Posted by Happy/MD on 8/19/08 1:40pm
Msg #260635

New Notary/MD Laws/Timing

I am a new notary and in reading these boards see the numerous posts in regards to the need to be a licensed title producer. With that said I have a couple questions...(1) how does one go about getting licensed without spending a ton of money? I am willing to put the time in but one of the reasons I started down this path was to make extra money. (2) I also see several postings saying that now is not a good time to be starting in this business. With the understanding that it may not be as lucrative as in the near past, can it still be considered a lucrative business? I don't want to invest the money if I won't get an adequate return.

Reply by Yowheelz on 8/19/08 1:57pm
Msg #260640

Plan on spending a ton of money

Figure about $1500 by time you take courses, pay for exams, pay for license, pay for surety bond, pay for E&O insurance and then you may or may not get signings. Tough time to get in this business, I'd rethink this if I were you.

Reply by Ilene C. Seidel on 8/19/08 2:05pm
Msg #260642

Re: Plan on spending a ton of money

I agree with Yowheelz, also in order to get a surety bond of $100,000 you need good credit and it's a catch 22. You can't take the state test until you have a bond and I've heard the test is much harder then when I took it 8 yrs ago the state is trying to weed people out. There are many highly experienced closers in Md. without work. You should walk into some local title companies in your area and feel them out, are they willing to train you? Good Luck to you.

Reply by Alice/MD on 8/19/08 7:19pm
Msg #260706

Re: Plan on spending a ton of money

My TPL license expires in August 2009. I have been getting the required CE classroom classes and home study classes done without the income to support the expense. Not to mention what Ilene listed as other expense.

Because I set my fee according to my expenses required by law in this state of Maryland, I am being turned down for ..I am sure, notaries without TPL.

Reply by Loretta on 8/19/08 6:13pm
Msg #260692

There is no way to get your Title Producers License the "short way" or the "cheap way". It is regulated by the State and the Maryland Insurance Admin. You do it their way or no way.

$1,500 is going to be classes and licensing. Add $1,000 or more for e&o and $800 for your bond. Add a printer and computer to that with gas prices. That is why some of us "full timers" are working full time for someone else now.

I got a call today to do a modification, 30 miles away, for $30. NO WAY!

Reply by Happy/MD on 8/19/08 6:23pm
Msg #260693

Oh wow. I work full time and thought this would be nice part time but I am definitely not looking to put out that kind of investment. I will stick to straight notarization. Thanks for the insight.

Reply by WDMD on 8/19/08 6:28pm
Msg #260694

"I got a call today to do a modification, 30 miles away, for $30. NO WAY!"


Dang Loretta. Lets see. 60 miles round trip. You can take .585/mile deduction on schedule C. 60x.585=35.10. And you would not want that 5.10 loss? Not counting any other expenses.

Reply by BrendaTx on 8/19/08 6:39pm
Msg #260695

"I got a call today to do a modification, 30 miles away, for $30. NO WAY!"

You have to wonder...

1) Who are the brain trusts (SSs) that come up with these fabulous offers; and

2) Who are the brain trusts (notaries) who take these kinds of negative profit fees?

Reply by Loretta on 8/19/08 6:52pm
Msg #260699

Pacific Document Services was the company. They also called another notary friend of mine and offered her $25. She lives farther away than I do. However, they never called us back so some moron did it for that price.

The scheduler said that they are receiving 100 orders a day for modifications. I don't believe it.

Reply by WDMD on 8/19/08 6:57pm
Msg #260700

"The scheduler said that they are receiving 100 orders a day for modifications. I don't believe it. "

Must be that volume discount ploy. The industry is tanking, SS's and major TC's are tanking almost every day, but somehow these SS's are all getting hundreds if not thousands of orders daily. And amazingly, alot of them are in (insert your state here) your area. Won't you give a discount on that promise?

Reply by Alice/MD on 8/19/08 7:23pm
Msg #260707

Loretta, you are so right. There is no cheap way here in Maryland to get a Title Producer License.