Notary Bulletin

Federal Agency Seeking Comment On Sweeping Mortgage Servicer Rule Proposals

The Consumer Financial Protection Bureau is seeking comment on a set of proposed rules designed to implement a wide range of consumer protections in the wake of the recent National Mortgage Settlement and the “robo-signing” foreclosure abuses it uncovered.

While the proposed rules do not specifically address the improper notarization and document-signing practices that came to be known as “robo-signing,” the federal agency says the rules are a direct result of the foreclosure crisis and will affect how mortgage servicers do business. The proposed rules also represent the latest development in the ongoing effort to expand and solidify the reforms that emerged from the foreclosure crisis.

Members of the public have until October 9 to comment on the rules.

In general, the proposals would create new rules under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that include extensive recordkeeping requirements as well as mandates to offer consumers alternatives to foreclosure.

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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.)

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