Posted by Stamper_WI on 11/7/07 5:19pm
Msg #220148

Comment question on the tpl discussion

My background was as a realtor prior to going full time as a signing agent. I agree that a TPL is the source for learning the "rules" of closing loans. I have often felt that a signing service not paying a notary was a violation of RESPA. Some TC's also created their own SS which consists of the same person at the same deask that clled you as the TC but is now the SS. The TC pays their SS and is the notary does not get paid, it technicallyis not a violation because the TC disbursed the funds on the HUD.
My question ( from the back left 40) is that the current licensed enities that can perform closings all have the requirement they have an escrow acct. Wouldn't statitory changes have to be made for the notary signing agent not requiring this?
As a courtesy I won't go into the effect of Gramm Leach at this point.

Reply by Charles_Ca on 11/7/07 5:33pm
Msg #220150

I see the future as notaries going back to their jobs as signature verifiers as a minor function of some other business. I doubt notaries would be expected to have escrow accounts, the notaries who will do complete document signings as we know them today will be employees of the title companes as indeed they used to be, or as Diane sees it independent entities subcontracting with the title companies but licensed as title producers passing the agency requirements through without any gaps such as there are today.