We recently made the case that the role of a settlement services provider has changed—and dramatically, at that. Here is the link to refresh your thoughts,
Now, we’d like to show you how Commonwealth USA measures up!
Once upon a time, a mortgage lender more-or-less handed the transaction file (figuratively) to the service provider once the underwriter approved the loan application. From there, it was basically a countdown until the closing.
My, how things have changed! Lenders today (rightfully) expect to be updated regularly. As in 24/7. They also expect that the sensitive data (NPI) inherent to each application will remain secure for the entirety of its time with the service provider. And it’s no longer enough for the settlement provider to “get ‘er done.” The good ones understand compliance—and live it every moment. At Commonwealth USA, we take this mandate seriously.
•Maintain extensive, layered cyber-security and protocols to protect the sensitive personal data of your client from sophisticated, would-be identity thieves or fraudsters.
•Possess thorough knowledge of laws, regulations, local ordinances, and GSE-mandated requirements so that lenders are protected.
•Customize process or workflows so that lending and realty partners don’t have to worry about the details.
•Act, in many ways, as an effective operational consultant for lending clients.
How Commonwealth USA Measures Up
So just where does Commonwealth USA stand in relation to other service providers? You be the judge.
•As a SOC 2, Type II audited agency, not only is our infrastructure up to standard, our processing integrity it as well. This is the highest standard of the security audits, and we believe it should be required of all title and settlement companies.
•Seasoned leaders with vast knowledge of laws, regulations, and requirements.
•Successful completion of the Mortgage Compliance Training by the National Mortgage Licensing System.
•Compliant even when we adjust our own internal workings for to suit your specific needs.
•ACCESS – our dynamic collaborative portal. Receive notifications, view transactions, access documentation, securely and in real-time. And with ACCESS transparency and accountability are standard.
•Multiple consultative services available to anyone. JJAM Financial can help with achieving vendor management, process management, navigating regulatory compliance, and much more. And our own master agency agreement vehicle, UNITE, aims to change the future of small agencies and the way lenders and underwriters work together.
Now that technology has carved the way towards making enhanced security possible, service providers need to comply with up-to-date security standards. The expanding capabilities surrounding online process management allow for better organization, and these interfaces need to be implemented across the entire title and settlement industry.
At Commonwealth USA, we live and breathe innovation. Our goal with staying on top of change, progressing operational efficiently, and setting security standards is to help form a better mortgage industry. Doesn’t your business deserve that from its service provider?