Nationwide Title Clearing Inc. (NTC), a national firm that performs research services and processes documents for the residential mortgage servicing industry, announced the results of a new training program developed by the company to meet changing compliance requirements.
Earlier this year, the nation’s top five banks entered into consent judgments with federal and state attorneys general that included detailed standards and procedures regarding, among other things, the need to use appropriately trained staff in servicing mortgage loans.
Based on those standards, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) are expected to promulgate new mortgage servicing training requirements for the industry soon. However, at present, no published standards exist that set forth what “appropriate training” comprises. The new standards will require mortgage servicers to qualify and audit their vendors and ultimately be held accountable for their compliance as well. NTC currently serves eight of the nation’s top 10 residential mortgage services.
“We’ve seen the results of our new level of employee training that has proven to be absolutely vital at NTC and in our industry in general,” said John Hillman, chief executive officer of NTC. “Policies can be complete in their scope and relevance to the job, but if they are not fully understood they cannot be applied daily by the people who actually do the work. Our employees are effective because we continually invest in their education.”
Hillman said the company plans to hire between 30 and 60 people by the end of the year. He mentioned the company is looking for account managers, programmers and web designers, as well as entry-level positions such as data entry.
NTC has developed a variety of new training courses designed, in the estimation of its executives, to meet the anticipated new OCC and CFPB mortgage servicing training requirements. Training topics include security awareness, signing documents, assignments and process flows, e-recording as well as basic terminology for the industry and notary regulations. Because NTC mainly deals with preparing, reviewing, signing and notarizing record able documents, it is important to ensure accuracy. The company’s detailed training programs and core competencies help build transparent processes for its clients and the industry.
“Effective training allows our entire staff to become experts in what they do,” Hillman said. “We are proud of the cutting-edge, proficient work we do here, and our detailed training programs help us consistently achieve our objectives for the people and the industry we serve.”