Posted by Linda_in_MI on 2/9/13 7:02pm
Msg #455005

Request from signing service on behalf of TC

OK, for a couple of weeks now I have been hearing rumors and whispers of changes coming from Title Companies and what they are requiring from NSAs. So it wasn't really a surprise when the following email came today. And yes I have purposely blanked out the name of the signing service.

I am still mulling my response as I have more to address other than just this request in my particular situation. But before I respond I was wondering if this is something that is being requested across the country or just here in Michigan. What do you think?


*********
The Title Companies are asking for the following items for each closer that works with us. I know some of you are new to working with us so you didn't know about the requirements prior to this email but they are needed ASAP (below is a list of things that I need to have by Friday, 2/15).

I realize there is a cost for a couple these items (around $180), however, with the money we make it is not too big of an investment and they will be good for 1yr. These items are a protection for you and for (name of signing service)

Items needed:

1. National Notary Certification (National Notary website)
2. National Notary Background check (purchased as a package with #1);
3. Privacy Policy (attached); attached to original email, not attached to this post
4. E & O Insurance ($100K, can be purchased through the NNA Website as well);

If you should have any questions please feel free to call or email me.
(Name of signing service)

Reply by 101livescan on 2/9/13 7:07pm
Msg #455007

I think it will be more than $180. NNA certification and BGC alone, E&O is more, of course if they are only asking for one year's premium, this might be correct.

Hmmm, well it's pretty standard here in CA to meet these TC prerequisites. But why do you need the SS. Cut out the monkey in the middle.

Reply by ToniK on 2/9/13 7:08pm
Msg #455008

Sounds like NNA marketing however, I wont be party to that. I already have BGC. I already have E&O and most companies mistake Notary E&O Insurance for General E&O...two different things.

I have worked with many TC directly and none of them ask me for specific policy amounts. They are fine with my $25K policy. Now if they want to know if Im insured, Il be glad to give them my professional liability policy or general business liability policy.

I noticed that SS are the ones requiring all this stuff or say the lender is requiring but I have yet to see a direct request from the TC's I work with and most times its the same ones the SS gets work from. But I havent gotten this email.

Reply by MikeC/TX on 2/9/13 7:38pm
Msg #455010

I would personally stop at the point where they require "National Notary Certification", because that certification is meaningless. There is no certification for notaries that is recognized nationally.

Just say no. If they really need you to do a signing, they'll call you - and all that other stuff won't matter.

Reply by FormerEO on 2/9/13 7:40pm
Msg #455011

Sorry, without the name of the SS I am not buying any of this.

I am doing business with both TC & SS and nobody has ever made such a demand of request of me.

Reply by sigtogo/OR on 2/9/13 8:00pm
Msg #455016

I did get email from TC demandnig NNA or Lexisnexis bkg ck

I have one from here, but they will not accept. they didn't require certification though.

Reply by JulieD/KS on 2/10/13 9:17am
Msg #455032

Re: I did get email from TC demandnig NNA or Lexisnexis bkg ck

If I were to respond to such a ridiculous email at all, I would respond with:

"I am not a closer. I am a signing agent."

You can call me a closer but I am not a closer. There is a huge difference in responsibility.

Reply by desktopfull on 2/10/13 1:18am
Msg #455028

Real easy response: NO! n/m

Reply by Darlin_AL on 2/10/13 10:17am
Msg #455035

Linda, when you post "...$180...however, with the money we make..." keep in mind those of us who live in rural areas, or who are not so established, etc, etc, have to adhere to a budget in order to make a profit with what we can wring out of our clients for our services. That said, I did start my public notary phase via NNA, and happen to have E&O, but at the minimum, 25K level. I do submit the NNA Certif in lieu of the "background check" detail, as I like to maintain as much privacy as possible. No company has rejected that so far. When it's time to renew, I will probably go the same way. I always introduce myself to brws with my business card which has the NNA logo to assist my presence as an "official", & explain the "certified, background-checked" about myself & the whole brief introduction definitely puts people (of all ages) more at ease about the signing procedure. If they start off more relaxed about my place in their transaction, they do have less questions of me--or no questions. And, the NNA background check didn't come up with my 5 years in prison for bank fraud--JUST KIDDING! gotta have some humor here!

Reply by JanetK_CA on 2/11/13 3:55pm
Msg #455266

Just for the record, there's nothing "official" about the NNA. They're just a business like so many others. But you probably know that - and I can see where your approach would work, since most people *don't* know that.

Reply by MW/VA on 2/10/13 10:19am
Msg #455037

I'm surprised that these cos., like many of us, haven't

learned that this is pure BS! We know how agressively they market, but too bad someone is still buying it. They don't get one penny from me, and I wouldn't comply or feel pressured to do that. It's really up to us to take a stand.

