Paralegals also known as Legal Assistants assist the lawyers with their busy workload. Although the ultimate legal responsibility remains with the lawyers, paralegals continue to assume growing range of tasks. Nevertheless they are still prevented from handling certain specific legal duties like settling legal fees, giving legal advice, and presenting cases in the court on behalf of the clients. Paralegals basically perform preparatory work which may include preparing for hearings, closings, trials, and corporate meetings. They are also involved with the investigation of the facts of the cases as well as all the other relevant information. Various additional tasks may be delegated, depending on the type of the employer as well as the practice areas. Paralegals may work in the areas corporate, insurance, tax, banking, etc. These paralegals often work under the supervision of legal departments. Banking industry is heavily regulated, with audits and compliance reports required by state and federal agencies. Duties of the Banking Paralegals may involve gathering and organising data for periodic reports, keeping a continuous track of regulatory changes, and providing training for employees who must address regulatory issues. There are basically two departments where these paralegals can be employed and they are trusts and mortgage. In trusts department, paralegals may be asked to ensure compliance with court ordered reporting and other administration requirements of the trust. Might also be involved in the process of calculating distributions from the trust. Whereas in the mortgage department, paralegals work to comply with the mortgage lending and foreclosure requirements. Might inspect title documents and opinions to assure that the mortgage lenders acquires priority over there lenders, prepares necessary promissory note and other loan documents, and ensures the necessary filing of documents with the county recorder. In the event of foreclosure, a paralegal may handle the assembling of the records needed to demonstrate the failure of payment, preparing the required notices and complaints for the court, arranging the sheriff’s sale, and providing the required documentation of the sale to the court.
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