Posted by WJBVA on 10/20/09 8:40pm
Msg #308010

NEED A QUICK ANSWER

I'M DOING CLOSINGS IN VIRGINIA AND I'VE BEEN ASK TO COLLECT A CERTIFIED CHECK FROM THE BORROWER TO BE SENT TO THE LENDER WITH THE CLOSING DOCs. MY QUESTION IS CAN I LEGALLY COLLECT THESE FUNDS FOR THE LENDER.

Reply by Sylvia_FL on 10/20/09 8:44pm
Msg #308012

Please don't post in all caps. It means you are shouting.
Also, if you collect any funds at the table in VA I believe you have to be CRESPA certified

Reply by Les_CO on 10/20/09 8:50pm
Msg #308015

Doesn’t CRESPA have a web site one can go to and get approved?

Reply by Les_CO on 10/20/09 9:03pm
Msg #308019

Answer to my question

http://scc.virginia.gov/division/boi/webpages/crespa/reqtsa.htm

Reply by WJBVA on 10/20/09 8:51pm
Msg #308016

Sorry abut the caps. Thanks for the info I was thinking that I needed certification but wasn't sure. thanks again and have a good evening.

Reply by enotary/va on 10/20/09 8:54pm
Msg #308017

need Crespa cert to pick up ck.......

Reply by MW/VA on 10/20/09 9:20pm
Msg #308023

CRESPA certification in VA is the equivalent of a TPL. Since we're not bonded in VA, we're not supposed to pick up checks. One way some of us deal with it is to have a separate Fedex or UPS envelope to give to the borrower. They put their check in it & mail it themselves. That way we haven't handled the funds but it avoids a lot of unnecessary hassle. If you look into CRESPA certification, you will realize that most of us can't qualify. You must be associated with a VA title company in order to get it. IMO it is there to prevent us from acting as settlement agent, receiving & disbursing funds.

Reply by Gary Boehm on 10/20/09 9:35pm
Msg #308032

Just curious

On this subject I was told that "disbursing funds" means collecting money, depositing it in "my" account, and then writing various checks to one or more persons and/or companies. That picking up a certified check, already made payable to someone else, dropping it an envelope along with other items, and dropping it in a drop box - does not qualify as "disbursing funds". You are just being a courier.

Of course you must follow your state laws, this is not legal advice, etc. etc.

Reply by MW/VA on 10/20/09 9:38pm
Msg #308033

Re: Just curious

I agree. That's how I see it also. I'm just careful not to interpret the law for someone else, which would be UPL.

Reply by CopperheadVA on 10/21/09 6:01am
Msg #308062

Been discussed before - do a search on this forum for CRESPA.

Reply by sobeit on 10/21/09 3:53pm
Msg #308135

I know of a VA notary that when funds had to be collected at the signing, she would have the borrower put it in the courier envelope themselves and seal it. Then she would simply drop it at the couriers drop box as a courtesy to the borrower. Not sure if that would be an acceptable loophole or not.