July 24, 2012 (MMD Newswire) -- DigaSign was developed to provide electronic notarizations from multiple locations in a secure, compliant environment. With the new Consumer Financial Protection Bureau (CFPB), and recent National Mortgage Settlement Standards, servicers are under increased compliance requirements and penalties. The NEW DigaSign NCS features will enable mortgage companies with the corporate oversight to track and prove the numerous mandates established within the Mortgage Settlement regulations. DigaSign NCS will reduce the possibility of penalties of $1 million per occurrence and $5 million for each re-occurrence and protect against Robo-Signings.
DigaSign's NCS will provide a complete system to assist and maintain extensive servicing standards required by these compliance regulations regarding:
- Journal maintenance of records that identify all notarizations of Servicer documents executed by each notary employed by Servicer. - Servicer Validation of Notary's "Good Standing" qualifications with the State etc. - Maintenance of written records confirming that each notary has completed the required training. - Control of the subjects covered by the training and testing protocol for notaries. - Providing supervision and review of approved forms of affidavits, standardized forms of sworn statements, and standardized forms of Declarations prepared by or signed by an employee or officer of Servicer, or executed by a third party using a power of attorney on behalf of Servicer, to ensure compliance with applicable law, rules, court procedure, and the terms of this Agreement. - Availability of separate affidavits, sworn statements or Declarations to be used when one affiant does not have requisite personal knowledge of all required information. - Compliance with all applicable state law requirements regarding affidavits, sworn statements and Declarations etc. - Completion of all information required by a form affidavit, sworn statement or Declaration is complete at time of execution. - Auto date when Affiants esign their signatures on affidavits, sworn statements or Declarations. - Provide regular reviews of remote data, of a statistically valid sample of affidavits, sworn statements, Declarations filed by or on behalf of Servicer in judicial foreclosures or bankruptcy proceedings and notices of default, notices of sale and similar notices submitted in non-judicial foreclosures to ensure that the documents are accurate and comply with prevailing law.
"We are very excited to bring DigaSign NCS to the mortgage servicing market. With the new compliance settlement requirements in place, servicers will be under increased scrutiny and penalties. Compliance departments within the mortgage servicing companies will need a fully electronic system that can track and provide corporate oversight of all employed notaries, and their notarizations across the nation," said Bob Rice, CEO of World Wide Notary.
About World Wide Notary:
World Wide Notary, (WWNotary, L.L.C.) a privately held Texas Corporation, is a leading provider of electronic signature and electronic professional seal technology. World Wide Notary's technology can be utilized by any industry needing multiple signatures and/or professional seal approvals from multiple locations with an auditable chain of custody. Professional seals could be, for example, notaries, architects, surveyors, geologists and government officials. Pioneering electronic signatures as early as 1996, World Wide Notary's management team has years of experience in the Internet technology industry working with stringent federal mandates, such as HIPAA, E-SIGN and state UETA regulations, regarding security and the use of electronic and digital signatures.
Media Inquiries: Contact: Sheila Hemphill, Media contact for World Wide Notary shemphill@wwnotary.com 325-226-3683
Investor and Research Analyst Inquiries: Contact: Bob Rice, CEO, brice@wwnotary.com 806-281-7972
Disclaimer:
Statements contained herein, other than historical data, may constituteforward-looking statements. When used in this document, the words "estimate", "project", "intends", "expects", "believes", and similar expressions are intended to identify forward-looking statements regarding events and financial trends which may affect the Company's future operating results and financial position. Such statements are not guarantees of the Company's actual results and financial positions to differ materially from those included within the forward-looking statements and are subject to risks and uncertainties including, but not limited to the technologies according to contractual performance criteria as well as other risks.