Posted by Ilene C. Seidel on 8/13/08 8:31am
Msg #259893

Maryland Closing Agents

I've been in touch with MIA due to the LFC bouncing a check on my borrower.
MIA agent told me to tell everyone if we know of a notary-public closing loans without a TPL to call him, his name is Peter Brady, his direct number is 410-468-2329 and his fax is 410-468-2245. He acknowledges this is a major problem and would appreciate any help we can give him.

Reply by WDMD on 8/13/08 9:50am
Msg #259906

It's great that they want to go after those without TPL's. Personally, I'd rather see them bust a few lowballing TC's and SS's. TC's and SS's won't admit it, and they may get a few closings done by TPL's at their lowball prices, but the majority of the time when they cannot get a TPL at their $65-$100 e-doc fee you know darn well who is taking them.

If the state would crack down on the hiring parties, then the un-licensed would not have any closings to do anyway. The state should randomly audit a few TC's licensed to do business in the state. Just take a month or two worth of files and check who closed them. If any were closed by non-TPL's investigate them. If any were closed illegally zap 'em. If the same file used a SS to find the closer zap them also.

Seems like that would be the easiest way to go. Doesn't the state check TC's files for compliance issues once in awhile? That would be the time to verify the closer.