Posted by Lake/NWI on 12/29/05 7:49am
Msg #84993

Title Producers' License? IL/IN

WHY is IL & IN requiring this of us?

WHAT OTHER INCOME can we derive from having this license?

Is ANYBODY offering an ONLINE or CORRESPONDENCE course for us to obtain the license more easily?

Reply by Kimberly_IN on 12/29/05 8:59am
Msg #85002

I don't think there's an online course. I missed out on two days of work because of it.

Reply by DMARTZ_IN on 12/29/05 9:03am
Msg #85004

Kimberly is right at this time there is no online course in the State Of Indiana

Reply by Traci/MD on 12/29/05 11:35am
Msg #85020

Maryland has the same law! I remember what I had to go through to get my license. Will you need a 100k surety bond?

Reply by Sherri_IN on 12/29/05 11:46am
Msg #85021

Here is my take on this situation, which I know is not what some Indiana signing agents want to hear.

As to the why do we need the license, it is my understanding that this is to benefit the consumer. Since we are acting as signing agents representing Title and the Lender at the closing we need to better understand all aspects of the transaction. I am not saying you will be an expert in Title but after taking the class you should have a better understanding of what Title Insurance is. Any time that you can gain a better understanding through experience or education it will make you more valuable. Do you need to know how to prepare a Closing Statement, No, but will it benefit the consumer if you know yes. If the consumer ask a question in regards to the Closing statement it benefits them and Title if you can answer the question instead of having to call the Title company.

The CE classes that you have to take through out the year will also allow you to gain more knowledge in RESPA regulations, Ethics and other various matters.

Will you be able to gain other income from having a license? Not directly but you should raise your rates to cover this as you would with any other business.

I may be a little bias since I have held my license for the last 5 years and have had to take CE classes every year. The way I look at is if I can walk away from them learning 1 new thing then it was not a wasted day.

Reply by DMARTZ_IN on 12/29/05 12:01pm
Msg #85023

As alot of you know i own a licensed Private Detective & Collection Agency, as we have an lawyer on staff we were informed by him as to our Insurance on our signing agent part of our business will have to go from a signing agent to a Title Producer to cover our backsides because of the license you are a title producer not just a signing agent any more. Title Producer insurance is very high. Whats everyones input on this subject?

Reply by Paul_IL on 12/29/05 12:20pm
Msg #85025

What you mean is you will actually be covered for all activities as opposed to Notary E&O Insurance which covers maybe 10% of what the signing agent does. Talk to your E&O provider and explain exactly what services you will offer and what service you will not be providing and you should be able to get a substantial discount. It is like Realtor E&O in that if you do not due property management you expose yourself to less risk and have lower insurance.

Look at it this way it should help weed out all the quick buck part-timers

Reply by MattUT on 12/29/05 12:58pm
Msg #85035

Utah is also a title producer state. It went into effect 12/2004. They offer one class once a month- allowing up to 20 people in the class. So what I did was call real-estate attorneys and escrow/title officers and asked questions. Most of them offered me study guides. I pulled the outline off of the state website so I knew what to study- and found all the state codes listed on the state website..... Here in Utah we had to pass 2 test- As a signing agent- the only good this license is - is that most notaries don't have it so more work for me-- the license is only helpful if you clear title or disperse funds- so it makes no sense why they want us to have it! *Here in Utah most SS companies pretend they don't know our laws have changed so they will still hire the $50. notary who also pretends they don't know..... Good Luck!

Reply by Sherri_IN on 12/29/05 2:06pm
Msg #85070

I do carry additional E&O ($500,000) from my insurance provider. I did $500,00 because If something should go wrong and and the loan becomes invalid because of an error that I made the lender could make me buy the loan (rare but possible). The cost is about $1400.00 a year.