Posted by Barry McDonald on 10/18/06 1:45pm
Msg #153335
Maryland Closing Requirements
Are there any requirements in maryland to perform closings other than being a notary?
Is so, what are they?
Are there any legal issues for charging more than $2 or $3 per page which would normally amount to about $20 or $30.
The reason I was asking is because I just saw this article:
http://www.findarticles.com/p/articles/mi_qn4183/is_20060828/ai_n16694938
Thanks,
| Reply by Lee/AR on 10/18/06 1:52pm
Msg #153338
My, that's interesting. Maryland requires a Title Producers License, to the best of my knowledge. Being "just a notary" isn't sufficient. The article doesn't seem to make mention of this.
| Reply by David Kral on 10/18/06 2:30pm
Msg #153349
Can you notarize for free?
Can you notarize for free? Charge for document printing, travel time and faxing and returning documents.
| Reply by Tina_MA on 10/18/06 5:10pm
Msg #153405
It also makes no mention of *where* the loan closed. I could understand the uproar if the loans they're talking about signed in a title, attorney, or register's office.
If the loan closed in the borrowers' home do they expect that to be done for free?
| Reply by Traci/MD on 10/18/06 3:43pm
Msg #153386
Read Msg #9626
| Reply by Helen Tasheuras on 10/18/06 6:36pm
Msg #153421
Barry, please go to www.mdlta.com ( this is web site for Md. Land Title Assoc.). They will give you links to Md. Ins. and all the information you will need to get the pre-licensing class .. You will also need to pass a state exam (after you complete the class). I took the class from them several years ago and found it both interesting and fun. You might want to check into the costs of a surety bond, before you jump right into signing up for the class. They (surety bonds), are not cheap, and not every insurance company provides them . Md. Ins. Comm. requires you have surety bond if you are going to have the Title Insurance Producers license. You might want to call Margaret Webb ( Exec. Dir.) of the association. I think you will find her most helpful, in obtaining your goal. Wishing you the best ! P.S. you will be called for those looking for title insurance producers to do signings, if you are a member of Notary Rotary. I have been in the business for a few years, but recently became member of NotRot and are getting "lots of calls", more than from NNA..
| Reply by Genkichan on 10/18/06 7:31pm
Msg #153428
The problem with the Ameriquest deal is the way in which the witness closing fees have been listed on the HUD. Technically, I believe, the line on the HUD for notary fees does not get counted as a cost of the loan for calculation of the APR. When you claim notary fees of $250, that adds to the borrower's cost, but does not allow for a true APR calculation. I highly suspect (as in, this is just a guess) that might be the basis for the suit. That is why you rarely see very high "notary fees" on HUDs, and our witness closing fees are usually listed somewhere else, or rolled into other title charges by the TC, depending on the TC's own process.
I talked to Johnathan not long ago...he was looking for new MD closers to add to his database. He claims to have ceased working for AQ, and that they left him high and dry owing him thousands of dollars in closing fees that weren't paid. I declined to begin working for him as a closer because I am so uncertain of what's really going on. But, I gathered that he is wrapped up in many problems with his past AQ business, not just this latest one.
As for being a closer in MD, you need a title producer license. To get that, you have to take a class, pass a test, and purchase a $100,000 surety bond, costing on average around $500-600 per two year premium. But, you have to have $100K in assests of your own to secure the bond. So, if you don't have that kind of money, equity in your home or savings, etc. then you might as well not even bother. Cheasapeake Insurance in Annapolis is a good resource for the bond and offers decent E&O insurance to back up the bond. That costs nearly $700 per year though, for $250K of coverage which as a title producer you really do want to have to protect your own assets here in MD since you are legally liable for the loan as a title producer.
Good luck!
| Reply by Barry McDonald on 10/19/06 10:01pm
Msg #153787
Thank You, Thank You for your reponses.
You all are great!!!!!!
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