Loan modification notary signings

The Consumer Financial Protection Bureau recently proposed new mortgage servicing rules. Designed to protect homeowners, the proposal would require servicers to streamline processing loan modification requests, as well as prevent servicers from moving forward on foreclosures until decisions on those possible modifications are made. The likely consequence of this proposal would be that many financial institutions might outsource some of their mortgage operations, relying on third-party service providers, such as notaries, to handle the “extra work.”