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BNN Services: How To Achieve an A+ Rating at the BBB

BNN Services is proud to have an A+ Rating from the Better Business Bureau (BBB). Perhaps you’ve seen other businesses tout their good ratings as well. But what do they mean? How prestigious are they? And what exactly sets companies that receive A+ Ratings apart from the rest. You’re in the right place to find out!

The Better Business Bureau: A Short History

The BBB has an impressive 100-year history of protecting consumers, regulating businesses, and strengthening marketplace trust. Founded in 1912, this non-governmental, nonprofit consists of over 110 independent chapters throughout America and Canada, with an international headquarters in Arlington, VA.

In addition to its active work in mediating disputes between organizations and customers, handling over 850,000 cases per year, the BBB also maintains a nationwide database of letter-grade (A+ through F) business ratings to allow consumers to make informed choices on their purchase habits. The organization’s website states that these ratings are based on information the Bureau can obtain about the business, including public complaints and adherence to the Code of Business Practices. But what are the specific factors considered when these ratings are assigned?

BBB Ratings: The Formula

The BBB’s rating system consists of a proprietary formula that weighs 17 different factors. Many of these factors are quantitative (i.e., measurable and systematic), such as the business’s field of operation, its length of existence, professional licensing, and the total number of formal complaints (adjusted by an overall number of customers served). Other examples include the number of complaints whose resolution was delayed or dropped, government sanctions, and a sustained failure to address complaints. The other ranking factors are more qualitative and up to BBB regulators’ judgment, such as the relative severity of the complaints, truthfulness in the business’s advertising policies, and the extent and quality of available background information.

Weighting

In almost all cases, the BBB rating is driven by consumer feedback (specifically that of complaint history). While the 17 factors are each separate and discrete, they are weighted differently. Ultimately, nearly 85% of the final score is determined by the Bureau’s verification and evaluation of customer complaints, as well as the business’s proficiency in resolving them.

A+ BBB Ratings: An Indicator of Excellence

A business to receive an A+ rating will exhibit consistently excellent customer service and proactive dedication to resolving any problems. As mentioned, this consumer care portfolio is the single most crucial factor in determining the final grade. Other “bonus” factors can also work in a business’s favor, such as length of operation (indicating experience and trustworthiness), professional accreditation on the part of the staff or overall company (demonstrating proficiency in its chosen field of industry), and willingness to make information publicly available (indicating confidence in its operational integrity).

A Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNN Services difference? Get started today!

Adoption of Remote Online Notarization: A General Counsel’s Opinion 

Though remote online notarization existed well before coronavirus, this modern alternative failed to gain momentum until the pandemic hit. With social distancing guidelines in place, many turned to RON to promote safety and convenience. The urgency for RON caused many providers to scramble, resulting in creative solutions and heightened collaboration. In a recent interview, Rick Hecker, the underwriting counsel at Conestoga Title, details the hardships that accompanied the unceasing RON inquiries during the rise of COVID-19.

 When coronavirus became a threat, Hecker states that most of his time consisted of fielding RON questions. In March and April, specifically, it was seemingly impossible for Conestoga to stay afloat. With so many title and escrow agents making daily requests, Conestoga could not fulfill ongoing RON needs. Fortunately, now that we have had a year to adapt to the pandemic’s unrelenting challenges, RON providers like Conestoga have found a light at the end of the tunnel. 

 From Pennsylvania and Maryland to Virginia and Kentucky, Conestoga underwrites in several states. Each state has different RON legislation, which is why many title and escrow businesses struggled to understand remote online notarization at first. In Pennsylvania, in particular, the temporary nature of RON orders has proven a stumbling block. However, most states have more permanent legislation, so several agents experienced little to no setbacks when COVID-19 arrived. 

 As more title and escrow companies look to invest in RON, Hecker warns that not all RON platforms are the same. To ensure that businesses make the most sensible decision for their operations, Hecker recommends looking into the user-friendliness and integration of RON platforms. According to Hecker, breathing simplicity into the consumer experience is of paramount importance. If a client has a difficult time navigating the software, they will return to traditional methods. 

 With that said, companies should test out a product before implementing it. Not only does this bode well for increased understandings, but it also allows agents to determine how straightforward the software is. Above all else, businesses need to integrate RON into their procedures seamlessly. The only surefire way to do so is by pairing it with existing software. Some systems boast all the bells and whistles, making them highly sought-after and compatible with current programs. 

 Hecker maintains that consistency is vital. In other words, if a RON platform does not compliment your present applications, it will not be successful. As a strong proponent of this platform, Hecker urges businesses to look into comprehensive title production software adaptable to our new environment. With good insight and a thorough approach, Hecker knows that the future of RON can look exceedingly bright. 

 Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays.

