Posted by Negrete on 1/6/11 10:17am
Msg #367292

CRESPA in VA

Are there any CRESPA certified notaries in VA.

Anthony J Negrete

Reply by MW/VA on 1/6/11 1:51pm
Msg #367340

Very few, Tony. Try msg. 192242. I think it comes up from time to time because XYZ makes companies think it is required. It is only required is we are acting as settlement agents.

Reply by Linda_H/FL on 1/6/11 1:58pm
Msg #367346

Marilynn...from reading here

I thought it was required when you have to collect funds at the table. That's not correct?

Reply by MW/VA on 1/6/11 2:10pm
Msg #367350

Re: Marilynn...from reading here

It's been discussed many, many times & is a gray area. The language actually reads "handling funds", and many of us interpret that as being a party to the transaction. It's a confusing issue, because we aren't bonded in VA. It requires basically a TPL, which you can only get if you're working for a TC.

Reply by CopperheadVA on 1/6/11 3:12pm
Msg #367371

Re: Marilynn...from reading here

Agree with Marilynn - it's a gray area. Also agree with Marilynn that there are very few CRESPA certified notaries that do closings full time (there are definitely some, just not a lot). I have companies who will provide an extra shipping label for the borrower to send their funds directly to the TC, thereby I do not "handle" the funds. Borrowers can also wire their funds.