It’s a crucial time for the mortgage industry – the announcement of an agreement between state, federal officials and five large residential mortgage servicers represents an important opportunity to bring more certainty and confidence to the housing market. To stay in the forefront of industry best-practices, NTC will attend MBA’s National Fraud Issues Conference, April 22 – 25, 2012, in Phoenix, AZ.
(Palm Harbor, Fla.) – With a constantly changing landscape, mortgage servicers are called to meet new and evolving challenges nearly every day. Nationwide Title Clearing (NTC)continues to meet that challenge. As the nation’s leading post-closing services provider for the residential mortgage industry, NTC has united with top mortgage lenders, servicers, investors, GSE’s and federal government agencies to reinvent and standardize theassignment process in order to provide clear and accurate land records. As ongoing continuing education and participation to maintain and stay in the forefront of industry best-practices, NTC will attend MBA’s National Fraud Issues Conference, April 22 – 25, 2012, in Phoenix, AZ.
While NTC has worked closely for years with its clients, who include eight of the top 10 residential mortgage servicers in the country as well as several federal government agencies, to standardize the mortgage assignment document process, NTC executives have been educating the public on what indicators too look for that may point to fraudulent mortage documents.
According to NTC, the top 3 points that indicate potential fraud on recent documents(1) are:
1. The preparer is unable to provide proof of signing authority either by corporate resolution or power of attorney. A Corporate Resolution is the documentation of a corporate action, usually in the form of a legal document that has been voted on or ratified at a meeting of a corporation’s board of directors. These documents grant very specific rights, including the ability to sign for the client on specified document types, such as assignments and lien releases. They often contain provisions that ensure the person being granted signing authority may only sign documents on a mortgage or loan that has been specifically requested by the client. A power of attorney is a legal document giving one person (called an “agent” or “attorney-in-fact”) the power to act for another person (the principal). The power of attorney is frequently used in the event of a principal’s illness or disability, or when the principal can’t be present to sign necessary legal documents for financial transactions.
2. The company or person that prepared and submitted the document(s) cannot be located nor is accessible to provide proof.
3. The corporate officer and notary are the same individual or same signatures on a single document. The notary should never be one and the same as the corporate officer signing per authorized corporate resolutions.