Posted by Barbara Taylor on 10/5/09 8:37am
Msg #306183

Fighting State Legislature HUD (Disbursement)

The licensed notaries in the State of Maryland is fighting legislature to have HUD make changes to the Settlement Statement. Since we notaries must be licensed, bonded and insured and are now considered independent contractors, we fill that we should stand on our own and not under the umbrella of the title companies, since they don't contact us direct, we should be paid after the 3 days like everyone else.

Here is what's been happening. Beware, got a signing to close a loan, when docs were received it had the signing companies name in the place where I should have been. How can a signing company be put in place of where my name should have been and it show they were getting paid $175.00 and they got paid after the 3 days, yet I had to wait 30 or more days. This is now one of the biggest frauds that have been placed on us notaries throughout the US. Make sure you get top dollar or don't do the closing at all.

Since this have been exposed to our state, I am now getting calls from Title companies. Also, our state has a list of resident producer firms and nonresident producers firms who are registered. Check you state to see if those out of towners is licensed to solicit you in your state. This is a way of monitoring them and reporting if you don't get paid.

Signing companies are considered Telemarketers (searching for notaries to do work for their clients) If the title companies can come direct to you then that is a flag in itself. (SOME TRICKY FRAUD IS GOING ON)

Reply by HARRY_PA on 10/5/09 10:48am
Msg #306208

I am not quite sure that I understand your post and what your objections are. In what you have outlined I see nothing fraudulent. Are you a licensed title producer and a commissioned notary public? Perhaps some of our wiser member will better understand your post and comment intelligently.

Harry

Reply by Barbara Taylor on 10/6/09 8:37am
Msg #306339

We licensed notaries here in Maryland have gone before state legislature to be able to get paid after disbursement. Most signing companies pay 30, 45, 60 or 90 days, it is not right that we notaries wait for payment. You would need to have been there in Annapolist, MD to get the understanding of what is going on here.

Reply by Sylvia_FL on 10/5/09 10:58am
Msg #306210

The signing company is put on the HUD as that is who the title company contracted with.
Sure, title companies can call notaries directly if they chose to. But many prefer to work through a signing service - they can make one phone call to a signing company with a whole list of signings instead of making individual calls to several notaries. It is less time consuming for them. There is no fraud!

"Signing companies are considered Telemarketers (searching for notaries to do work for their clients) If the title companies can come direct to you then that is a flag in itself"

Since when are Signing Companies considered Telemarketers?? Telemarketers make calls to solicit the public to BUY services or products.
By your definition Kelly Girls or any temporary employment agency are telemarketers.

Reply by Barbara Taylor on 10/6/09 8:40am
Msg #306340

Are you a signing company. Seems you are defending. Us notaries here in Maryland get work from Title companies, no middle man needed since the signing companies do not see the docs nor do they notarize any papers. Here in Maryland unless those companies are listed on the State of Maryland Insurance Administration Nonresident producer list, then it is what it is.

Reply by Sylvia_FL on 10/6/09 9:09am
Msg #306345

if you get the work directly from the title company and title company is paying you directly, then of course, a signing company should not be listed on the HUD. But if you are hired by a signing company, then they will be the one on the HUD. The signing company will be paid by the title company so they will be on the HUD as to whom they disburse funds to.

Reply by jba/fl on 10/6/09 9:46am
Msg #306347

I have seen many HUD statements with no SS or SA listed - just the TC's charges, from whence SS & SA is paid.

Reply by PAW on 10/6/09 10:50am
Msg #306352

I submit that that is the case more than not. Why? Because the signing agent (or signing service) is not paid out of the borrower's escrow funding account, but rather a title company's operating account or general escrow account. It all depends on the bookkeeping methods used.