We heard an interesting one the other day and it goes like this: Supposedly, auditors were giving one bank servicer a hard time because foreclosure notaries that worked for the bank did not physically see their co-worker sign the documents. Instead, the documents were signed and then when he was finished the notary came in and verified them. Is this regulatory harassment or a simple case of a servicer not following the letter of the law down to the fine detail? Should the notary have to witness “live” the signing of foreclosure documents or is that a bit too pedantic?
Regulatory Abuse or Foreclosure Sloppiness?
JAN 9, 2012 12:18pm ET