Posted by rackelo on 5/17/07 9:20am
Msg #190560

Closings in VA (CRESPA)

Good Morning! I had a posting on here a couple days ago regarding CRESPA. I've been told through the insurance board that all people conducting closings in VA must have a license and have to take the exam. I've gotten the run around for about a month and was told after the 15th all their new systems will be in place. So I called on the 15th. I finally was told that yes the exam is only $60 and no there are no study materials or anything of that sort b/c they only really expect attorneys to do closings anyway. So has anyone got a license in VA? Has anyone taken this exam? I've worked in lending for two years here in the DC Metro area and I can assure you the closers I've used over the years in VA are not attorneys. So what's the deal? How do I find material to study for this? I'm also trying to get set up in MD and can't do that until I get a license in VA first.

Reply by Loretta Reed on 5/17/07 10:36am
Msg #190584

Shannon Blatt is in Virginia Beach. She is crespa certified. She posts here and on sourceoftitle.com often, so you can find her lurking around somewhere. She may help you.

Reply by Loretta Reed on 5/17/07 10:42am
Msg #190585

message #104357 is a good place to start. you can click on the orange search button and type in "crespa", there is plenty there about getting certified and plenty of links to the state.

Reply by RickinVA on 5/17/07 11:14am
Msg #190602

In Va. there is NO ( repeat:NO) requirement ot be CRESPA certified to be a loan signing Notary! (yet) Only if you actually pick up funds due is it a requirement, and my attorney tells me that really only applies to those with an escrow account. I don't necessarily agree with him, but I am not certified, and I don't pick up funds. FASS even has a statement on their instruction page that says the Notary is NOT to pick up funds. Personally, I have never been asked, although I have been asked to provide the borrower with a Fed X envelope so they can send funds back. I can't see spending 600-1000 dollars to become certified, then the many hundreds for the bonds and liability ins. The fees I get won't support it, and the companies don't ask. My attitude may change if it ever becomes mandatory.

Rick

Reply by Sandra Clark on 5/17/07 11:30am
Msg #190605

IMHO It is my understanding that unless you are acting as "settlement agent", "closing agent" or handled any funds in ref. to escrow accounts you do not have to be CRESPA certified in Virginia to do closings. WE ARE SIGNING AGENTS. We do not handle the settlement, we do not close the loan and we do not handle any funds due to borrower or lender.

Reply by Loretta Reed on 5/17/07 5:09pm
Msg #190672

I have gotten calls from several title companies and an attorney that I do Maryland work for, asking me to get Crespa certified to do closings in VA, since I only live 2 miles from the MD/VA line. I already do closings in VA but they will only use people that are certified and I get to charge more. It is going to be worth it for me to do it.