Posted by sonkatNJ on 3/6/06 5:16pm
Msg #102586

Purchase Closings in NJ

This is to inform certain NJ notary closing agents that you must hold a Producer of Title Insurance license in NJ to perform purchase closings. Hopefully, enough said.

Reply by Anonymous on 3/6/06 7:44pm
Msg #102642

Boy I know I'm going to get blasted but - how do you go about getting a Producer of Title Insurance in NJ????

Reply by REE_NJ on 3/6/06 7:49pm
Msg #102643

Atlantic School of Insurance provides the applicable course to obtain your license. I think also a few universities/community colleges offer it. If you go to the New Jersey Department of Banking and Insurance website, you will obtain a list of information/schools that offer the applicable course.

Reply by Anonymous on 3/6/06 7:50pm
Msg #102644

thanks for th input and your patience

Reply by NJ_Notary on 3/6/06 8:32pm
Msg #102659

To clearify you wrong information, NO U DO NOT NEED a title insurance producer's license in NJ to close escrow in the state of NJ. A title license is doing 1 thing.... PRODUCING TITLE INSURANCE. Thus a Title Producer.

Reply by NJ_Notary on 3/6/06 8:41pm
Msg #102665

For me I dont have to worry since I already have my title producer regarless if its required or not.

Reply by REE_NJ on 3/6/06 9:12pm
Msg #102670

If you want to closes loans for a NJ title company, they are required under their rules and regulations to only work with people who have their Title Producer's icense. I am not certain about the initial person's comment but I do plan to research if there is a new rule or regulation. Or if they see this post, kindly direct us to the applicable information. Thanks

Reply by REE_NJ on 3/6/06 9:15pm
Msg #102671

If you have your Title Producer's License - you are not using your license to its full capacity. You can do more than produce title insurance - review your material.

Reply by NJ_Notary on 3/6/06 9:20pm
Msg #102672

I Ree, thanks for the advice, but I am well aware of what I can and can not do with my title license

Reply by REE_NJ on 3/6/06 9:29pm
Msg #102674

Just want those who are reading this post to realize that having their Title Producer's License is well worth it and it is more than doing just 1 thing.

Reply by Victoria Moate on 3/7/06 6:28pm
Msg #103036

NJ Title Producer's License Clarified - NJ Title 101

It is required by the NJDOBI if you are receiving commissioned compensation by a title agency. The same way that only a real estate broker can pay a commission to another real estate broker for selling a home, only a licensed title agent can receive a commission from a title agency.

That clarified, the question is, can a NJ notary sign/acknowledge a loan transaction. The answer is yes. Can a NJ notary act as the settlement agent? The answer is "no"

The NJDOBI has not (and apparently will not) give a straight answer as to whether someone who is a "Notary only" can witness the signing. The witnessing falls under the "settlement" portion of the transaction.

Therefore, if you are conducting closings for a title agency, it is their call as to whether they are going to send a notary or a title agent to a closing. If you are witnessing a purchase, but not disbursing the checks at the closing, then you are probably ok being a "Notary only" and not a title agent. You cannot disburse checks, write checks out in behalf of the title agency or mark up the binder.

On a refi, you are simply witnessing the closing and returning the package to the title agency to process for post closing.

The NJDOBI was very clear on the subject up until 2004 when they changed some language as to what constitues "effecting" title. Prior to 2004, it was ANYTHING that had to do with the closing. But then they changed "effecting" to being more specific to "sells" and "commissions".

An out of state title examiner does not have to have a producer's license as long as s/he is not paid by commissions. Previously, title examination was considered "effecting" title since it is an underwriting issue.

Everyone has an opinion as to whether or not a "notary only" can sign/witness loans in NJ, however, the NJDOBI has not released an official decision. And they probably won't since openly allowing "Notary only" closings will result in HUGE financial losses in revenue to the state for the 4 year producer license fees.

As the debate continues. . .