Posted by israel IZZYNET.COM on 8/30/06 1:04am
Msg #142034

Attn: CA Notaries - Proposed CA Title & Escrow Measure

Proposed California Title and Escrow Regulations May Negatively Affect Notaries, Consumers

http://www.nationalnotary.org/news/index.cfm?Text=newsNotary&newsID=1009

Reply by BrendaTx on 8/30/06 1:17am
Msg #142036

Good for you, Israel. I fully support California notaries sounding off the right ones.

However, I have two questions.

(1) In the NNA's letter they state this: **The public will face increased risk for real property fraud if fewer Notaries are available to assist consumers.**

I am not arguing this, but what is the logic on this? I do not say it's wrong, but help me connect these dots.

(2) Did someone say tomorrow is that last day to sound off? If so, why did the NNA not send out a letter before 8/25? Was there short notice?

Reply by Becca_FL on 8/30/06 1:21am
Msg #142038

Re: Attn: All...this imposter is advertising...

and trying to separate you from your hard earned money.

Please, be careful out there. There are so many scam companies out there making false statements and looking for your hard earned/saved money. Please be cautious.

Reply by NCLisa on 8/30/06 7:04am
Msg #142043

The NNA's take on what will happen is just a crock!!! Honestly, with some of the new NSA's out there, you have a far less chance of real estate fraud having the closing in the TC's office, so there goes that argument. Another point is TC's will still use NSA's if the borrowers don't want to go to the office, the EO's don't use NSA's for the fun of it. The EO would rather get that notary themselves and have the closing in the office, they use NSA's because the borrower has said, we don't have time to go to you. The NSA fee can be a separate line item on the settlement statement, therefore not anything regluated by the DOI. CA has the highest escrow and title insurance fees in the country. While I am all for them making tons of money, there really should be a reduction in the fees. As for laying people off, the market the way it is, alot of them are bareboned anyway, and know that they can't lay too many more people off and have enough staff left to work effectively. I will also point out that the escrow fees are charged on a sliding scale, and honestly it never took more work to close a $300,000 home than it did to close a $1,300,000 home. Yes, you had your messy escrows, but you also had ones that were easy. As for the actual title insurance fees, they'd make a profit charging $2.50 per thousand, which is far less than they actually charge now (which I think is $3 per thousand). This will make closings more affordable for the consumer, which is the bottom line.

Reply by Julie/MI on 8/30/06 7:45am
Msg #142051

More fraud, NNA grasping at straws... gimme a break!!!!!

As someone who has been in the title business since 1983, mobile notaries have only been around in MI since late 1999 to the present. Such an ego the NNA has to think that fraud will increase with in-house notaries.

There is probably more fraud now with mobile notaries then there was before.

Reply by NCLisa on 8/30/06 9:09am
Msg #142074

Re: More fraud, NNA grasping at straws... gimme a break!!!!!

I totally agree. ALL EO's are notaries. And at most TC's, what the EO makes in notary fees is given to you in a separate check at the end of each month. If an EO can keep a closing in the office, they generally do, but it is completely up to the borrower where they sign, unless a lender does not allow the documents to be removed from the TC's office.

Reply by NCLisa on 8/30/06 9:44am
Msg #142090

The more I read the article, the angrier I get at the NNA!

I had thought I lost all respect for them in the last few months, but I still expected better of them than this article. Not only are they mass producing NSA's in an oversaturated market, they are totally clueless as the the true nature of the NSA's role, and how Title and Escrow truly work. I think it's time someone shoots the elephant.

Reply by Julie/MI on 8/30/06 9:58am
Msg #142094

Re: The more I read the article, the angrier I get at the NNA!

Me too, Lisa!

I really think they are D E L U S I O N A L, that somehow the closing part of a transaction is something new that NNA invented.

Reply by BrendaTx on 8/30/06 10:10am
Msg #142101

Re: The more I read the article, the angrier I get at the NNA!

Agreed. My good friend who seldom posts here (Tx Notary) said, when I vehmenently told her my concerns for California said, "Oh. More propaganda from the NNA."

I want good for my Ca. friends...but a realistic approach will be better received.

What's going to happen, IMHO, are several new folks who do not understand the closing process anyhow, will take this type of information and send their letters with hype and jazz...such will not move the decision makers. I hope people look at Janet's letter and use it.

Reply by SueW/Tn on 8/30/06 10:08am
Msg #142099

One must remember the NNA is a BUSINESS

They're in it for the bucks, nothing less and nothing more. I had never heard of them when I entered this business but because they are so great at marketing I did join their membership roles. If you stand back and take a look at what they've done in the past year it's fairly obvious what's going on. They market in high profile areas, gather up a huge membership and then basically ignore the paying members. I've asked them two questions, had to wait 3 days for replies and of course the replies were incorrect or lacking. I gathered much more knowledge and a zillion times the answers right here! THEN the NNA begins their "collection services" which members here have explained to us leading me to think that's bogus too. One must wonder why a company would instruct you how to begin a business and then give you a place to go when you can't collect. HELLO...anyone out there? My biggest complaint with them (and I've posted here before on this subject) is their obvious intended selection on which states to assist when legislation threatens the money pot. Be advised, they could care less about you OR your business, it's bottom line for them. Sure they're concerned with the latest Ca. legislation as it will directly effect their own bottom line. They don't care about fraud OR the loss to YOUR income, they care only about their own. One should sit back and marvel at their marketing techniques, first rate all the way. And again, research the particulars, band together, let YOUR voice be heard. Know exactly what is involved with the situation so that you can speak intelligently, know exactly what the impact will be on you personally. Finally take some advice from someone that's been through this....the majority of SA's WON'T get involved until the wolf is at their own door, they'll let someone else try to prevent disaster.

