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Re: "..we need to kick out the out of state notaries.."
Posted by Bear900/CA of CA on 1/28/19 12:09am Msg #602547
I won't address the electronic issue as that is a given, but let's take a broader look at the commissioning requirement.

Old timers here know that I have fought to protect NSA's.

I did the same to protect loan originators when the feds forced most of us (except federal depository institutions) to obtain an additional NMLS license (9 additional hours annual CE plus approximately $400 in annual fees) in addition to our CA DRE license CE and license fees.

That is very similar to what this bill proposes. The notary would need to be licensed in CA, twice, so I hear your pain.

Since the loan origination business is the starting point of the NSA business it may be helpful to have a look at what is up in CA.

http//journal.firsttuesday.us/mortgage-loan-originators-in-california-on-the-rise/32527/

Notice that ONE THIRD of all state licensees in the country are licensed in CA. That does not mean they reside in CA. See where this is going? Of course the multi-state lenders are driving this. The same ones are driving the electronic signings.

Now, the FREAK show: CA has three state licenses, under two agencies, to originate loans under. No other state has that. The agency of least resistance is the CA DBO. Go back and look at the chart from the link and see where CA LOs are licensed. Many of these are business and originators from out of state. Why is this important?

Ten years ago the ONLY individual loan originator license was issued under the CA DRE. Notice the dwindling numbers there? That is also a harder license to obtain.

You could also originate without a state license working for a company licensed under the CA DBO or for a depository institution. That was true in other states and the mortgage meltdown brought about the NMLS license, a federal license that most states adopted as their own state license. Everyone in CA ran to the DBO to get that easier NMLS license.

CA DRE licensees were once the Big Kahunas in CA for savvy, licensed loan originators. Now they are dwindling. Look into the crystal ball here if you will.

Do you see how that went down? All things in the business being equal and electronic signing issues aside, you're the caboose.

This year, all loan originators using Calyx loan originatng system will have access to a 'rocket mortgage' type of consumer access platform with certain lenders like UWM and Caliber participating. I'm signing up for it....if I want to exist, but, do you recall what lender was leading the way for electronic signings? UWM.

Otherwise, we go by the way of Sears, K-Mart, Radio Shack, soon JCP, etc.

I wish you the very best and hoping if you see the broader picture you can srengthen your argument(s) to match what is steaming up behind you.

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Messages in this Thread
 Oppose AB 199: California Online Notary Act of 2019 - Matt Miller on 1/26/19 10:37am
 Re: Oppose AB 199: California Online Notary Act of 2019 - ananotary on 1/26/19 12:41pm
 Re: Oppose AB 199: California Online Notary Act of 2019 -  JanetK_CA on 1/27/19 2:17am
 Janet.... Msg #602457 - Linda_H/FL on 1/27/19 7:53am
 Sorry...here - Linda_H/FL on 1/27/19 8:16am
 Thanks Linda - and Matt! n/m -  JanetK_CA on 1/27/19 11:42am
 Re: Oppose AB 199: California Online Notary Act of 2019 - Matt Miller on 1/27/19 10:16am
 Re: Oppose AB 199: California Online Notary Act of 2019 -  JanetK_CA on 1/27/19 11:41am
 Re: Oppose AB 199: California Online Notary Act of 2019 - Matt Miller on 1/27/19 3:09pm
 I'll be writing to my own State Rep, at the very least! n/m -  JanetK_CA on 1/27/19 7:16pm
 Re: thank you and please spread the word! n/m - Matt Miller on 1/28/19 10:55am
 Re: Did anyone know this? - Matt Miller on 1/27/19 10:19am
 Strongly agree... -  Cheryl Elliott on 1/27/19 10:57am
 Re: Strongly agree... - Matt Miller on 1/27/19 11:04am
 Re: Strongly agree... -  Cheryl Elliott on 1/27/19 11:13am
 Re: Strongly agree... - Matt Miller on 1/27/19 3:11pm
 Re: "..we need to kick out the out of state notaries.." - Bear900/CA on 1/28/19 12:09am
 Re: Live link - Bear900/CA on 1/28/19 12:41am
 More "sinking news" in the WSJ -  Cheryl Elliott on 1/28/19 8:39am
 And this news flash this morning... -  Cheryl Elliott on 1/28/19 10:22am
 TY, Bear. Excellent summation and insights. _______:)______ n/m -  Christine/OK on 1/28/19 5:22am



 
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