New regulations mandated by the National Mortgage Settlement, the growing use of electronic banking transactions, and the ever-present threat of identity theft will cause financial institutions to revise their operating procedures — many of which will affect Notaries — according to the 2013 Banking Industry Outlook from the Deloitte Center for Financial Services.
One of the predominant themes of the forecast, entitled “Moving forward in the age of re-regulation,” is an increased focus on consumer protection and customer satisfaction. The new regulations force lenders to ensure loan closings are kept proper and consistent, underlining the need for training and appropriate compensation for all those involved in this facet of the mortgage industry. “Irate customers, aggressive regulators and the realities of their own bottom line could likely drive bank executives to re-energize efforts around performance improvement,” the report states.
The impact of these new standards could well be felt by both Signing Agents and Notary employees of financial institutions as lenders work to guarantee that their own workforce, as well as outside servicers, are properly trained and present a professional appearance to their clients. Read more about the changing face of this industry in the January issue of The National Notary.