Reply by Suzibelle01 on 2/10/13 11:07am
Msg #455042

Got the same message from the SS yesterday. Not sure why we would have to have the NN Certification. It that is the case, what will they want next??

Reply by ananotary on 2/10/13 12:01pm
Msg #455051

Why is the SS name a secret? n/m

Reply by Linda Adams on 2/10/13 12:45pm
Msg #455056

Thanks for your responses

All of your responses pretty much mirror the thoughts that were going through my mind. And I'm going to respond accordingly. But as I said in my original post, in my particular situations I have other considerations that will be addressed in my response.

And as to why not mentioning the SS? I don't know the geographic extent of the SS but based on the names that also got the email (yes, I was able to see other email addresses to know my competition ) I'm thinking it's solely a Michigan based operation. They aren't listed in SC although the owner/operator's does appear if doing a notary search. Besides those reasons, my personal preference not to list the name.

Reply by Pat/IL on 2/10/13 2:11pm
Msg #455064

Re: Thanks for your responses

I think at this point, TCs are grasping at straws, trying to be ahead of the curve in anticipation of the CFPB final rules on Dodd-Frank compliance. The final rules are to be released over the course of this year, I believe, with part of the focus on making lenders reponsible for the actions of their third party vendors ad their subcontractors.

The Illinois Land Title Association recently introduced its certification program for title and escrow officers, as did the American Land Title Association (ALTA). I'm thinking this is all in anticipation of the final rules, and the readiness of their mambers to comply.

As more becomes known, I think these requirements, and more, will become a lot more common.

Reply by MW/VA on 2/10/13 6:57pm
Msg #455093

Yes, but what would that "cert/bgc" have to do with that? n/m

Reply by Pat/IL on 2/10/13 8:59pm
Msg #455103

Re: Yes, but what would that "cert/bgc" have to do with that?

I've learned most of what what I've learned from NAILTA and the ALTA. I'll try to dig up some specifics that lead me to believe what I posted. The CFPB rules are not being released all at once. That's why I think the title companies are grasping at straws, guessing at what they need to do to be ahead of the curve.

Based on the proposed rules, I believe much of the concern has to do with privacy and handling of funds. The ALTA and other organizations have been in contact with the CFPB, and with major lenders, and have released a sort of summary as to what they believe is to come.

My understanding of it all, so far, is that there is a comfort among the major lenders with being held responsible for the actions of their vendors. In turn, the vendors see this as a reason for the lenders to limit the number of vendor relationships and, thus, a need to provide some kind of proof that they are properly vetting their subs.

As I said, I'll go looking for the information from which I base my opinion, and Will post it for you to decide for yourself how it may affect the NSAs, and how it may be relevant to the OP.

Reply by NVLSlady/VA on 2/11/13 5:13pm
Msg #455296

"grasping at straws"

Yes, to me this also seems obvious. When these companies fail to have a clearly defined agenda, they will ask NSAs to fill in perceived compliance "gaps," jump through hoops, etc.

Glad I'm not the only one who opted for minimum (25k) E & O! When my closing ratio increases, I'll consider increasing that. But for now, my BGC (LexisN) and privacy compliance "policy" (ftc) on my site is where the "jumping dog" stops.

Reply by Belinda/CA on 2/10/13 6:16pm
Msg #455084

One TC requested this very thing from me last week. n/m

Reply by Bear900/CA on 2/10/13 8:35pm
Msg #455102

Pat/IL is right!

We posted the ALTA information just 2 minutes apart. (Message 455065)

The Final Rule is implemented in stages with comment periods in-between. Among other things they assumed governance over various parts of RESPA, GLBA, HUD, FACT Act and other rules.

The mortgage industry already went through its conniption fits when they were required to have written policies to implement these a couple of years ago. Parts of the policies were to verify third party providers, i.e. Title company’s privacy rules and other 3rd parties.

That drives down to SS’s and NSA’s.

Thus my question: What are your anti-Identity Theft Procedures?

Fulfilling the privacy portion of the CFPB is going to be simple enough and there is no reason to fret about it. It just needs to be done. Expect more title companies to ask you that’s all.

You may want to look at Regulation P as an example of what’s in store, here:

http://www.consumerfinance.gov/regulations/

CFPB audits – what you should know: http://solutions.allregs.com/what-to-expect-from-a-cfpb-audit/

Reply by Pat/IL on 2/10/13 9:08pm
Msg #455104

455065

There you have a good part of the information from which I based my opinion, posted by Bear900 in message 455065. For further information on the mindset of title agents, visit the website of the National Association of Independent Land Title Agents. As far as I know, they were the first to address this from the perspective of the title agents. http://www.nailta.org