Posted by Coordinator on 8/7/06 1:52pm
Msg #137482

Maryland notary (LTP?)

Where can I get information regarding the state of Maryland and its requiring all notary's to be Licensed Title Producers?? The lender that I work for does not require this and it causes me to pay for a service that I don't need. Does anyone know of a website that would have this information? Any help would be great! Thanks!!!

Reply by WDMD on 8/7/06 3:24pm
Msg #137509

Go to SOS website--http://www.sos.state.md.us/Notary/Notary.htm, click on notaries, click on notary manuel, go to page 10 paragraph 18. That explains notaries and settlements in Maryland.

Reply by Coordinator on 8/8/06 12:58pm
Msg #137607

Thanks. Looks like the website is a wealth of information.

Reply by Genkichan on 8/7/06 3:37pm
Msg #137512

Just tell your lender that if he doesn't use a Licensed Title Producer to close his loans, then the title insurance policy he is obtaining to secure the loan may be deem invalid, if the lender attempts to use its title insurance policy on a loan that was not closed legally. He thinks he's getting a lender's policy, but it may not be worth the paper its printed on. The title insurer has the right to deny payment on the policy if the policy wasn't issued legally in the first place. Since it's a rare day when a lender actually needs to use the policy, many do not care. But it's still illegal.

The Maryland Insurance Administration would also be a good source to call directly and discuss the situation.

Finally, if you want to talk to someone who is very knowledgeable about this law, google Brad Swanson at Chesapeake Insurance in Annapolis, MD. His office is the best/possibly largest source of all MD TPL bonds and E&O insurance policies. He'll gladly give you more info on this subject than you could possibly want.

Reply by Coordinator on 8/8/06 12:58pm
Msg #137608

Thanks!

Reply by Loretta Reed on 8/7/06 9:26pm
Msg #137553

Don't belive your "lender" for 2 seconds, you may find yourself in a heap of trouble. THEY ARE LIARS. The Maryland Insurance Administration will set you straight. You need a LTP to do your closings or an attorney, either way you are going to pay for a service that you do in fact NEED. I have been keeping in touch with them regularly, as well as 2 other notaries in my area. We have come to know the compliance officer very well. Give them a call. I know a notary in Wicomico County and the settlement company that she did closings for, she is not licensed and they made the settlement company redo their loans with a LTP. She is no longer doing signings, she is "out of the country on a famiy emergency". (yeah right)

Reply by BrendaTx on 8/7/06 10:23pm
Msg #137557

Re: Maryland notary (LTP?) GO Loretta GO Loretta GO Loretta

Tell them like it is, sister!

Reply by Loretta Reed on 8/8/06 9:37am
Msg #137583

Re: Maryland notary (LTP?) GO Loretta GO Loretta GO Loretta

I hate to be abrasive Brenda but anyone that is a "coordinator" should know what each states "compliance" requirements are. Coordinator and compliance work hand in hand.
I have spoken to ALOT of title companies that claim "ignorance" to knowing the rules in MD about who to use to do closings and they all should be demoted to customer service reps at the title company just answering the phone and not assigning closings to people.

Reply by BrendaTx on 8/8/06 12:31pm
Msg #137599

Re: Maryland notary (LTP?) GO Loretta GO Loretta GO Loretta

Since when is telling the truth being abrasive? I am sick to death of the Loophole Lucy types. They do not care one thing about the law. They just want to make money.

So do dope cookers. Hey, the addict does not care if it is illegal. They are the consumer here.

Same exact thing to me. Make money off of the back of the addict, or off the back of the notary.

Reply by Coordinator on 8/8/06 1:01pm
Msg #137609

Re: Maryland notary (LTP?) GO Loretta GO Loretta GO Loretta

As a "coordinator" it IS my job to know this stuff. That is why I am asking. If a signing goes the wrong direction it is my responsibility to find out why and then fix it. I do not claim "ignorance," I just fix it whether it was a notary error or mine...

Reply by Loretta Reed on 8/9/06 6:32am
Msg #137730

Re: Maryland notary (LTP?) GO Loretta GO Loretta GO Loretta

No one said anything about you personally, you just happened to be the person that asked the question and I took the opportunity to vent a little to Brenda about ths issue. Any title company that put you in that position should have had you properly trained instead of you having to come on this board and ask. This would be a red flag to me on how this title company does business. I hope you contacted the MIA and got all of the info you needed.