A new smartphone app by CivilMap aims to mitigate risks involved for notaries and the companies that employ them.
In a statement, the creators said the product would be a step forward in organization and legal compliance for notaries. Improperly notarized foreclosure affidavits came to light during the robo-signing scandal in 2010 during which mortgage servicers were found to be filing foreclosure documents en masse without a proper review.
The recently signed national foreclosure settlement involving major mortgage servicers and 49 state attorneys general requires that notarization complies with all state laws.
“The use of mobile technology by a notary to electronically journal their notarial acts in itself is a leap in efficiency,” the company said. “Mitigating the risk involved with a notarial act by providing a platform for compliance with proper notarial requirements and procedures will change the industry.”
The app aims to streamline compliance with the settlement, which required banks to maintain records that identify notarizations of documents executed by the notaries, and also adopt policies that require third parties to do the same.
The app will authenticate and capture the affiant’s identification by taking a picture of the document next to the affiants ID, and attaches independent third-party verification of the date, time and GPS location of the notarial act.
Required signatures can be taken on the mobile device’s touchscreen, and an audio capture of the notary oath is available. Drop down menus also allow the notary to record any additional comments including witnesses, document titles, number of pages, type of notarization performed and fees charged.
All of the information is then stored using cloud technology, and corporations and governmental agencies will have secure access for auditing notarial procedures and logbooks remotely. Because of this, the app acts both as a guide for ensuring compliance, and protection against civil, criminal, administrative and financial liability.
The company plans to launch the app June 1 at the National Notary Association annual conference.