The National Notary Association (NNA), the leader in best practices, training, and advocacy for the nation’s community of 4.8 million notaries, is offering its notary management expertise, guidance and corporate best practices to financial institutions seeking to comply with the terms of the national foreclosure settlement announced on Feb. 9 — the largest mortgage industry settlement in U.S. history.
A year and a half after pervasive problems in foreclosure practices were exposed, 49 state attorneys general agreed to a $25 billion settlement with the nation’s largest mortgage servicers. The settlement provides comprehensive new protections for homeowners and demands that the financial institutions ensure legal and ethical notarizations and foreclosure practices to protect consumers.
The Obama Administration and attorneys general have mandated that financial institutions proactively implement training programs, corporate best practice standards and notary law compliance, among other vital terms. An essential risk management component includes accurate journal recordkeeping of all notarizations — a practice that can prove notarizations were properly executed. These mandates will put a stop to the shoddy foreclosure practices that led to the national crisis, which revolved around massive abuses of notarization and flawed and fraudulent documentation.
“The National Notary Association remains deeply concerned about the abuses of notarization and the lack of knowledge about proper notarial procedures that helped lead to billions in losses for American consumers and the financial industry,” said NNA Chief Executive Officer Marc Reiser. “With 55 years of leadership and expertise on notarial issues nationwide, the NNA is helping financial institutions comply with the settlement in order to reduce corporate risk, increase consumer protections and help rebuild trust.”
Institutions that fail to meet the terms of the settlement face increased corporate risk. States are now empowered to seek civil claims outside of the settlement, and homeowners retain the right to join in lawsuits targeting any continuing fraudulent foreclosure practices. Additionally, the settlement does not preclude criminal prosecutions from being pursued against financial institutions.
The NNA is offering the nation’s top notary experts to provide guidance on corporate best practices, customized notary policies, and premiere training for your notaries and supervisors, covering your entire corporation across all 50 states. For more information, please contact Chris Sturdivant at (818) 739-4086 or visit the National Notary Association’s Corporate Risk Mitigation website. Interested parties are also encouraged to join the NNA’s National Mortgage Settlement Compliance discussion group on LinkedIn.