That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

                            

 

5 Ways to Connect with Clients after the Mortgage Closing

As a realtor, you work closely with your clients to make sure everything goes smoothly from the minute they contact you about buying or selling a house until they sign all the paperwork at the mortgage closing. But how do you maintain a professional relationship with clients after the closing so that the next time they need a realtor, they contact you first? Here are five ways to connect with clients, soon after the closing and months later, so that they think of you the next time they, friends, or family members need a realtor.

  1. Call Soon after the Mortgage Closing If you do not attend the mortgage closing in person, call your clients later the same day or the next day to determine whether everything happened according to their expectations. This shows that you care beyond getting your commission and make you aware of any issues that arose so these can be avoided in the future.
  2. Give a Memorable Gift  If you’re like many realtors, you deliver or send a gift to your buyers and sellers soon after the closing. For the buyers, it’s customary to give them a housewarming gift to celebrate their new home. Instead of providing a bottle of champagne or gift certificate to a home goods store, they offer them something that they will keep for a long time. How about a decorative fruit bowl, a nice piece of cookware, or a set of coffee mugs? These are items that will remind them of you every time they see or use them.
  3. Send a Feedback Survey  Soon after each closing, follow up with your clients to get valuable feedback. Not only will you gain insights about what you’re doing right and ways you can improve, but this lets the clients know that you care about their experience and want it to be the best it can be every time. Surveys can be done via mail, email, or online applications that let you easily create and send surveys over the Internet.
  4. Send Emails and Newsletters  After each closing, be sure the client is added to your email marketing list so that they get any regular emails you send. Try to make sure these emails contain helpful information such as general information about your area that would interest new residents, decorating or ideas for DIY projects for new homebuyers, or housing statistics for the area so that residents can keep up with the value of their home and housing trends where they live. You may also want to send your past client’s newsletters in the mail, but consider doing this less frequently than emails, perhaps quarterly rather than monthly, as some clients may get tired of getting unsolicited mail that they eventually have to discard too often.
  5. Mail Cards on Special Occasions  Personalized cards can be more effective than impersonal emails and newsletters, especially if you send them to mark special occasions, such as birthdays, wedding anniversaries, or the anniversaries of when they moved into their new homes. Your past clients will appreciate your thoughtfulness and might remember you and the personalized attention you gave them when they or someone they know needs a realtor.

A Better Way to Close with BNN Services

 Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

 Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

 Ready to experience the BNN Services difference? Get started today!

 

The Ramifications of a Scaling Remote Workforce on IT

How Does IT play into Remote Working?

When the COVID-19 pandemic started preventing people from coming to the office, working from home became the norm. Now, more than a year after the start of the pandemic, many companies are sticking with remote or hybrid models. Evidence suggests that this trend will continue even after the pandemic effects have subsided since employees and employers alike have taken a fancy to remote working operations.

In many cases, technology has had difficulty keeping up with such a rapid shift in working norms. As companies embrace remote and hybrid working solutions, they need their computer software and digital systems to remain just as effective as ever. A quick overview of how businesses responded to the pandemic shows the importance of considering IT when developing a hybrid working environment.

Issues With Technology At Start Of Pandemic

When the pandemic first struck with such little warning, many businesses lacked the IT infrastructure necessary to adopt remote working models. Most offices were using on-premise software that employees could not easily access from home. Companies that already had cloud-based software fared better since workers could reliably and securely connect from their home offices.

Security Concerns When Employees Work From Home

The rapid switch to remote work also posed severe security challenges. In their haste to renew operations after the original shutdown, many companies looked for the quickest way to start working remotely. Many of these solutions lacked security measures that businesses need to keep their data and systems safe. Without multi-factor authentication and secure data transmission procedures, these hastily-constructed models were unacceptably vulnerable.

Necessary Technology For A Permanent Shift To Hybrid Models

To safely and effectively incorporate remote work as a significant component of an overall business model, companies need to invest in certain IT products. For one thing, businesses should present their employees with company-owned computers. Allowing workers to access company systems from their own devices presents serious security issues since there’s no way to account for the protections in place on each device.

Companies should also invest in cloud-based software that allows for a paperless workplace. Not only will employees be working from home without access to copy machines, but leaving printouts lying around at home poses a security threat. Secure tools for closing deals and signing documents electronically will allow employees to conduct essential business activities from their homes safely.

Security Considerations

Having employees working from home complicates the cybersecurity landscape. Instead of simply protecting data within the office space, companies now have to concern themselves with data that’s traveling to the homes of all their employees. This creates a complicated situation in which innumerable endpoints for the systems exist. With no way to control the individual devices, each of which is its endpoint, companies need to invest in robust security solutions that can handle remote work dynamism.

Web-based software in the cloud rather than on individual devices is a safer, more efficient option for a hybrid workplace. Companies should also implement multi-factor authentication for all their systems and contract an IT company accustomed to providing remote security. With the right IT solutions, a remote or hybrid model can be both secure and effective.

A Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNN Services difference? Get started today!

 

Are Foreclosures on the Horizon?

