Notary Bulletin

Corporations Seek To Strengthen Notary Practices Following $25 Billion National Mortgage Settlement

With the $25 billion national mortgage settlement announced between government officials and major banks, the financial industry is taking a hard look at changing widespread shoddy document practices that precipitated the national “robo-signing” crisis — and the NNA is addressing the growing need for best practices training for Notary employees and supervisors.

NNA officials are meeting with major mortgage and property records organizations this month to address critical reforms needed to corporate notarial policies. The NNA is also working with many financial institutions, mortgage servicers and other organizations to help reduce their risk and comply with the settlement mandates.

As part of the settlement with the federal government and state attorneys general, five of the nation’s largest banks will provide billions in aid to homeowners nationwide who suffered from bad foreclosures caused by improper signing and notarization practices on thousands of documents, or “robo-signing.” The settlement requires that financial institutions proactively implement training programs, corporate best practice standards for notarizations and Notary law compliance, among other vital terms.

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Quiz: The Many Types Of Notarial Acts

Notaries perform many different duties for the public — and it’s easy to lose track of the different acts and what states they’re authorized in. Test your familiarity with common — and uncommon — notarial acts.

(A link to the correct answers is provided at the end of the quiz.)

Confronted with a tricky notarization? Unsure how to proceed? NNA members have unlimited access to our expertly trained Hotline counselors to help you with all of your notarial questions.

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