Posted by Anonymous on 1/6/06 9:22am
Msg #86551
Attention Indiana- New Title insurance requirement
BULLETIN 135, TITLE INSURANCE LICENSE FOR LOAN CLOSERS AND NOTARIES
Please ask yourself why 10 hours classroom training is more expensive than 40 hours classroom training!
Please take the time to read my post regarding Bulletin 135 & the required training for Title insurance license!
Hello Ladies and Gentlemen,
My name is Al,
I am an Indiana Notary and an Independent loan closer. My wife is also a Notary & I. L. C. We both have some concern regarding the recent Indiana Bulletin 135 stating that we must now obtain a title insurance license.
My concern however, is in regards to what I feel is an extreme over charge for the $300 cost of 10 hours required classroom training.
I am also a licensed Life & Health and Property & Casualty insurance agent in the State of Indiana. Each license before mentioned required 40 hours classroom training at the time I obtained my license. For which cost approximately $275 and still seems to be the going rate.
I personally feel that the only reason the Title insurance training is $300 is due to the lack of competition in the pre-license process. Other pre-licensing providers have mentioned $100 cost for similar 6, 8 & 10 hour training classes. However, they have consistently been unaware of the recent Bulletin 135, stating the need for the training.
It appears this license was simply an application process in the past.
I am therefore begging each & every Indiana loan closer who wishes to continue to practice their craft in Indiana to follow my lead and contact all the Pre-Licensing Providers for other Indiana insurance products and show them that there is a need for competition in the area of Title insurance.
I cannot emphasize enough the need for this pro-active approach. Someone at the Indiana Department of Insurance has stated to me that no other Pre-Licensing Providers have even applied to become a pre-license provider for Title insurance. Meaning that we are stuck with only one pre-licensing provider.
I have personally spoke with 4 providers and have attempted contact with a few others. One just returned the call and left a voicemail stating that they do not plan to offer the class.
However, it is very interesting that when I speak with these Providers in person, each has been confused and ignorant of Bulletin 135 and has even stated that information provided as late as December 10, 2005 from the Indiana Dept. of Insur. stated that a Title insurance license required no classroom training.
I have even faxed the Bulletin 135 to a couple providers and am awaiting their responses.
However I do not expect the providers I speak with to invest time, energy and money into putting together a training program just for my wife and myself. I believe it to be necessary that they hear from any and all of us that are interested in going to a class that is closer to our home town and less expensive than the class now offered.
I have tried to make a point to any provider I speak with by mentioning that a large number of Notaries and Loan Closers will be in need of these classes by June 2006. After which the rush for training may dwindle to a trickle. But, I hardly expect to be so convincing that all these providers to listen to me and act on my word alone.
So, please help. It is the American Way that competition will allow the prices to drop to a more reasonable level. I feel that there is a monopoly at play. Why should ten classroom hours be more expensive than 40 hours training? It shouldn’t!
Sadly enough it is also the American Way that some people will try to “get what they can while they can” and Damn those that are harmed. Unfortunately, someone will gladly take advantage of those of us that do not want to wait to the last minute.
When I first heard of the requirement I thought other providers would be aware of the Bulletin and making plans to offer a class. I am still baffled at what seems to be a lack of accurate information the providers have on our needed training for Title insurance.
Here is a link to the pre-licensing providers. I hope this will help all of you, like me, that want to go to a class closer to home and pay a fair price.
http://www.in.gov/idoi/agent_licensing/agcyweb1.html
Please give them a call and see if you feel as I did when I called.
Thanks for reading and best of luck to all in 2006.
Al
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