Posted by J_Cast/VA on 6/21/12 10:01am
Msg #424205

CRESPA Certification in VA

Are any notaries in Virginia CRESPA certified? If you are or aren't, I wanted to know how has that impacted the closings that you have done? If so, how did you go about obtaining certification?

Reply by Northern Virginia Loan Signing NVLS on 6/21/12 1:00pm
Msg #424232

Re: CRESPA Certification in VA (RESA)

Test from NVLS lady

Reply by Northern Virginia Loan Signing NVLS on 6/21/12 1:17pm
Msg #424236

Re: CRESPA Certification in VA - RESA

J. Cast: I am very pleased to see this posting. This issue is one of confusion for me personally, as I joined the signing agent ranks less than a year ago. In fact, I posted a poll on my web page a few months back regarding this issue.

I was trained/certified by a highly respected and experienced notary trainer, Bryce Hall; it was understood that we were not to conduct a loan signing if Cash from Borrower "alert" on Hud1 indicated receipt of funds. I have spoken to other signing agents who, like myself, either Refuse to Or cannot afford the RESA costs at this time. One such agent (who was also a Bryce trainee) told me she merely requests a 2nd label from the title company when such situations exist, and she has had no problems notarizing "Cash" loan transactions. The guidelines I have seen are “muddled” and say only thatVA restricts Notaries from conducting real property signings without an escrow license - if they but once handle monies for settlement costs. The Virginia Bureau of Insurance (BOI) will have the licensing handbook online.

Clearly, this is a divided issue and I have yet to been given a satisfactory Reason why RESA is a necessary requirement in Virginia. Why not just have these borrowers Go To the settlement office themselves, instead of doing the nice, cozy & convenient home or office closings it is our mission to provide?

In Maryland, Title Insurance Producers (TIPICs) witness most real estate settlements and are licensed title insurance agents; yet they do not underwrite the risk, issue the title insurance policy, hold funds in escrow for mortgage payoffs, taxes, closing costs, commissions for real estate brokerage services, and other costs related to settlement or closing. These main responsibilities are usually handled by the Lender or licensed title insurance producer who sent the TIPIC to the real estate settlement.
So, again what is the purpose of having this designation other than to fund some legislation or weed out competition for resa certified closers?
P.S. Obviously, I have given this a lot of thought! -NVLSlady

Reply by MW/VA on 6/21/12 8:32pm
Msg #424300

If you do a search using the orange search button you will

find that this has been discussed before.
No, I'm not CRESPA certified. NNA had us all in a panic a few years ago, thinking we had to be if we accepted checks at closing.
Most of us interpret it differently. CRESPA is basically a TPL, and we're not required to have it in VA.
Again, many of us read it to mean acting as the settlement agent, accepting, depositing & disbursing funds, etc. Not having it has had little impact on my work as an NSA, even though there are a couple of cos. every now & then that think it is required & want it.
The certification is available through the VA Bar Association, but you have to be affiliated with a tc in order to get it.