Posted by jojo_MN on 1/6/07 10:51pm
Msg #169721
MN notaries - title originator license
Has anyone heard more about needing a title originator license to stay in business in Minnesota? I was told by IREP that I would need one to continue with them. They also said it is required for all companies, not just them. I called the Dept. of Commerce about this last month, but was not given a definitive answer.
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Reply by SharonMN on 1/7/07 10:31am
Msg #169741
JoJo - I received a call from NREIS also saying I needed a closer license (it's not a title originator - it's a real estate closer). I also called Dept. of Commerce and was told that I could act as a notary for loan docs, but couldn't answer any questions or explain anything. I told the person that I refer all questions to the loan officer or title company, but like you, I got a fuzzy answer about whether or not the license was needed. It certainly seemed like the signing agent business was not something that the DOC had considered before. I wonder if one of the title companies' lawyers had a sudden brainstorm and started questioning. At any rate, since the license only requires an 8-hour class and a fee of (I think) $115 for two years, I plan to get one. Seems like it would be good to mention in marketing, and I might learn something as well as protect myself from overstepping boundaries in making basic explanations to borrowers.
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