Workgroup Announces New Loan Signing Standards for Notaries
|October 31, 2013|
A special committee of major lenders and title companies called the Signing Professionals Workgroup (SPW) announced the creation of best-practice standards for Notaries handling loan signings.
The committee, which is chaired by Sam Zaki, managing director of sales for First American Mortgage Services, will implement the new Certified Signing Specialist Standards over the coming months and anticipates the roll-out will be completed by mid-2014.
The SPW made the announcement during the 100th Annual MBA Convention & Expo. It established these industry best-practice standards to ensure borrowers have an improved and more consistent customer experience, to comply with federal regulations regarding service providers, and to guarantee that Notaries Public hired to perform mortgage loan signings meet the qualifications of nearly every firm in the real estate finance industry. The SPW tapped the National Notary Association (NNA) as an expert advisor and non-voting member.
“After the Consumer Financial Protection Bureau issued the ‘Service Providers’ Bulletin in April 2012, financial institutions have been held accountable for verifying the credentials of their third-party service providers,” said NNA President and CEO Thomas Heymann. “Until now, there were no consistent or broadly acceptable standards for the Notaries who represent lenders at the signing table.” To achieve Certified Signing Specialist status, Notaries will be required to meet the following standards: