Posted by bfd110_IN on 12/21/09 10:02am
Msg #315153

Indiana changes for January 1st.. are you ready???



Welcome
RREAL IN

Welcome to the Residential Real Estate Acquisition of Licensee Information and Numbers Database (“RREAL IN”). RREAL IN is statutorily mandated by Indiana Code 27-7-3-15.5 and its objective is to develop an electronic system for the collection and storage of information concerning persons that have participated in or assisted with

* A single family residential first lien purchase money mortgage transaction; and
* A single family residential refinancing transaction

Effective 1/1/2010, all closing agents (as defined by Indiana Code 6-1.1-12-43(a)(2) are required to submit an on-line form in the RREAL IN database, following the completion of a real estate transaction. For the full text of Indiana Code 27-7-3-15.5, click here.

Look out newbies... If you arent ready for this you are opening yourself to alot of fines. My fees have just went up to compensate for this. Great from a fraud control but I totally disagree with the signing agents/mobile notary being responsible for it in addition to title company..

Reply by Linda_H/FL on 12/21/09 10:17am
Msg #315158

Are you sure this applies to notaries?

We're not Closing Agents, and I don't see Notaries included in the definition .. just a thought but this may not extend to you, the Notary/Signing Agent.

Reply by bfd110_IN on 12/21/09 10:20am
Msg #315161

Re: Are you sure this applies to notaries?

Yea unfortunately based on training classes provided by the state of indiana and department of insurance we are responsible too... Trust me... The question was raised in the classes

Reply by bfd110_IN on 12/21/09 10:19am
Msg #315160

ohh and State says in their FAQ

that we can charge and additional 5 or 10 for the additional time of input.

Reply by PAW on 12/21/09 10:21am
Msg #315162

Question: Are you a "closing agent" as defined by Indiana Code 6-1.1-12-43(a)(2), which states, "'closing agent' means a person that closes a transaction;"

I submit that a signing agent is NOT the same person as described above. There is a heck of lot more to "closing" a transaction than gathering signatures and notarizing the documents that need it.

Thus, your statement, "I totally disagree with the signing agents/mobile notary being responsible for it in addition to title company" is true, that we, as signing agents, are not responsible for submitting an on-line form in the RREAL IN database.

I would check with whatever office is responsible for regulating and/or licensing closing agents to get a definitive definition as to your role as a signing agent.

Reply by bfd110_IN on 12/21/09 10:25am
Msg #315163

PAW I TOTALLY agree with you

Based on the classes the Department of Insurance of State of Indiana. We are responsible for it also. Question is even raised on double input of information. It was not a concern of their's due to the information being required to be inputted into the system within 10 days of closing, they will automatically go with a duplicate based on property address and merge any information missing.

Reply by Linda_H/FL on 12/21/09 10:28am
Msg #315164

I guess you'd know best if you took a class...but

IC 27-7-3-15.5 lists everyone included in this legislation and notaries are not included or even hinted at - I'd check further and be sure - I think this is title's responsibility.

Reply by bfd110_IN on 12/21/09 10:30am
Msg #315165

Re: I guess you'd know best if you took a class...but

Start with Department of Insurance.. Ones mandating..

Reply by Ocean Pacific Notary Services, Inc. on 12/21/09 10:35am
Msg #315167

Q> If I am a Mobile Notary, am I responsible for the closing transactions I complete, to be entered into the database?
A. Yes. Enter all the information available to you at the time of closing (enter U/A or N/A as needed) and add “Mobile Notary” along with your comments in the comments section (ex: info not provided by bank, etc.).

Reply by Ocean Pacific Notary Services, Inc. on 12/21/09 10:38am
Msg #315169

I went through the tutorial available online. Notary can only enter what info they have. There are fees charged but tutorial was not clear on who is responsible for fee.

If notary needs to pay a fee (this is questionable) then we will cover ONLY that fee.

Reply by bfd110_IN on 12/21/09 10:46am
Msg #315170

Thanks Gina... I havent been through online tutorial yet n/m

Reply by neao/In on 12/21/09 3:36pm
Msg #315235

I was just talking to a signing service and I was told I didn't need to do anything. The title company or mortgage company would handle that. Not for sure what to do here. I just heard about this a days ago. Any other ideas about this from Indiana Notaries.

Reply by lindab on 12/21/09 3:43pm
Msg #315237

I am going to enter what information I have to the site. We already are getting "low balled" so I sure dont want to tack on a fee from the state. If I don't have the license #'s of the brokers, etc. I will put in unknown. At least the state can't come back and say that I didn't submit a report. It's just more hog wash that we won't be compensated for. Grrrrr.

Reply by kcg on 12/21/09 4:05pm
Msg #315244

I have taken the online tutorial and have had email correspondence with Mr. Randall Evans with the IDOI re compliance with this new regulation.

If YOU are the notary at the closing, YOU are responsible for inputting the data at the RREAL website. You can obtain a form on the website and I suggest that you fax or email a copy to the scheduler for each assignment you accept. There are lines for names and license numbers to be filled in. This form needs to be returned to you. When you input, if you have not rec'd the information back then you will simply put U/A for all the info you were not given and the reason it is U/A.

If YOU do not input the data, YOU will be fined $25. If the purchase (1st lien mortgage) or refi is done at a bank or title company then it is THEIR responsibility to input the data. If they fail to do it then the fine is $100.

It is suggested that we add an additional $5-$10 for our extra work. I intend to do that. As Indiana signing agents we are required to hold a TPL, get our CEU's for license renewal and now add another step for the closings. Anyone in this state accepting lowball offers is doing an injustice to themselves and unfortunately when I turn down the lowball offer and don't get a call back with a reasonable offer then I know there are plenty notaries out there working for pennies. I cannot afford to accept those offers. I am a professional and I do professional work, I expect to be paid as such.

I am hoping that this new regulation will put a stop to those notaries w/o TPL's who are operating under the radar. Your TPL MUST be entered on each report.

Reply by bfd110_IN on 12/21/09 10:24pm
Msg #315312

Neao that was what I was told until

my local title companies started going to the training provided by the state.. Then the tunes changed.. KCG very good post. I was really hoping some other Indiana notaries would chime in on this.