Posted by Kathi Conahan-Baltzelle on 2/7/08 8:10am
Msg #234441

Handling of Funds

I am a notary in Virginia and have a question concerning handling funds at a closing. Does anyone know what office or organization I can connect in Virginia. There is no mention in the Virginia notary handbook on this subject. I would appreciate anyone's help.

Reply by CopperheadVA on 2/7/08 8:21am
Msg #234442

Click on the orange search button and type in CRESPA. There are a lot of good posts that you can read that will probably answer your questions.

Reply by Kathi Conahan-Baltzelle on 2/7/08 8:22am
Msg #234443

Thanks for your help.

Reply by Shannon_Va on 2/7/08 10:35am
Msg #234465

What it means is that you can not handle any funds for a closing. Va required you to be Crespa registered, ,ainly this is for purchases when the buyer needs to bring funds to closing. (But in reality, it is for all loans, but most people dont really push the issue on refi's unless borrower needs to bring funds.) If anything ever happened and the notary isn't Crespa registered, it would fall on the title company since you would have been working under them.

To become registered, you need to be a licensed underwriter appointed with an underwriter, be bonded and have e&o, and send copies of all that wonderful stuff to the bar association to become registered.
It is quite a process, but it can be done. It cost me about $1000 to get it all done.

Hope that helped a little.

Shannon

Reply by Kathi Conahan-Baltzelle on 2/7/08 4:21pm
Msg #234513

Thanks Shannon. What part of Virginia are you in?

Reply by Shannon_Va on 2/20/08 1:46pm
Msg #236232

Virginia

I am in Chesapekae