Starting in 204 there will be a new set of standards for notaries that perform loan closings. The government is increasing its scrutiny of the mortgage industry and as a result they have created a set of standards called the Certified Signing Specialist Standards. A special committee called the Signing Professionals Workgroup or (SPW) which includes executives from major banks and title companies have set these standards. So far the new set of standards includes getting a yearly background check, errors and ommssions insurance of 25000.00 or more, passing an annual exam and scoring at least 80%, and following a standardized script. In the past signing agents have had to meet different requirements for each company they work for. The new set of standards should qualify signing agents to work for any company without having to get multiple background checks for each company. Sometime in 2014 the SPW will create the exam and choose who is able to offer the Certified Signing Specialist designation program.
Lisa Scanlon, CSA