Acuity National Real Estate Solutions 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 businesses 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 is able to 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 total number of formal complaints (adjusted by overall number of customers served). Other examples include the number of complaints whose resolution was delayed or dropped, government sanctions, and a sustained pattern of failure to address complaints. The other ranking factors are more qualitative and up to the judgment of BBB regulators, 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

For a business to receive an A+ rating, it will exhibit consistently excellent customer service and proactive dedication to resolving any problems. As mentioned, this portfolio of consumer care is the single most important 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 (indicating proficiency in its chosen field of industry), and willingness to make information publicly available (indicating confidence in its own operational integrity).

More about Acuity National Real Estate Solutions

A technology-driven title insurance company serving lenders across the nation, Acuity National Real Estate Solutions provides innovative, forward thinking strategies to streamline closings, increase compliance and improve efficiency. For more information on our services, please visit our homepage today.

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In 2016, email remains the primary means of business communication. Nearly all business today flows through the conduit of email. But because email is a newer means of communication than the telephone and ?snail? mail, many professionals still have not worked it into their workflow in an efficient or secure way.

Email Productivity

Think about this: is email more like an office phone or more like a mailbox? Like an office phone, people use it to contact you directly with the expectation of receiving a prompt reply. But like traditional mail, unsolicited emails from businesses make their way to your inbox on a daily basis. So the question is: how much time should lenders spend checking and responding to emails? Yes, email is used very much like an office phone, and no businessperson would leave their office line unattended for long. But it?s also like your mailbox, and how long would you last if you routinely spent a quarter of your day peering into the mailbox?

? Rule: Check your email and respond to important items once a day for 30 minutes. Create a folder in your email for carryover items.

Email Organization

Perhaps the most important performance metric in the mortgage industry is closed mortgage loans per mortgage employee per month. The higher the number, the better, and right now the average sits at right around 3. Many lenders performing below the average don?t lack dedication or skill, they?re just spending too much time managing files and their email, both of which hurt productivity and slow loan turn times. Communication during the loan origination process is key, and any delays hurt your bottom line. If you routinely have to slog through endless email chains to resolve impasses, realize that there is a better way. Emails give no clear indication of the status of the loan, often necessitating more back and forth than is necessary.

? Rule: Explore task-based software platforms that allow stakeholders to communicate and share documents efficiently and securely.

Email Security

On the other hand, email may have the potential to actually reduce lenders? security when compared to old-fashioned fax and mail. A study of U.S. mortgage lenders found that over 70% of lenders sent or received applicants? confidential information over unencrypted email, placing their own companies and their customers at significant risk.

? Rule: Invest in a secure document sharing platform or email service provider.

Title Services for Today?s Market

Acuity National Real Estate Solutions is a national title agency offering cutting-edge tools to help lenders reduce cost, streamline closings and increase compliance. For more information, please visit our homepage today!

While the housing debate didn?t have a great impact on the 2016 presidential race, President-elect Donald Trump and the new sessions of Congress have decisions ahead of them that could significantly affect the mortgage industry.

When the new group takes office in January, here are five major mortgage questions that need answers:

1. Who Will Assume Federal Housing Roles?

The new administration will make appointments to a host of housing-related positions. They include the secretary of the Department of Housing and Urban Development, commissioner of the Federal Housing Authority, director of the Federal Housing Finance Agency, and president of Ginnie Mae.

2. Will Anything be Done About GSE Conservatorship?

A decision is upcoming on the future of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. They are in the eighth year of conservatorship under the Federal Housing Finance Agency, and with reform talks stalling, the administration and Congress will be on the clock.

3. When Will the Fed Raise Rates?

Last December, the Federal Reserve raised the federal funds rate 25 points for the first time in over nine years. It has held steady since, but with the election finally over, is another hike looming? We may learn more after the Fed?s December meeting.

4. How Safe is the Mortgage Interest Deduction?

The mortgage interest tax deduction has been adamantly defended by the housing industry as a method of promoting homeownership. However, the Mortgage Bankers Association has recently indicated some willingness to re-examine it if it comes as a part of a comprehensive overhaul of the tax code. What will any changes made by Congress mean for the deduction?

5. Who Will be Named as the Ninth Justice?

As a result of a federal appeals court?s ruling that the current structure of the Consumer Financial Protection Bureau is unconstitutional, a new case with massive mortgage industry implications may be on the way to the Supreme Court. President Obama?s nominee for the open Justice slot, Merrick Garland, has been blocked by Senate Republicans, and the Trump Administration will likely get a chance to fill the opening.

Redefining Title Services: Acuity National Real Estate Solutions

In times of great uncertainty, lenders must streamline operations, cut costs where possible, and continue providing superior service to their customers. No simple task, but Acuity National Real Estate Solutions can help. We are a technology-driven title agency offering cutting-edge digital tools that give lenders more control over their transactions across the nation. To learn more, please visit our homepage today!