Attorneys Sean Burke and Marx Sterbcow have worked closely with regulators on a number of title-related cases that agencies have brought.
In fact, enforcement attorneys have told Burke – managing partner at Mattingly, Burke, Cohen & Biederman LLP – and Sterbcow – managing attorney at Sterbcow Law Group – that they expect them to be educating the title industry on what best practices expectations are from a technological standpoint.
Sterbcow and Burke will lead the session “Compliance Management Systems for Tomorrow” at the upcoming 2019 National Settlement Services Summit (NS3) in Phoenix.
“We have worked extensively creating compliance plans on behalf of our clients– what the standards are, what they’re looking for and really what technological advances they want,” Sterbcow said. “Having policies and procedures is great, but they better be mapped in with your technology and your oversight. We will explain the ‘pros’ – there really aren’t any ‘cons’ – of what the bureau is asking for. It not only helps companies from a productivity standpoint, but with compliance.”
The enforcement division is where the rubber meets the road when it comes to best practices expectation. The division’s expectations, the people who actually conduct the investigations and monitor the compliance plans, are in reality who really matters for guidance purposes – not the people on the regulations staff, Sterbcow added.
Burke said title companies need to have the latest technology because regulators expect it.
“You are walking a dangerous line if you’re in this business and you don’t have reasonably up-to-date technology,” he said. “There’s going to be part of this that is sort of ‘Scared Straight.’ ”
However, Burke added that there is no need to fear marketplace technology.
“We’re going to talk about how technology can help you, soup to nuts, make your title business more compliant, more efficient and more profitable,” Burke said. “From a compliance perspective, from a financial and efficiency perspective and from a monitoring perspective – monitoring your employees – technology just allows your employees to function better.
“It’s flexible enough that even a small shop can utilize it effectively. So don’t be afraid of it. Technology is affordable. It protects you from a regulatory perspective. It makes the production aspects of your business more efficient. It also allows you to have more accountability and control so you can manage your business top-down more effectively.”
For more information on the 2019 NS3, including the agenda and a list of speakers, click here. You can register for NS3 online or click here to get information on how to register via mail, fax or phone.