Posted by Anna Di Vietri on 10/2/08 1:30pm
Msg #266099

Title Closer

Need advise. A vendor is do a lot of business w/asked if I'm familiar with the process of a title closer, she says it's marking up the title and cllecting payoffs. How or where doI go about learning about this?

Thank youall in advance for your time.

Reply by Pat/IL on 10/2/08 1:52pm
Msg #266103

Many lenders request 'marked up title' to be returned to them with the closing package. It is a copy of the previously issued commitment, or preliminary title report, with notations as to which exceptions to coverage will be deleted, and which will remain, on the final policy. As stipulations are satisfied through the closing process, the exceptions may be removed.

As to 'collecting payoffs', the vendor is probably referring to ordering payoff statements so that the accounts can be paid and closed. That may not be such a big deal. Marking up the title, and other functions of the title closer (in-office) requires on-the-job training. You need to understand what is needed to satisfy the exceptions. I can't think of any other effective means of learning the job. Since there is much more involved than was related to you by the vendor, your best answer might simply be "no".

Reply by Anna Di Vietri on 10/2/08 2:18pm
Msg #266109

Thank you Pat.. I did a little research and it's seems too involved for me at this point of my life. I'll stick to closing and acknowledgments, I was curious. But I'd like to thank you for taking the time out to answer this for me.

I wish you much success,
Anna

Reply by Pat/IL on 10/2/08 2:53pm
Msg #266121

You are welcome, Anna. And much success to you too.

Reply by Lee/AR on 10/2/08 2:20pm
Msg #266110

I know you're asking and want some info. The best info I can give you is: If you have to ask; you're not qualified. This is not a 'pay $39.95 & take a class & you're qualified' work.

Reply by Ernest__CT on 10/2/08 2:53pm
Msg #266122

Agreeing with others: Just say "No, thank you." n/m

Reply by MikeC/NY on 10/2/08 4:33pm
Msg #266155

If you're in the NYC area, you can take a course at NYREI (New York Real Estate Institute). It works differently in the NYC area than it does in other parts of the country, and you have to rely on tips from the buyers and pickup fees from the sellers for your income - the title companies pay closers very little, if anything. It can be lucrative, but you have to know what you're doing and it's a lot of responsibility.