Posted by LilyMD on 12/7/06 7:54am
Msg #164486

Lesson I learned, hope it helps you, too.

Although I'm no longer a signing agent, being a settlement coordinator keeps me in the business. So, while speaking with another builder's SC, I realized, this could have been me. It seems this guy is now answering to his employer (a builder) and a real estate office, and quite possibly an attorney before it's over with. He decided to report a notary for not having a Maryland TPL after said notary conducted signings for a client. Well, in his zest to weed out the unqualified taking the work from those who have spent time, effort and money to be professional, he reported this notary to his employer, who went with it. There are certain instances in the state of MD that allow notaries without a TPL to handle closings. He didn't check to see if any of her signings fell into that category. One of his co-workers reported several signings registered in county courthouses that were notarized by this notary.
The fall out was the notary evidently lost a good bit of business and her business reputation. As a SC for a home builder, I could have been this guy.
Moral of the story? Don't assume, investigate thoroughly. I know I will.

Reply by aatatusko on 12/7/06 8:22am
Msg #164492

I get calls for signings in MD and have always turned them down due to the TPL requirement.
What are the 'instances' that allow notaries without a TPL to handle closings?

Reply by Genkichan on 12/7/06 8:30am
Msg #164495

I'm not 100% sure, but I think that if you are title licensed in VA, MD and VA have a reciprocal agreement where as a title producer in VA, you are qualified to cross the border. That is, as long as you are notary commissioned in MD as well. As for your other question, please see my other post and read the MD notary handbook for full disclosure and clarification on the issue.

Reply by Genkichan on 12/7/06 8:28am
Msg #164493

That's right...if someone related to the transaction other than just notary and client are present for the signing and presenting the loan documents, then a regular notary can do the work. IREP comes to mind. Closings held inside title offices are another example (i.e. in-house closings). Signings for purchases with builders are often done in the presence of builder's bank reps, too. Oh how I wish there were an easy way to flush out the cheaters around here!

Reply by LilyMD on 12/7/06 8:45am
Msg #164499

"Oh how I wish there were an easy way to flush out the cheaters around here!"

That's just my point. Not everyone who performs a closing without a TPL is a cheater. Shame on me and others for thinking this way.

While I do have specific notaries that are available for settlement at our office, we do use TPL's. This was something implemented long before I took the position. I also am responsible for coordinating appointments in locations other than our offices, realtor offices, etc. It is my job to make sure the notary I contract is a TPL.

Reply by Genkichan on 12/7/06 10:21am
Msg #164523

Are you also making sure that they have their own fidelity bond per new MD requirements on Oct. 1? Or is your company covering your ICs under your own fidelity bond to meet the requirement? I'm just curious what others are doing. I have my fidelity bond, but I get the feeling that a lot of others are not complying...