The COVID-19 pandemic has caused millions of people to experience a significant decline in their incomes. Although the CARES Act allowed homeowners to seek mortgage forbearance for up to 12 months, that protection is set to expire for most borrowers by the end of April 2021. Despite this, few financial professionals expect a significant number of foreclosures to occur in the near future.

Many Borrowers Didn’t Actually Need Forbearance

According to a survey conducted by MBA, 30% of those who took forbearance as of May 2020 were making their mortgage payments. This suggests that some borrowers simply took advantage of this option to provide themselves with financial flexibility during an uncertain time. Furthermore, data indicates that most borrowers could remain current on their mortgages as restrictions were lifted throughout 2020.

Foreclosure Can Be a Tedious Process

Depending on where a person lives, it can take up to three years to complete the process of foreclosing on a property. During that time, a lender will likely need to spend a significant amount of money on legal fees. Therefore, a mortgage provider typically prefers to work with a borrower to make it easier for them to stay current on an existing loan.

In some cases, a lender may agree to defer payments for several months until a borrower is in a better financial position. A loan provider may also decide to extend the term of an existing mortgage to reduce its monthly payment. Alternatively, the interest rate may be reduced to make each monthly payment more affordable.

Homeowners Could Choose to Sell Their Properties

In recent years, an increase in real estate prices means that homeowners are more likely to have positive equity in their homes. Therefore, those who cannot afford to keep up with their mortgage payment may choose to sell their properties. They can then use the proceeds from the sale to repay their lenders without experiencing any negative impact on their credit scores or histories.

Short Sales Could Be an Option

A short sale may allow a borrower with negative equity in their property to walk away from a mortgage before foreclosure occurs. As a general rule, a person who engages in a short sale will experience a steep drop in their credit score. However, it can be preferable to foreclosure as it indicates to future lenders that a borrower made a good faith effort to handle an outstanding debt balance.

Foreclosures Will Still Occur In Some Cases

Although it is unlikely that there will be a steep uptick in foreclosures in 2021, not everyone will avoid having their properties repossessed. This is why those who work for mortgage companies are encouraged to invest in the tools necessary to account for any extra volume that they experience over the next several months.

A Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNN Services difference? Get started today!

 

Home Sales During the Pandemic are Strong, and Buying Will Only Get Easier

Home sales during the pandemic are strong, and buying will only get easier.

It’s no secret that COVID-19 has left a trail of economic ruin in its wake. From sky-high unemployment rates to ongoing bankruptcies, the global pandemic has wreaked serious havoc on the U.S. Fortunately; there’s some light in the darkness.

With favorably low mortgage rates and promising refinancing options, the housing market is booming. In fact, during the third quarter of 2020, roughly 67 percent of Americans owned a home, which is the highest this figure has been in 12 years. As the coronavirus continues to plague our communities, here’s how the real estate market is expected to respond positively.

Interest Rates Likely Won’t Change

The Federal Reserve forecasts that interest rates will remain close to zero until 2023. According to Jerome Powell, a chairman of the Federal Reserve, these figures won’t shift much until the economy is well on its way to recovery. This prediction bodes well for a fortified labor market. What’s more, the Fed’s transparency regarding lower interest rates is proving a godsend to mortgage lenders. More specifically, it’s allowing them to plan for the prosperous year ahead.To keep up with growing demands, some lenders are expanding their workforce. These expansions highlight the growing interest in purchasing real estate. Unfortunately, though interest rates aren’t likely to change, home prices are. These increased rates will make homeownership less accessible, but it’ll be a more viable option than renting. In essence, rosy interest rates will combat elevated home prices, inspiring many to refinance or buy a home.

Less Mortgage Forbearance Requests

When COVID-19 reared its contagious head, there was an uptick in forbearance requests. Since April, these requests have gradually decreased, and experts believe that this downward trajectory will continue. However, millions of American homeowners are still on a forbearance plan. As a result, lenders must maintain a relationship with borrowers so that they can stay afloat.As these numbers stay on a constant decline, homeowners have demonstrated their unwavering resilience during this economic hardship. As more funds become available to those with coronavirus-related financial problems, these same homeowners will be rewarded for their ability to overcome unprecedented hurdles. Not only will this impact borrowers, but it’ll also be advantageous to lenders.

Lenders Are Putting A Premium On Customer Service

The ins and outs of obtaining a mortgage are undoubtedly intricate. With so many moving parts to account for, lenders were forced to develop creative solutions when COVID-19 took hold. This adaptability ushered in a new era of customer service, illustrating the importance of catering to clients’ ever-evolving and unforeseen needs. During these times, that meant finding safe alternatives to face-to-face encounters.When traditional operations changed, it led to an increase in remote online notarization services. Simply put, RON allows consumers to notarize documents electronically. In addition to being wildly convenient, this modern replacement also promotes a streamlined process. As mortgage lenders continue to devise sensible substitutes, they’re displaying their commitment to client satisfaction. These efforts make it easier for aspiring homeowners and borrowers to receive quality services without compromising their health.

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

 

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