Since my blog posts, I have learned that NTC does not sign foreclosure affidavits, nor does it directly facilitate or involve itself in foreclosures as a company. I have been informed that NTC is a specialized company in the industry and that it provides many services such as searching land records for recorded documents, imaging land record documents, tracking recorded documents, etc. It is my understanding that NTC primarily prepares and signs only two specific documents for land records””lien releases and assignments of mortgages.
The vast majority of the documents NTC signs are lien releases (also known as satisfactions and reconveyances), which are for the direct benefit of borrowers and are recorded when a mortgage is paid in full. I have been advised that NTC is hired directly by the owners of the loans to prepare these documents, and that NTC does not itself make any decisions regarding on whose behalf the assignments are made or to whom the mortgages are transferred””that decision is dictated by the seller or buyer of the loans. NTC has advised that it simply provides a service to the mortgage lending industry at or after the time that mortgage loans are initially made. NTC does not file any documents with the court in foreclosure actions.
There is no evidence that NTC back-dates or falsifies information on these assignment documents. I may not personally agree with the business practice of granting signing authority to NTC to sign documents on behalf of its institutional clients, but I have been advised that NTC has valid authorizations to sign on behalf of those clients, and there is nothing inappropriate or illegal about this practice. Please note that the assignment documents executed by NTC are different from affidavits in that assignments do not require a statement of personal knowledge by the person signing the document. The purpose of signing mortgage assignments is to complete the transaction, and the purpose of notarization of the signature on the mortgage assignment is to prove it was signed. I have been advised that before the mortgage assignments are signed in the presence of a notary, numerous NTC employees have researched, reviewed, and verified the information in the mortgage assignment to ensure accuracy. Assignments are normally and customarily researched and prepared by people other than the person who signs them. There is nothing wrong with this practice.
In summary, I regret and retract any statement that implies that NTC has falsified any documents or that NTC is involved in foreclosures. These statements were based on general misinformation that appeared elsewhere in the press and on the internet. I apologize to NTC and its employees for any harm caused by my posts.