute to the following standards:
· County Recording Rejects rates maintained at less than 1%
· Lien Release State Compliance achieved at 99.5% or better
· Average Score Card scores at 99% or better for all SLA’s
· Effective training and cross training for all employees that NTC also offers to its clients
Extensive Company Infrastructure:
● Fully documented policy and procedures for all departments and services
● Extensive disaster recovery and continuity plans
● SOC 1 Audit
● Extensive Indemnity Coverage
● Strong Errors and Omissions and Professional and General Liability Coverage
● Bonded for fidelity and crime
● Full audit and remediation department dedicated to handle any client due diligence/on-boarding requirements as well as ongoing third party oversight requirements.
● Experienced INFOSEC department with policy and procedures covering any third party concerns
● An established business development department of veterans to manage client needs to industry standards with a wealth of knowledge of best practices
● Experienced and dedicated account management teams to monitor and manage lines of business for each client
● Dedicated in house counsel to monitor compliance with federal and state laws
● Proprietary platform which can be customized to adapt to client needs
● In house research and development team with no key research or development outsourced
“Our team works best when we have a target to aim for,” said Michael O’Connell, Chief Operations Officer at NTC. ”By defining what it means to NTC to be considered a preferred partner to the industry, we have empowered our team to exceed that standard. We look forward to that challenge.”
NTC provides a wide range of products to the industry, including Document Services (Assignments, Lien Releases), County Research (Document Retrieval, Nationwide Abstract Services), Land Record Reporting (Assignment Verification Reports, Current Owner Reports, Lien Verification Reports, Tax Status Reports), Secure collateral storage and tracking, Collateral Audits & Remediation, Post Closing Final Document Services, and eRecording.