Reply by Poppy on 8/30/06 10:32am
Msg #142114

Sue and Brenda

I agree with you regarding the NNA.... However I think that with the link from titlegal and the links of the regulation itself there is plenty of other information for notaries to make an informed decision.

Just as the NNA doesn't care about us and is in it for business. Our insurance commissioner is in it for the election and nothing else.

Reply by Poppy on 8/30/06 11:28am
Msg #142131

Re: One must remember the NNA is a BUSINESS

BTW: Sue

From the response I've gotten from various phone calls and emails you're right in saying that the majority of SA's won't get involved. If it's because they agree that the fees should be cut then that's their right and so be it.
If it's because they don't think it's their issue I hope they will really think it through and if they still think it's not their issue then so be it.

If it's because of lack of time or interest in getting involved... I don't know what to say other than I really hope these aren't the same people whinning about the slow down and wondering why NSA's fees have been cut.....

Reply by Poppy on 8/30/06 10:25am
Msg #142108

CA Notaries Don't let your distain for the NNA stop you from

sending a letter. Today is the deadline. It must be received by 5:00pm via email or fax. Please think about it.

I ask you one question... If your the fees for your business were cut by 27% would you cut back?
Things will change that is a drastic cut.

Yes, it is erroneous to state that fraud will increase due to this and even more so to say that less homes, less closing will take place and equity will be trapped in the property. It's a little nuts to say the least. It's exactly why I say write your own heartfelt letter. I don't want to get into politics but it pi#%es me off to watch the government price fix and basically squeeze the little guy out, and this is supposed to help promote competition. That's almost funny. If they get away with it in CA it won't take long to spread to other states as well.

This proposed regulation sprung up because of the illegal actions of some in giving kickbacks to REALTORS and LENDERS... Why punish everyone for the actions of a few. The final thing that ticks me off is that RESPA makes it illegal to give and RECEIVE a kickback. Yet the receiver of the kickback is not punished. If you enforce the laws already on the books and go after both the giver and the receiver of illegal kickbacks (the true problem here) the problem would be solved.

Take a poll of a few thousand LO's and Realtors and ask them about kickbacks and respa. I think you'll find a huge portion of them will say it's illegal to give kickbacks. Notice anything missing there. It's also illegal to receive a kickback, but even those who know it's illegal to receive don't worry because enforcement on the receivers end of it is ALMOST nonexistent.

I'm frustrated with the NNA as well but late response and erroneous statements aside, this is still an issue we should be concerned about and not just as notary signing agents. JMHO

So please think about it and make up your own mind, but decide based on the regulation and your opinion of it and the effect it will have. Not your opinion of the NNA... Please hurry time is running out.

Thanks for your time.

Sincerely,

Poppy

Reply by Gary_CA on 8/30/06 10:37am
Msg #142115

CA notary quiz... What's worse than the NNA?


A) Hemmroids

B) SOX

C) John Garamendi

D) All of the Above

Reply by Dorothy_MI on 8/30/06 9:37pm
Msg #142390

Re: CA notary quiz... What's worse than the NNA?

Gary, you left out answer E) None of the above

Reply by NCLisa on 8/30/06 12:22pm
Msg #142163

Re: CA Notaries Don't let your distain for the NNA stop you from

This is not government price fixing. There is a DOI in each and every state to make sure that all types of insurance are regulated from auto insurance to homeowners insurance. It is a necessity. We aren't talking about some TC's giving kickbacks, we are talking about ALL of them, in some way. Whether it be the free group ski weekend, or the free software to help the realtor maintain their databases for efficiently, or giving them labels for mailings which is standard TC customer service.

CA's title insurance rates are too high! We get by with 75 cents to a $1.00 per thousand here, and CA is literally $3.00 per thousand. Most title companies have so many eyes looking over everything that mistakes are few as far as title claims. They are awesome about cleaning up others messes, to guarantee marketable title. Compared to NC, they pay out almost nothing in claims, while the TC's here have to insure on an attorney's word, which as we all know doesn't always mean alot. The bottom line is to keep title insurance rates lower for the consumer. So what is the TC has to cut down on the amount of marketing they can do. The realtors and MB's will just have to do without that free lunch for awhile. And yes, Realtors and MB's may move around and switch companies, in the never ending battle for marketshare, the TC's always find their ways to new business.

You are also a consumer, when you purchase your next home or refinance, you should want to pay a fair price for title insurance, not an over inflated price.

Reply by Poppy on 8/30/06 1:05pm
Msg #142184

Then what is price fixing?

I hear you Lisa... Honestly!
Yes, I am a consumer and yes I want a fair price. I just don't think that the government should be the one deciding what that price is. (Should the government get to decide what a fair price would be for our services as well? If not then why not?)

RESPA makes it illegal to receive as well as give an illegal kickback. Why don't we go after the receivers as well. Punish both with the same vengence and you're more apt to solve the problem. As long as there are Realtors and Lenders getting away with receiving illegal kickbacks there will be illegal kickbacks. (as long as there are people taking illegal drugs, we will have drug dealers) You need to go after both in my opinion.

The regulations are already in place enforce them and we will all be better off....