Posted by Dennis_IN on 10/6/11 5:43pm
Msg #399823

Question for Indiana Title Producers (TPL) Can a Notary that

does not have their TPL get a portion of the loan documents for a purchase signed? For example...If a Real Estate Agent who is also a Notary gets the HUD, Deed and Title Docs signed by the Seller, is this OK or is it a violation? This happens all the time. I don't want my name associated to a transaction that could be questionable. I am going to call Indy tomorrow. Any thoughts?

Reply by bfd110_IN on 10/6/11 6:46pm
Msg #399829

Been gone 2 years but

I thought the reasoning for the TPL was for anyone that touches the settlement statement must be certified i.e. have TPL. That is why they offered the out of State TPL for the people that live out of state but work in Indiana. You will find the neighbors over in Kentucky have this and then they sneak and get their notary commission. State doesnt have any check and balances on that.

But when title company updates the Indiana great big brother system you are going to get selected because of your TPL and not the Real Estate agent.

Before I relocated, had an agent take it upon himself to take the closing package to the bank and had it notarized cause it was over-nighted to table and his buddy wanted to go early. Title Company had me reclose it because a TPL notary wasn't used. His broker wasnt happy with his agent.

I have a good idea what real estate agent is doing it and he knows better cause he did same thing to me and I walked away from the closing. Call state and inform them and let title know.
Good luck.

Reply by ReneeK_MI on 10/7/11 6:41am
Msg #399875

Is the TPL requirement specific to "loan documents"? I have no idea, but if so - the seller's HUD, Warranty Deed and title docs are all Settlement documents - not loan documents. (Were it a cash sale, you would still have these to sign.)

On a gov't insured loan, you'd have those Addendums to the HUD that would be part of the actual mortgage loan documents - not familiar at all with IN TPL regulations and how it would all apply, though. Would they consider the Addendums part of the Settlement (as they're part of the HUD), or part of the loan?

Reply by Marty/TN on 10/7/11 9:43am
Msg #399903

Indiana Code IC 27-1-15.6-18(4) provides for limited insurance producer license for persons who solicit or negotiate only title insurance products. Any person who conducts a real estate closing on behalf of a title insurance producer or title insurance company in which a title insurance policy is issued or is to be issued must be a licensed insurance producer. IMO, it is specific to any title related action which would include most, if not all, real estate transactions.

Reply by ReneeK_MI on 10/7/11 12:24pm
Msg #399922

Well, hence my question ...

The seller isn't being issued any policy. He might possibly be supplying the funds for the buyer's Owner's Policy - but it's not really being 'sold' to the seller.

Reply by BossLadyMD on 10/7/11 11:36am
Msg #399915

Nope, that wont fly in Maryland (also a TPL state) n/m