Posted by ToniK on 8/6/07 2:12pm
Msg #204143

What is a Title Closer?

Does anyone here know what a Title closer is and exactly what they do? Also are there any Title closers here? Does that require a title producers license? I havea friend who was talking to me about thsi today but he couldnt give me an exact picture of what they do. He said they are not like Settlement agents. I did a google search but couldnt realy find anything on exactly what it is.

Reply by Loretta Reed on 8/6/07 2:41pm
Msg #204148

I looked it up on comcast.net
It is a closer that works for a particular title company, like a settlement agent.

Reply by NCLisa on 8/6/07 2:57pm
Msg #204154

Depends on what state you are in.

In most places a Title Closer is an escrow officer but also includes a few other title related things that some escrow officers don't do. In other areas, a title closer is a NSA with a title producers license.

Reply by MikeC/NY on 8/6/07 3:16pm
Msg #204158

In NY, a title closer represents the title company at the closing table. All exceptions to title have to be cleared or are excepted from the title policy, and it's the closer's responsibility to collect the appropriate documents and affidavits in order to do this. The closer also gets final payoff amounts for existing liens, collects those funds at the table, sends them off to the lien holders, and collects any funds due the title company. No license is required here, but you do need training and probably a short apprenticeship with an experienced closer before anyone will hire you.

Title closers here aren't paid much - maybe $50 per closing, sometimes less. They make their money on the customary (and completely voluntary) "pickup fees" (a charge for each lien they are collecting to pay off) and gratuity from the seller.

Reply by ToniK on 8/6/07 3:59pm
Msg #204165

Hello Mike. My friend said his sister is being trained as a title closer in NY and that she makes $200 for a closing. I was just wondering because he is thinking of doing it as well and he is in MD and Title producers licenses are a requirement he has to maintain as a NSA. But if its only $50 I dont see it worth it when Title Producers license are sort of expensive. But thanks all for your output. I'll look into this further.

Reply by Loretta Reed on 8/6/07 4:12pm
Msg #204168

I have been a full time abstractor and closer for 11 years in Maryland. I think that the only problem (if you want to call it a problem because it sounds like the money is good in NY) is that you are an exclusive closer for a certian title company. I don't know anyone in MD that is a title closer that is not employed by a certain title company. If there was a way, I would be doing it right now.

Reply by MikeC/NY on 8/6/07 5:32pm
Msg #204190

I took the title closer training, but haven't made use of it yet because it's a tough field to break in to. The $200 his sister mentioned probably represents the pickup fee (anywhere from $100 and up per lien) and the buyer's gratuity (usually about $100). Almost every seller is paying off at least one loan, and a few pay off several, so the pickup fees can be lucrative. However, it's a custom, not a requirement - the seller can refuse to pay the pickup fees and the buyer doesn't have to tip. From what I've been told, some title companies don't pay their closers at all - they make their money on the pickups and tips; others pay about $50.

There is a caveat to the pick-up - the closer is responsible for getting the proper amount of money to the lender on time; a couple of days interest is usually tacked on to the amount to allow for delay. If the the pay off gets delayed beyond that (or worse, lost), the closer is on the hook for all the additional interest that accrues.

Again, that's how it works in NY - it may be a completely different animal in MD.

Reply by ToniK on 8/6/07 5:39pm
Msg #204193

Ok thanks. His sister dabbles in everything from title closer, abstraction, NSA and god knows what else.

Reply by citrusagent on 8/7/07 8:31am
Msg #204254

Title Closer - Florida

In Florida Title Closers work for Title Comapnies as salaried employees. We handle various duties from the input of an order to the post closing.

Reply by Christine Gardner on 8/7/07 10:30am
Msg #204289

Re: Title Closer - Florida

Ditto, generally a Title Closer in my area of Florida can also be called an Escrow Officer, Closing Officer or many other things. I was a Closing Officer at a Ttile Company for quite a few years. Basically, I ordered payoffs for current mortgages, ordered HOA dues, cleared all Title Issues, received the loan package, worked up the HUD, notarized the loan documents in the office, collected funds and disbursed the funds. I was a salaried employee. This is how it goes in my neck of the woods! You don't need to be a Licensed Title Agent in Florida to be able to work as a closer, but if you are - it helps your paycheck!

Reply by Linda_H/FL on 8/7/07 12:18pm
Msg #204308

Re: WOW - that's what I did in CT...

they called me a real estate paralegal..<G>..and the attorney got the $$