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Assignments Texas Property Code Florida Notary Laws Pooling and Servicing Agreement Copyright 2009 - J.MeGuire FLORIDA NOTARY PUBLIC LAW Section 117 NOTARIES PUBLIC 117.105 False or fraudulent acknowledgments; penalty. A notary public who falsely or fraudulently takes an acknowledgment of an instrument as a notary publicor who falsely or fraudulently makes a certificate as a notary public or who falsely takes or receives an acknowledgment of the signature on a written instrument is guilty of a felony of the third degree, punishable as provided in s, 775.082, s. 775.083, or s, 75.084. HEARING BEFORE THE SUBCOMMITTEE ON COURTS, THE INTERNET, AND INTELLECTUAL PROPERTY OF THE COMMITTEE ON THE JUDICIARY HOUSE OF REPRESENTATIVES ONE HUNDRED NINTH CONGRESS SECOND SESSION ON H.R. 1458 MARCH 9, 2006 Serial No. 109-89 Prepared Statement of Malcolm L. Morris Malcolm L. Morris, Esq., Professor and Associate Dean, College of Law, Northern Illinois University A notarization in and of itself neither validates a document nor speaks to the truthfulness or accuracy of its contents. The notarization serves a different function, viz, verifying that a document signer is who he or she purports to be and has willingly signed the document. Loss to Local County Records Offices - $ 2.34 Billion Estimated Recordation Fees Land Records Office v Mers Estimates based on approximately 60 million loans serviced by MERS as stated by MERS. Assume 2 pages for filing assignment. Local Records Office MERS Originator Co $1,200,000 Fees a5) $20 intial Record a a Fee * 60,000,000 MERS Depositor: $600,000 Million Assignment from Recon tees |G oe iy, | “Sree, 's Not Collected by oar Depositor (Seller) Local Records Office Securities MERS Trustee Per PSA Assignment from Depositor (seller) t Bonk B as Trustee for Certificateholders $600,000 Million Recordation Fees Not Collected by £ =a Loeal Records Office | od Si | 5 Assignment from seerest $600,000 Million Not Collected by EF ay Certificateholders ‘el Records, Off to Bank C as Se Local Records Office Custodian for Certificateholders Secures urs “rustee SEE, beige frm $200.000 wiion | Ei) : Custodian for Recordation Fees |i

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