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Snapdocs Inc. has announced a new signing agent verification feature to give mortgage lenders and title companies confidence in the third-party vendors with whom they choose to work. Pillar 4 of ALTA’s revised Best Practices establishes standards for managing and engaging third-party signing professionals, including the requirement of keeping critical documentation on file for an organization’s entire signing agent vendor database.
“Balancing security and borrower convenience is a major challenge in the mortgage industry, with growing urgency to protect sensitive consumer information and evolving expectations of modern consumers,” said Snapdocs CEO Aaron King. “Automating third-party signing agent vendor management, rather than manually tracking down critical documents like E&O and commissions on an ongoing basis, is the only cost-effective way for lenders and title companies to remain compliant in light of the new ALTA guidance.”
For companies without access to the premium Snapdocs online platform, a free online resource has been launched at Snapdocs.com/best-practices to assist with infrequent notary searches. The online search portal will identify notaries who have gone through Snapdocs verification and satisfy the requirement of being able to produce proof of Errors & Omissions insurance and a state license. In addition, Snapdocs is offering companies a complimentary scan of their notary database to identify notaries who may not satisfy the new ALTA Pillar 4 revisions.