Posted by Alice/MD on 6/17/08 4:21pm
Msg #251700

Will the Signing agents last?

Only if we have some uniform pricing. I live in Maryland and must have a Title Insurance Producer License in order to close loans. This law is not enforced and therefore non-licensed people are closing loans and these loans are recorded along with the licensed notarized ones. Why do we waste time and paper printing laws that are not enforced. I look for the best deals and Wal-Mart has been good to me.

Reply by Loretta on 6/17/08 5:10pm
Msg #251706

In my opinion, Alice, the answer is no. We are on our way out. Bad signing services will have to be eliminated in order for us to make any money in this business.
I just got a call from a signing service for $75 email docs. In Maryland, that is a slap in our face. My bond is renewing and so is my e&o this month.

I also got a call to do an e-signing, using my laptop and aircard. They did not offer an additional fee to use my "stuff". Let the borrowers know that they will have to have internet access to use this feature. There is too much work involved in doing e-signings.

Reply by janCA on 6/17/08 6:25pm
Msg #251713

$75 e-mail docs for a refi is a slap in anyone's face. n/m

Reply by Alice/MD on 6/17/08 6:36pm
Msg #251714

Yes Loretta, I agree with you that bad signing services will have to be eliminated. However, how about the state of Maryland allowing these non-licensed notaries to close mortgages that are not licensed .

Reply by Loretta on 6/17/08 6:47pm
Msg #251718

In the last couple of years, 3 women and I from Maryland starting turning the people in that were advertising as notary signing agents in Maryland and they had no TPL. All of them admitted to "not knowing that they had to have their TPL". One politely thanked me for letting them know. My friend that owns a closing service in Maryland called the MIA and reported them. The MIA said that we have to "prove" that they are doing closings and that was harder than it looked. They can always say that an attorney was present and they were acting as the notary. So, we that pay the fees to the state and take the continuing ed classes may be in compliance with the law but the MIA is so backed up that they cannot "police" the ones that do not comply. The TPL use to mean something and we could keep our fees in line here but now the ones that do have the license are taking email doc closings for $75 now. I know one man that will drive from Worcester County to the Bay Bridge for $100. I can't compete.

I have also seen people advertise in DE as mobile mobile signing agents. They are getting away with it for now.

Reply by WDMD on 6/17/08 7:57pm
Msg #251721

" I know one man that will drive from Worcester County to the Bay Bridge for $100. I can't compete."

LOL, thats brilliant. Thats almost 100 miles one way.

Reply by Alice/MD on 6/17/08 9:08pm
Msg #251737

When I get a call asking for a $40 edoc closing.. I ask them if they know that closers in my state of Maryland are to have a Title Insurance Producer License. 100% of the time the TC or SS say they are not aware of the law. I ask them if they know which states are attorney States they say "we don't know until we are told"
What is wrong with this picture?

Reply by WDMD on 6/18/08 5:55am
Msg #251767

" I ask them if they know that closers in my state of Maryland are to have a Title Insurance Producer License. 100% of the time the TC or SS say they are not aware of the law."

Thats a lie. I'm willing to bet that at a minimum 90% of the title companies are aware of the law. Maybe not as many SS's are aware, but even the ones who are know they can hire unlicensed notaries and get away with it.

Hopefully one day Maryland will make an example out of some of these lawbreakers. As they say, ignorance of the law is not an excuse.

Reply by Ilene C. Seidel on 6/18/08 6:09am
Msg #251770

I'm a Md closer and any title company I work for requests my license so I can be approved by the underwriter. Aren't you asked the same when working for a title co?

Reply by WDMD on 6/18/08 7:22am
Msg #251778

"I'm a Md closer and any title company I work for requests my license so I can be approved by the underwriter. Aren't you asked the same when working for a title co?"

I'm asked for the info by the companies that play by the rules. I already have appointment letters from all the big title companies who underwrite the title insurance anyway.

Reply by MW/VA on 6/18/08 1:39pm
Msg #251838

Why not go to your SOS and make an issue of the law not being enforced? Even though we're independent contractors, we have to be pro-active in this industry. I definitely don't think the day of NSA's is over. The thing that really gets me is that while all this low-balling is going on, I have yet to see lower fees for the borrower on the HUD!!!! I saw one just yesterday where the "broker" was charging a $7,000 origination fee! plus other fees for a total of over $10,000. Fortunately, the borrower didn't sign! -- talk about subprime tactics.
I've backed away from the e-sign concept for the same reason--they are trying to pay less for those even though our costs will be considerably higher. The industry knows that the lenders call all the shots (they have the money). We still need to stand absolutely firm on fees that are credible.

Reply by WDMD on 6/18/08 3:17pm
Msg #251859

"Why not go to your SOS and make an issue of the law not being enforced?"

The law requiring title producers is not a notary law. It is written in the insurance laws. The Maryland Insurance Administration is supposed to enforce the law. As Loretta stated she has turned people in, but it is hard to prove they violated the law.

Reply by Yowheelz on 6/18/08 4:11pm
Msg #251879

We need a MD Notary Signing Agent Association. Anyone up to originating one or helping to originate one?

Reply by Loretta on 6/18/08 4:55pm
Msg #251892

Got a pm from someone saying that notaries in Delaware could not be the signing agent for a purchase or refi but could close a modification, a heloc, a second mortgage or whatever else.