Posted by newlysmomva on 11/10/05 10:49am
Msg #75614

TC Bulletin for use of outside notaries

Just got in the mail (won't mention co, but I'm sure all will follow suit)

!. All document signings must be executed in the presence of an authorized emloyee of the Company or title policy issuing agent, regardless of who performs the actual notarization. The Company representative must require the production of proper identification and personally examine it to verify the identity of executing parties. Even if the notary is not an employee of the Co. or title policy issuing agent, it is the responsibility of Co. representative to insure that notary follows industry standard in conducting signing

2. The document signings must be conducted through ()(Name left out) a brand neutral () co.which is covered by () E&O that extends to all notaries it retains. Your favorite notary may sign up with ().

3. The document signings must be conducted by a notary or signing service that maintains E & O of $100,000.00 or higher and is approved in writing by Co. Reg. Manager.

4. Doc signings must be conducted under supervision of atty actively licensed in state where signing occurs

5. Doc. Signing must be conduted on accordance with procedure approved in writing by Co. Reg. Manager.

Hmmm. wonder where this is heading.

Reply by Charm_AL on 11/10/05 11:04am
Msg #75618

I don't get it. Is this a local TC that uses outside notaries? If they are nationwide, there's no way that they could have their company representative at the signing, unless they only are doing business in the locale of their offices. Maybe I'm missing something but I don't see everyone following suit. Why have a lawyer, notary and rep in one closing? Sounds like a lot of money going out to close it.

Reply by CarolynCO on 11/10/05 11:56am
Msg #75626

I'm more apt to believe the same as Charm and Roger in that it is directed at attorney-only states. Many of these companies don't have *local* offices to conduct the signing where a company representative would be present.

Reply by Roger_OH on 11/10/05 11:04am
Msg #75619

This appears to be directed just at the handful of attorney-only states.

Reply by Beth/MD on 11/10/05 12:00pm
Msg #75632

So, does this mean they'll rush a company rep out across the country for a closing?

Reply by newlysmomva on 11/10/05 12:06pm
Msg #75635

Sen out in Virginia-not an atty state and sent by a national title co...a big national title co.

Reply by newlysmomva on 11/10/05 12:08pm
Msg #75637

Actually, I'm at a lose how to explain it also. Just thought you might be interested in what was in bulletin.

Reply by PAW_Fl on 11/10/05 12:09pm
Msg #75638

Don't VA notaries have to be CRESPA certified to do closings? Maybe that's why the notice was sent to VA folks.

Reply by newlysmomva on 11/10/05 12:50pm
Msg #75646

I don't think Va notaries are required to be CRESPA certified at the present, but it looks like it will go that way. Probably have to have a title license also. I have both but my question is, if the title co representative has to be there...what about closings from a title co away, even if you are CRESPA registered and have a title lic.

Reply by SLP_VA on 11/10/05 1:04pm
Msg #75652

No, VA notaries do not have to be CRESPA Certified in order to do closings. I checked this out (among other things) with the VA Bureau of Insurance before I started doing closings. I was told that only function a VA Notary COULD NOT do at a closing is accept funds at the closing table.

FYI - I didn't get the notice...

Reply by SLP_VA on 11/10/05 1:10pm
Msg #75655

Re: CORRECTION TO MY POST

I contacted the Virginia State Bar about rules on CRESPA..

I contacted the VA Bureau of Insurance about the title insurance requirement.

Sorry, just waking up from a nap!!

Reply by newlysmomva on 11/10/05 1:13pm
Msg #75656

Re: TC bulletin

YOu would have only gotten bulletin if you are title producer. I am really confused by it and I don't have a clue where they are going with it. I do notary closings too because I need the $$$. I think I need a nap!

Reply by TCMN on 11/10/05 2:12pm
Msg #75710

my take on this


I wonder if this is the company being sued in Chicago????

This is bringing to light the problems that arise from not having valid ID's, ID's that are expired, notaries that are backdating or postdating.

The title companies ALWAYS make copies of ID's. ( that is what I make sure I have going back with every package EVEN IF THEY NEVER REQUEST IT in the confirmation or closing instructions.) THIS is to prevent these issues of fraud, etc.

The insurance being required to be $100,000.00 is to cover the cost the title companies are having for claims when fraud is occuring when they hire an outside notary. Closing agents are covered by the company's E&O because they are employees.

The requirement for the signing companies now needing E&O insurance will need to be amendable to add notaries when they have a new notary doing work for them or a blanket policy but I can almost guarantee you the insurance binder will probably require to have ALL documentation from a notary PRIOR to actually doing the signing ASIDE from the REG Manager approval in writing.

#4 that is in regard to the attorney-only states. Just means they are not exempt from the requirements set for notaries in general just because they are an attorney.

does that shound right to everyone else?

Reply by newlysmomva on 11/10/05 2:16pm
Msg #75711

Re: my take on this

Thanks... that makes sense to me. I'm sure the bulletin came out of some problem. They always do. I'm glad someone here has an idea of what it was trying to say because I didn't and I typed it in verbatim.