Posted by Jerry Tuttle on 8/25/06 5:43pm
Msg #141003

Minimum Legal Loan Signing Fee in NJ

Hi. Where in the NJ law do I find the minimum legal loan signing fee for NJ? Also, is there some special educational or other requirement beyond the normal notary requirement in NJ?

Thank you.

Reply by Sylvia_FL on 8/25/06 5:46pm
Msg #141006

First there is no "minimum legal loan signing fee" in any state. Only what we can charge as notary fees.
A NJ signing agent can respond better to the next question, whether you need a title producers license or anything else.

Reply by NJ_Notary on 8/25/06 5:54pm
Msg #141007

THE DOBI has not clearly stated whether a TPL is neccessay in NJ. While many refis are done by NonTPs to protect yourself its best to be safe and have it. The state is very vague with regard to the language they are giving whether its neccessary or not - especially on refis. Get it to cover your panties. Thats quick understanding of a long complexity of closings in NJ.

Fee: what ever you feel is appropriate for your business. ONLY you can decide that.

There is no legal minimum required fee. I stronly suggest that you go back and read all you can before you actually do a signing. Sorry to sound so harsh, but most individuals that are going to ask that do not even have a strong foundation on the acts and procedures of being a Notary Public let alone a Signing Agent. Many just pay the fee and get their commission without even knowing what they can and can not do or even how or act in the capicty of a notary.

Reply by Jerry Tuttle on 8/25/06 6:12pm
Msg #141008

TPL in NJ

How does one get a TPL in NJ?

Reply by BarbaraL_CA on 8/25/06 6:50pm
Msg #141021

Re: TPL in NJ - googled and found this....

http://www.state.nj.us/dobi/inslic.htm

Reply by NJ_Notary on 8/25/06 7:01pm
Msg #141024

Re: TPL in NJ - googled and found this....

Thanks Barbara. I was away at a closing. www.ProfessionalBusinessschool.com is one of the many organization within NJ that offer the onsite educational requirements. I do not the owner nor do i endoarse this school over others. I merely know this is just one of the organizations.

Reply by Victoria/NJ on 8/26/06 1:28am
Msg #141079

Kovat's in Hackensak for Pre-Licensing

Kovats Real Estate & Insurance School
Hackensack, NJ 07601
(201) 843-7277

Frank Kovat's wrote the instruction book and still teaches the course. You can take a 7 day 9-5 course or I believe they may have weekend courses. There is also a school around AC. I don't recommend the one in Milburn. They have the lowest rate of graduates and people who pass the State Test the 1st time.

After you are licensed, you also have to maintain 48 hours of CE every 4 year licensing period.

As for a minimum charge for your closings, you are not regulated by the State. Only the title agency is as to what they can charge for witness closings and acting as the settlement agent. State regulated fee to the title agency for a "witness only" closing is $150-$175 for 90 minute closing including travel time + $25 per hour for anything over the excess of 90 minutes. They are capped at $25 for notary charges and $50 for email/doc prep.

If you are doing a purchase for a title agency that involves handing or disbursing checks, you really should be licensed as that could constitute "effecting title" since you may also be required to mark up the binder @ the table. Purchase transactions bring a higher closing fee as the title agency can charge $300-375 for settlements + the $25 per hour. Be aware, if you are closing a purchase, you are probably sitting at the table with several attorneys for Buyer and Seller.

Perhaps this info will help you gauge your fees.

Best of luck!

Reply by NJ_Notary on 8/26/06 12:18pm
Msg #141136

Re: Kovat's in Hackensak for Pre-Licensing

Great explanation victoria. I was doing three things at once when trynig to type my last response. and boy was my grammar out of whack. Your detailed is a great explanation if you ask me. Thers also an additional fee that can be charged for weekend closings. I am suprised the title industy has not recuested a max fee increase on title charges since the fees have not been increased in some time; unlike every other fee such as recordings releases rtf, etc.