Posted by FGX/NJ on 11/10/13 8:23am
Msg #492176

The week link

The only unregulated component in the signing process are Signing Services, no license, no Commission no nothing. They present a real threat to borrowers information. Where is the CFPB on this if all these steps the NNA is proposing are supposed to be for the protection of the borrower.

Reply by FGX/NJ on 11/10/13 8:24am
Msg #492177

s/b weak

Reply by CarolF/NC on 11/10/13 10:00am
Msg #492182

But CFPB will be on the lenders butt if nothing is

done as they are clearly a vendor and will need to be compliant. Perhaps you should start your business by training, overseeing and getting SSs in compliance. You could make a lot of money like NNA has with SA's.

Reply by MikeC/TX on 11/10/13 7:20pm
Msg #492210

You're right about this, but as someone else pointed out there are no Signing Services that are part of the SPW (they can't afford to pay the notaries, so they probably don't have an extra $1000 lying around...).

The standards SHOULD have addressed the role of the Signing Service, because they are the true third party in these transactions and should be regulated. The notary is just the guy at the bottom holding the bucket...

"Where is the CFPB on this if all these steps the NNA is proposing are supposed to be for the protection of the borrower."

I suspect that the CFPB doesn't know all that much about this yet.