Click here to close now.

SYS-CON MEDIA Authors: Lori MacVittie, Esmeralda Swartz, AppDynamics Blog, Mike Kavis, Cloud Best Practices Network

News Feed Item

Nationwide Title Clearing (NTC) Comments on Newly Enacted Mortgage Rules, Expects Market-Driven Effect on Company Practices

NTC comments on the recently implemented mortgage rules designed to eliminate risky lending practices - NTC predicts the rules will place emphasis on the company's compliance services.

PALM HARBOR, Fla., Jan. 21, 2014 /PRNewswire-iReach/ -- As a result of the questionable lending practices that led to the housing crash, the Consumer Financial Protection Bureau (CFPB) has established a national standard for issuing mortgages. The Ability-to-Repay Rule, designed to protect consumers from debt traps, took effect Jan. 10. Nationwide Title Clearing, Inc. (NTC), a leading research and post-closing services provider for the residential mortgage industry, predicts that the new guidelines will help standardize the industry. NTC officials also maintain that while the new regulations will likely not affect the company's internal compliance processes, company officials expect a greater emphasis on NTC's services that help lenders and servicers comply with the new national servicing standards, such as its various research and property report products.

(Photo: http://photos.prnewswire.com/prnh/20140121/MN49787)

The CFPB, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, instituted the Ability-to-Repay rule with simple intentions:

  • To prevent consumers from getting trapped in mortgages that they cannot afford;
  • To prevent lenders from making loans that consumers do not have the ability to repay.

In response to the compliance requirements imposed upon lenders in the aftermath of the 2008 credit crisis, NTC developed a battery of research and property report products that enable lenders and servicers to take the actions needed to manage their loan portfolios with transparency and compliance. NTC CEO, John Hillman, says the company is committed to supporting the evolving mortgage industry, particularly in compliance with the recent CFPB regulations, by providing its clients with accurate and timely research and reporting services that assist in making loan servicing compliant with new standards, and simultaneously less risky.

"The Ability-to-Repay rule is designed to avert another financial crisis and our services are made to assist lenders in complying with that process," said John Hillman, NTC's CEO. "The new rules are likely to regiment the industry, so there will be fewer differences between mortgages offered by different lenders, thereby intensifying the competition and making compliance of the utmost importance."

Despite some previous resistance to the CFPB regulations, NTC officials say that those who accept and embrace the standards—either as lenders or as borrowers—will have the potential to provide long-term stability to the mortgage industry.

NTC, perhaps most notable for its expertise in lien release processing and management, has worked closely for years with many of the country's leading mortgage lenders and servicers to standardize the mortgage assignment document process, and has made a name for itself by perfecting that process for the betterment of borrowers, homeowners, land records and the industry at large.

For more information about NTC and its research and document services, visit www.nwtc.com.

About Nationwide Title Clearing, Inc.:

Based in Palm Harbor, Florida and founded in 1991, Nationwide Title Clearing, Inc. (NTC) is a privately-owned leading research and document-processing service provider to the residential mortgage industry. NTC serves mortgage lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country. NTC is known for delivering the highest level of accuracy in research services and quality document processing that sets the industry standard while protecting homeowners, assisting the mortgage banking industry and preserving the nation's land records. The company's land records and document experts are able to track and fulfill county document requirements in all recording jurisdictions nationwide, which is close to 3,600 different jurisdictions. NTC specializes in providing land records research, property reports, lien release services, assignment services, final document tracking, document retrieval and other custom business solutions. NTC's expansion is tied to their contribution to their industry and their local community, ranking number 26 on the 2013 Fast 50 Awards list of fastest growing companies in Tampa Bay; number 1,900 on the 2013 Inc. 500/5000 list of fastest-growing companies in America, up from number 2,730 in 2012. NTC also won the Inc. Hire Power award for the second consecutive year in 2013 for putting Americans back to work. For more information, visit the company's website at www.nwtc.com.

Media Inquiries:

Karla Jo Helms
JoTo PR
888-202-4614 ext.802
www.jotopr.com

Media Contact: Karla Jo Helms, JoTo PR, 888-202-4614, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Nationwide Title Clearing, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
DevOps is all the rage these days and with good reason as it promises to reduce the time-to-market for new applications. It also promises to improve change management, allowing teams to deploy changes to their applications quickly and efficiently. However, DevOps isn’t something you buy, install, or implement; rather it is the symptom of an appropriate organizational system. In his session at DevOps Summit, Mark Thiele, EVP, Data Center Technologies at SUPERNAP International, will discuss how ...