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States Moving To Make Loan Servicing Standards Permanent

MoneyHouseThumb.jpgThe document-signing, notarization and other loan servicing standards implemented by the National Mortgage Settlementcurrently apply to only five major lenders and are set to expire in 2015. As a result, states are beginning to introduce measures to expand the reach of the terms and make them permanent.

Most recently, Oregon Attorney General John Kroger has proposed rules that would apply the Settlement’s servicing mandate — drafted to rectify the notarization and document-signing abuses exposed by the foreclosure crisis — to all mortgage servicers operating in the state.

complaintsabout more than 40 servicers in the past several years and that all companies should comply with servicing guidelines.about more than 40 servicers in the past several years and that all companies should comply with servicing guidelines.

Earlier this year, California Attorney General Kamala Harris and several key legislators introduced a package of bills — called the California Homeowner Bill of Rights — that would extend the terms of the settlement to all mortgage servicers and make them permanent.

Michael Lewis is Managing Editor at the National Notary Association.

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