have something called CRESPA or RESPA. It's been discussed on the forum several times & there are those who insist it does apply to us.
I spoke directly with a gal that owns a title co. that I did signings for. She insisted it does not apply to us, because we are not acting as title agents. The costs are prohibitive for what we do. It has to do with an interpretation of "handling funds". Some notaries in VA wlll not accept a check made payable to the title co., & insist on separate shipping labels so the borrower can send it. Under VA Law we're not bonded & I see that as the major issue. IMO the VA Bar has never really understood what we do.
I can tell you that the majority of NSA's in the area are operating without it.
Again, the majority interpretation is that we do not "receive funds"--as in depositing funds, disbursing funds, etc. & acting in the capacity of title companies. It's there to prevent us from setting ourselves up to do that. I would never cross that line. In every transaction we are working under a title company that is acting as the settlement agent. They have to be licensed to do business in VA, of course.
This has been my interpretation, and is not intended to provide legal advice, etc. |
| Messages in this Thread |
|  Virginia Notary Signing Agents - Urgent -  BrendaTx on 2/9/16 1:33am |
|  OMG, is VA under siege? n/m - Lee/AR on 2/9/16 6:40am |
| Link to blog post not working for me... n/m - Lee/AR on 2/9/16 6:46am |
|  Re: Link to blog post worked for me n/m - Linda_H/FL on 2/9/16 7:28am |
 | This isn't new. XYZ likes to raise this issue. VA does - MW/VA on 2/9/16 8:21am |
| Absolutely, MW, not a new "issue." Tnx n/m - Christine/OK on 2/9/16 8:43am |
| Ignore the XYZ link (although it is pretty spot on) - Linda_H/FL on 2/9/16 8:45am |
|  Yes, Linda, it's controversial. It's "x" that could apply - MW/VA on 2/9/16 9:24am |
|  Re: Yes, Linda, it...just a quick note - Linda_H/FL on 2/9/16 9:55am |
|  I don't think we can assume that the webcam notaries are - MW/VA on 2/9/16 11:21am |
| Look at the requirements--you have to be appointed by a - MW/VA on 2/9/16 11:24am |
| Re: Yes, Linda, it's controversial. It's "x" that could appl - MikeC/TX on 2/9/16 5:55pm |
| Mike, Exactly. We're on the same page. - BrendaTx on 2/9/16 6:13pm |
|  Re: Mike, Exactly. We - MikeC/TX on 2/9/16 6:41pm |
| I am not so sure - James Powell on 2/10/16 7:01am |
| Re: I am not so sure - MikeC/TX on 2/10/16 5:42pm |
| XYZ likes to create the need for their existence. n/m - jba/fl on 2/9/16 8:53am |
| Great! Good to know this isn't a problem. n/m - BrendaTx on 2/9/16 9:12am |
| Good to know this isn't a problem - NVLSlady/VA on 2/9/16 11:21am |
| Yes there is a problem see answer from SCC - CW2Ret/VA on 2/9/16 1:24pm |
| Re: Yes there is a problem see answer from SCC - FGX/NJ on 2/9/16 2:43pm |
| Re: Yes there is a problem see answer from SCC - CW2Ret/VA on 2/9/16 3:20pm |
| Re: Yes there is a problem see answer from SCC - JanetK_CA on 2/9/16 5:19pm |
| Yes. IMO they're trying to negate our role & push us out - MW/VA on 2/9/16 6:43pm |
| Just to add that I think it's one of those typical - MW/VA on 2/9/16 6:53pm |
| #witness only - NVLSlady/VA on 2/9/16 7:15pm |
| Re: #witness only - NVLSlady/VA on 2/9/16 7:20pm |
| Re: Virginia Notary Signing Agents - Urgent - NVLSlady/VA on 2/10/16 6:47am |
| Save your time and energy..the thing is - Linda_H/FL on 2/10/16 8:08am |
| Yes, it IS exhausting - NVLSlady/VA on 2/10/16 9:32am |
| Honestly? Someone needs to get them to look at the - Linda_H/FL on 2/10/16 9:37am |
| From Association of American Notaries today - Yoli/CA on 2/10/16 10:08am |
| VLTA's comments to Bill - anotaryinva on 2/10/16 10:54am |
| Re: VLTA....my question... - Linda_H/FL on 2/10/16 11:14am |
| Thanks for the link. Here's the exerpt that spells out - MW/VA on 2/10/16 11:16am |
| IMO the Commonwealth created this whole problem by not - MW/VA on 2/10/16 11:24am |
| always handed them sep envelope & label. - NVLSlady/VA on 2/10/16 12:05pm |
| From what I'm reading, you won't be able to ship it for - MW/VA on 2/10/16 12:15pm |
| Re: Thanks for the link. Here - vanot99 on 2/10/16 4:56pm |
| I left a comment opposing the proposed legislation & - MW/VA on 2/10/16 12:55pm |
| Re: Virginia Notary Signing Agents - Urgent - Joe Ewing on 2/10/16 4:29pm |
| Just an FYI about the Virginia rules' change... - BrendaTx on 2/11/16 7:14am |
| Re: Just an FYI about the Virginia rules - NVLSlady/VA on 2/11/16 11:35am |
| And when it is implemented across the board - NVLSlady/VA on 2/11/16 11:42am |
