Posted by Genkichan on 8/1/06 7:59pm
Msg #136580

IREP and Marylanders

How many of you were contacted by IREP to fill out some additional paperwork and send back a copy of your TPL to them? All their paperwork seems to indicate that they want to run not only background, but CREDIT checks whenever they deem necessary. How many of you are actually going to sign that release? On top of that, they want all addresses and employment for the past ten years. Good grief! I can't even remember all that. And are they really going to call that HS in Japan where I was teaching back in 1996? Yeah right. I've called and left a message seeking clarity, but if they want a blanket release allowing them to check my credit whenever they want, then they will have to do without my closing services. Or else perhaps my services just got a lot more expensive. We shall see.

It looks like they really are starting to push the law around here. What I don't get is why these title companies seem to think they need to conduct full background checks on those of us whom Maryland already granted licenses to. For heaven's sake, we're well bonded...This is getting rediculous.

Sorry for griping. Can you tell I'm tired of the paperwork?

Reply by WDMD on 8/1/06 8:07pm
Msg #136582

I had one, cannot remember who it was cause I threw it away, who not only wanted to do a complete background check which included a credit check, but also wanted to know the "mode" of living I had. I wonder if I lived in a trailer if that would be an unacceptable mode of living that would disqualify me from doing signings. If anyone should be doing credit checks it should be the signing agent who is extending credit to the signing companies.

Reply by BrendaTx on 8/1/06 8:42pm
Msg #136585

Re: IREP and Marylanders - creating leads?

I still say that the credit checks and profiling via contractor apps are a way to create leads for lenders. Laugh if you must, but what a ripe field for picking! Lenders pay lots of money for good solid leads.

If you get work, you must answer all those questions which create a lending profile? Interesting.

Companies which are huge don't get that way by missing opportunity.

Why do you think we get so much junk email?

This is a very, very competitive business where the lender is the guy you want to impress if not sell yet another service to.

Today I recognized that a certain signing company (#1) is sister to another signing company (#2) who belongs to a huge nationwide title company. #2 has the name of it's title company all over the site and partially in it's name.

#1 ss company has none of this on its website. Do you think #1 ss is hooking into title company clients' clients (the lenders)? I do.

Reply by Joan_OH on 8/1/06 9:31pm
Msg #136589

I Agree on the creating leads....

Last year I did a dozen or so First Nationwide loans for one of the GAC offices. Shortly after, I started to receive solicitations to refinance with First Nationwide. They are Nationwide Insurance's Mortgage Company. I am a State Farm lifer. Our current Mort Note is in my Husband's name only and literally all the mailed solicitations we get are in his name. But this particular solicitation came in mine. HMMMM. That's what happens when you send your cards back in the package. They add you to the solicitation list.

Joan-OH

Reply by BrendaTx on 8/2/06 10:23am
Msg #136692

Re: I Agree on the creating leads....trader spam

I also think someone is targeting notaries with spam from "traders." Anyone else getting these?

Reply by SueW/Tn on 8/2/06 10:27am
Msg #136694

Re: I Agree on the creating leads....trader spam

YES! A dozen a day! Ugh! It's been going on for about 3 weeks and I don't have a clue how to stop it! Sheesh!

Reply by BrendaTx on 8/2/06 10:41am
Msg #136696

Re: I Agree on the creating leads....trader spam

We have a trader in our midst. Ponder this. I do not want to point a finger because I do not know for certain if this is the person.

Whenever I changed my email on NotRot that's when the spam started in my gmail.com account. I am going to write Harry about it...NO IT IS NOT NR DOING IT. It's a very cheerful newbie...and NO, I DO NOT MEAN Pamela who is cheerful but not a spammer.

I suspect another person whose email has investor in it.

Reply by Sherri_IN on 8/1/06 10:36pm
Msg #136605

I own and operate a Settlement Company (not a SS) and during a converation with my underwriter recently was asked if I had conducted background and credit checks on the contract closers I use. I asked why would I need to do this and he pointed out that they sometimes handle funds (pick up checks from buyers and borrowers). I had never really thought about it in that way. But as he stated most Title and Escrow companies run them when they are hiring why wouldn't I do the same on people I am contracting with. Your E&O or bond is usually in place for Notary errors not theft. I am not saying that you or any other SA would steal but if you think about it I do not know these people or what is going on in their lives. Some states don't run any type of background check in order for someone to become a Notary.

On the other side of the coin as a consumer I would be leary of multiple companies running a credit check since those things seem to affect credit scores if there are to many inquires.

Reply by Julie/MI on 8/1/06 10:48pm
Msg #136608

Can someone show me proof of a signing agent/mobile notary that took the $$ and ran and how far the the notary got?

If there are funds due, especially common in a FHA refi, and the check is not with the closing package, is the loan going to fund? No, of course not, and the very first call is to the notary to find out where the missing check is. (Which is why I always staple the check to the HUD).

Truthfully, I have not collected or disbursed a lot of checks as a mobile closer. Talk about leaving a trail for the the authorities to catch the demon notary! I guess I may be naive, but how could a notary really cash the check anyway?

So someone show me a case of where this actually happened............

Reply by WDMD on 8/2/06 5:26am
Msg #136645

Amen Julie. What Sherri wrote is an absolute crock of crap. I have no problem with them running a criminal background check. It's the credit check and "mode" of living check which is unnecessary. Sherri wrote she needs to know what goes on in someones life. What goes on in someones life is none of these companies business. Getting a surety bond, which is required in Maryland, is no easy task. You must have good credit and the financial resources to pay back the bond. Maybe if you cheap SS's followed the rules and hired only TPL's who are bonded you would not have to worry about it.

Reply by Loretta Reed on 8/2/06 7:59am
Msg #136649

Re: IREP and Marylanders....we are going to have to face it.

Maryland is cracking down on all of us and making us put our money where our experience is here. They are going to make sure that they drive us insane and "policy" us to death in order to do closings. I signed the IREP paperwork and sent it back. I make over $15k a year just doing their closings, it is worth it to me. I don't agree with the credit checks but I want their money.

Reply by LilyMD on 8/2/06 9:42am
Msg #136664

Re: IREP and Marylanders....Loretta hit the mark

If you make money with a company, you're going to continue to want to make money with that company. It's not going to matter how you feel about a credit check. With all of the bond we carry, you'd think that would say enough, but still companies are beginning to ask for more and more. I really don't see how someone's credit is a necessary thing in this business. Maybe I'm missing the point.