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 CFPB, NNA, SPW, and ANSA
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profnot

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Posted - 11/25/2013 :  10:52:49 AM  Show Profile  Visit profnot's Homepage  Reply with Quote
The purchase, sale, or refinance of  a home is an important and stressful process.  Notary Signing Agents (NSAs) help the consumers with their closing documents and act as a neutral third party while maintaining consumer privacy.

But consumers and NSAs have been abused by lenders, title companies, signing services, and others in the mortgage industry.  Consumers have been damaged by documents in obscure language without full disclosure of terms and conditions.  NSAs have been paid lower and lower fees for more work than in past years (as in edocs, fax backs, etc) and are frequently paid months after the signing - if at all.

The Consumer Financial Protection Bureau (CFPB) is a federal US government agency which was formed to get new laws and rules changed at the national level to help protect consumers.  These changes begin to take effect in 2014.  Honesty, clarity, and full disclosure are some of the mandates of the new CFPB laws.  Title companies and others are preparing to be compliant.

We NSAs applaud the work of the CFPB.  

One association of lenders, title companies, etc, has been formed by the National Notary Association (NNA).  While getting ready to comply with the new CFPB rules, this new group is going outside the CFPB mandates and creating their own Codes of Conduct and other policies that are very detrimental to NSAs.  It is obvious that the NNA is trying to get lenders, title companies, and signing services to use only NSAs who have been trained, certified, and background checked by the NNA.

NNA's new project is called Signing Professionals Workgroup (SPW).  View in detail the specifics of what they expect NSAs to agree to by signing then do.  
SigningProfessionalsWorkgroup.org

An example of NSA abuse that has nothing to do with CFPB rules:
SPW wants NSAs to agree to is not turn back a signing after the fee has been negotiated.  One of SPW's members is Nations Direct.  Many NSAs have accepted work only to turn it back once they read about ND's bad treatment of NSAs on NR's SC.  This policy has nothing to do with CFPB compliance.  It is abuse of NSAs.  There are many more examples of bad treatment of notaries on the website so be certain to read it carefully.


Our new organization, American Notary Signing Agents (ANSA), has been formed by NSAs for NSAs to create an alternative source for NSAs to obtain CFPB-compliant training, certification, and background checks that are accepted by lenders and others.  We will try to offer the most affordable prices for NSAs.  We are forming a true non-profit organization that is networking with title companies, signing services, and lenders.

Register for free at http://AmericanNotarySigningAgents.org  You will receive an email with a password that will allow you to access lots of information on the site.

Your name and contact information will remain private with only a few members of the ANSA leadership.  A small handful of members have chosen to list themselves on the website but hundreds have not.  It is your choice.

Welcome NSAs!

Laura Vestanen, Notary and NSA
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