With a raft of new regulations from the Consumer Financial Protection Bureau (CFPB) and other federal agencies putting lenders, mortgage servicers and their contractors under very stringent requirements, the work of NSAs is “just beginning.” That was the message from Somaia "Sam" Zaki, Managing Director of Sales at First American Mortgage Services, in addressing an audience of nearly 750 at NNA 2013 Conference.
“The CFPB is going to ensure that consumers and their transactions are handled properly and fairly,” Zaki said in her keynote address at the opening General Session. “They will be able to take calls 24 hours a day/7 days a week, and issue fines without a judicial process. This means more vendor management and definitely more accountability. "Zaki suggested that vendors and Notaries can work together to prevent the problems that sometimes occur at closing. First American has developed a “Notary Toolkit” for success which focuses on four items that are essential in the loan closing industry:
- Certification
- Performance
- Professionalism
- Service
When her organization hires Signing Agents, they look for timeliness in keeping the appointments and in returning documents, accuracy and consistency. She explained that the Notary's role is the most crucial one in the loan process: “It’s where everything can go smoothly or everything can unravel.”
Zaki also discussed First American’s “White Glove Status,” an internal grading system that allows their highest-ranking Notaries to earn more pay and receive more assignments. “It is all going to come down to performance,” she said. “If you keep up the consistency and quality of your work, you are going to be very successful.”
The July issue of The National Notary will cover more details from Sam Zaki’s presentation as well as a panel discussion by leaders in the mortgage origination industry, and you can also watch it onYouTube. Visit First American Mortgage Services to learn how to apply for loan document assignments with that company.