Posted by laurie on 12/19/05 9:30pm
Msg #83514

Title License

I rec'd this last week from Loan Closing Service. Has anyone else been officially notified of this requirement?


Attached is the long anticipated Closer Bulletin 135. This Bulletin is also on the homepage of the Indiana land title website. www.indianalandtitle.org

You will see as of June 6th, 2006 in order for a mobile closer to close a real estate transaction the person who is doing this closing must have their Title License.



You must send LCS a copy of your certification to be active in our system as of June 6th 2006.



Please call me if you have any questions.



Thank you,



Janelle Amick

Loan Closing Service

P: 317-566-0830 ext 247

F: 317-566-0836

E: [e-mail address]

www.loanclosingservice.com

Reply by Marla Escobar on 12/19/05 9:44pm
Msg #83517

Laurie, I do not hold the license, however, it is not required in FL and I have 14 years workiing with loan docs. I do however thank that it would be a great thing if it were required in all states. Maybe it would let some of the cream rise.

Reply by Sherri_IN on 12/20/05 6:45am
Msg #83554

This has been in the works for some time in Indiana. If you are a closer or signing agent doing loan closings in Indiana you will need to get your Title Producers License by June 06.

If you don't have one yet you will need to take a 2 day pre-license class. The information for the class is on the Indiana Land Title Association website. From the e-mails I have gotten from different Title Companies both in Indiana and out it looks like they are taking this seriously.

Reply by Art_MD on 12/20/05 8:20am
Msg #83573

Sounds like what we went thru in MD. The sooner you get it the better. May have to post a surety bond - shop because costs can vary.
Post on profile something like "Hold Indiana Title Producer License #11111, as required by law to do refi and helocs in the state of Indiana"
Send notices to all the SSs and TCs regarding license # and send a copy.
Increase base fee $25. You're going to have an increase overhead yearly. You will find that quite a number of notaries who do this for pin $$ will drop out and you work load will increase. If this is for pin $$, they will not be willing to take off 2 days of work, study, take a test and pay for a surety bond (in MD its $500-$1000 per year for $100,000 bond). There probably is a yearly continuing education requirement also.

Art

Reply by Sherri_IN on 12/20/05 3:31pm
Msg #83714

I hope you are correct in that the ones doing this for pin $$ will drop out. What I found incouraging was the fact that some of my clients are asking for a copy of the license, so they are taking this seriously.

When they find out that the 2day class will cost them $300 plus $40 for the license then there is the cost of the bond and possibly additional E & O. We do have to take continuing education hours that will run them additional cost.

I am fortunate that I have held my license for 4 years and don't have to take the 2 day class just my continuing ed hours.