Notary signing agents who prepare for the new Closing Disclosure by completing the NNA’s Continuing Education Course will get preferred status to receive loan-signing assignments from Boston National Title, a senior company executive said.
The value of continuing your NSA education
“It is extremely important to us that the signing professionals we partner with are absolutely the best and brightest in the business,” said Nathan Bossers, Chief Operating Officer of Boston National Settlement Services. To be that, they must be as educated and as prepared as possible for the Closing Disclosure. We want our industry partners to know they are represented at the signing table by only the best of the best, and it is imperative that professionals take this course to properly prepare themselves.”
The NNA’s NSA Continuing Education eLearning Course is widely recognized throughout the mortgage industry as providing signing agents with all the information they need, and completing it shows that a signing agent has been proactive in preparing for the Closing Disclosure, Bossers said.
“That’s why we will give preferred status to NSAs who have completed the course, providing they have also met all other standard signing agent requirements,” he said.
How the new Closing Disclosure affects NSAs
The Closing Disclosure is part of the Consumer Financial Protection Bureau’s new TILA/RESPA Integrated Disclosures (TRID) Rule, which takes effect for most loan applications beginning on October 3. Lenders, title companies, settlement services and others have described the rule as the greatest sea-change to hit the mortgage industry in years.
The Closing Disclosure form combines information from the existing HUD-1 Settlement Statement and final Truth In Lending Statement for most residential mortgages and is intended to help borrowers better understand the terms of their loans.
Boston National Title, a licensed title agent in 41 states and the District of Columbia, is the latest organization to encourage NSAs to complete the continuing education course. Senior executives taking part in the industry panel at NNA 2015 Conference in June gave a similar message.
“I have taken the NNA’s course and found it very good, right to the point,” Ray Callahan, Chief Compliance Officer, Prospect Mortgage, LLC., said.