NTC shares its secret
Compliancy with the TILA-RESPA Integrated Disclosures rule has become a thorn in the side for many lenders, however one lender found a way to overcome it.
In a report on the impact on TRID on residential mortgage-backed securities, Moody’s Investors Service analysts write that several third-party firms have reviewed a number of recent mortgage loans for TRID compliance and found violations in more than 90% of the loans.
Nationwide Title Clearing recently announced that they enjoy a 99.9% compliancy rate, an increase from their previous 99.8% rate, with a 25% increase in volume from last year.
Their secret? Training. They offer their staff comprehensive training through their more than 150 different training courses, seminars and apprenticeships, NTC CEO John Hillman told HousingWire.
“Our training systems were built to the same stringent requirements that we use to develop any of the offerings we bring to the market,” Hillman said. “The results of our relentless fixation on training is that we regularly meet and exceed regulatory compliance requirements and standards on behalf of our clients.”
These training sessions are so that the company’s employees have a thorough understanding of the work they do, and exceed industry standards, Hillman said.
Another problem in the industry are the many interpretations that different clients have about compliance standards.
To overcome this, the company said they had raised their own standards.
Hillman said the company overcame this challenge, “By setting our standards to the strictest of those requested so that NTC could meet the compliance expectations of all clients while still maintaining one standard wherever possible.”
“In this fashion, we don’t then get sidetracked on client-enforced standards, but rather take the best or strictest and create them into a standard applied to all other clients,” Hillman said.
Previously, in light of the many compliancy issues, DocMagic, provider of compliant loan document preparation compliance, eSign and eDelivery solutions, announced its new solution that will eliminate TRID audits and violations concerns.