Posted by Anonymous on 6/21/06 9:48am
Msg #127215
Maryland Closings
The MIA is enforcing the requirement that any person or company that provides escrow, closing, or settlement services that may result in the issuance of title insurance must be licensed by the MIA as a title insurance producer. A notary who merely attends a real estate closing or settlement that is conducted by another person or entity and who merely witnesses signatures in consideration of the statutory fees that a notary is permitted to charge does not, in the view of the MIA, fall within the scope of § 10-101(i) and is not required to secure a title insurance producer’s license in order to perform such services. However, if the notary is the only individual other than the buyer who is present and the notary is presenting documents for signature which may result in the issuance of title insurance, collecting escrow funds, or otherwise performing any duty other than the witnessing of a signature, it is the position of the MIA that the notary is performing escrow, closing or settlement services that fall within the scope of § 10-101(i) and, thus, must be licensed as a title insurance producer to perform those services. In addition, the licensed title producer must be bonded and appointed with the insurer issuing the title insurance. I was directed to the MD website www.mdinsurance.state.md.us
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Reply by LilyMD on 6/21/06 12:19pm
Msg #127257
What's your reasoning for the post here? This is old news and unfortunately, there are many companies who don't care if they're securing a title producer. I've been told many times, "oh, we just need a regular notary for this one."
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