Nationwide Title Clearing Blog
Dealing with today’s climate of compliance and regulations can be a real challenge. Avoiding the pitfalls of past bad habits while maintaining a maximum of efficiency is a problem faced by companies, large and small, all across the mortgage servicing industry. There is no room to cut corners lest you expose your company to risk.
Tags: Uninsured Property Reports, Title Search, Property Title Search, Current Owner Search, Ownership and Encumbrance, O & E Report, Compliance, Mortgage Industry, Nationwide Title Clearing, White Papers, Property Report Service
California Assembly Bill 278 commonly referred to as the “Homeowner Bill of Rights” became effective on January 1, 2013. Mortgage servicers could incur penalties up to $7,500 per mortgage if they don’t have a process in place to review documentation or have the “competent and reliable evidence” to prove it. Myron Finley, Chief Legal Officer at Nationwide Title Clearing, recently wrote a white paper explaining the new law and how to prepare for it.
Complying with industry standards on document execution and the necessary supporting documentation has been a hot topic in our industry recently. We’ve seen practices all over the map at various servicers when it comes to the due diligence required for executing assignments, which are not the same as affidavits and do not state personal knowledge of the facts. There has been industry confusion and wild swings in legal recommendations based on common misconceptions.