Analyzing the Impact of Background Checks on Notary-Signing Agents
The National Notary Association reported that as a measure to protect private and sensitive information of consumers, the federal government has require that all persons involved in the lending process undergo background screening and compliance training.
The requirement will affect every individual with access to borrowers' financial information and includes Notary Signing Agents as well as employees of lenders and title services firms. This mandate is spelled out in the Gramm-Leach Bliley Financial Services Modernization Act and applicable Interagency Guidelines. Lenders now requiring that all Notaries handling their loan signings have background screenings.
According to a Survey conducted by CD&C Business & Legal Form Processing Services, LLC in their CDC Newsletter concerning the new requirement for notary signing agent to become certified and have background check in order to continue working as NSAs. The result of the survey was 86% responded No and 14% responded Yes to the survey question, "Have you seen an increase in business since the new certification and background requirements?"
According to the National Notary Association, NSAs who want to continue working for lenders and title services firms that are complying with the consumer protection law will have to undergo background screening. However, the questions most notary signing agents have concerning the new background and certification requirement are, will these lenders and title companies consider to hiring NSAs who get their certification and background screening from other companies other than the NNA and are these lenders and title companies willing to pay the NSAs more for their services?
By CD&C Business & Legal Form Processing Services, LLC, http://www.cdcformsprocessing.com Leaders in business & legal forms processing and notary services. © 2007. All rights reserved.
Published by CD&C
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