Posted by Les_CO on 10/8/13 3:00pm
Msg #487413

For Virginia Notaries

Does anyone know about the new requirement in Virginia that the security instruments, i.e. mortgage/deed of trust and riders, now need to be recorded before the TC can disburse funds? Does this mean that rather that getting paid several days after a signing, that it could take weeks?

Reply by Linda_H/FL on 10/8/13 3:06pm
Msg #487415

Virginia's turning to escrow state? Like CA? n/m

Reply by bagger on 10/8/13 3:13pm
Msg #487416

Sigh

According to Signing Central, looks like they have been going downhill since July/August.
Good Luck

Reply by bagger on 10/8/13 3:13pm
Msg #487417

OOps, wrong thread. n/m

Reply by vanot99 on 10/8/13 3:31pm
Msg #487421

That has been the requirement since I've been in the mortgage/title business. At least 10 years.

Reply by Les_CO on 10/8/13 4:04pm
Msg #487426

Thanks for that info! I’m not sure about VA procedures….but had someone call me on a Virginia property, saying they needed some fax backs, and because of new rules wanted me to print 3 copies of recordable docs, one to borrower, one to Title and send one original to the County for recording????……. and that my payment may be delayed a bit because of the extra time involved. I said I had no way if calculating recording costs, or making payment…that was Titles job, and that I was sorry but I could not help them. It kinda sounded like VA was going escrow, but if VA has electronic recording, it would only take Title a few extra minutes to do this before funding. These people in this business are getting curiosier and curisorier!

Reply by JamesLee/VA on 10/8/13 7:43pm
Msg #487443

No new rules as far as I know. the extra time to be paid is bunk. Not sure why they were asking you to calculate the fees. Only the title company can do that. Some coutities go off of assesed value, some sales price.

I'm assuming this was a purchase since they were asking for an extra copy of the DOT. This is done to compensate for the mail away since in Virginia it it required that the DOT is recorded within 2 business of the transaction if its a purchase or 2 business days after the rescission period is over. For example if you closed at 5PM on Monday and did not get it out until Tuesday, they would not get it until Wednesday. One of the DOT's would have to go directly to the abstracter (recorder) so the title company would be in compliance.

In VA no funds are disbursed until the DEED and/or DOT goes to recording. Its always been this way. There still should be no delay in your payment because funds have to be disbursed within 2 business days.

Hope this helps a little.

Reply by MW/VA on 10/8/13 7:44pm
Msg #487444

As far as I know, VA isn't going "escrow" like CA or AZ.

It makes sense that the DOT might need to be recorded before they could disburse. We're only talking a couple of days at the most.
I've done a couple of purchases where all the docs go back to the tc, and then they send the docs for recording directly to the city (we don't have county gov. in my area) or to an abstractor to handle the recording. Unfortunately, it wastes a day or so. I did a purchase on a co-op last week & the RE agents were very concerned about when it would be recorded. It was a Friday, meaning the tc wouldn't get the docs back til Monday, and to the abstractor for recording on Tues. When I'm acting as an NSA in VA I don't do what is referred to as "table funding", which means disbursement at the signing. It doesn't officially "close" until the tc disburses.
I don't handle recording because it's more complicated than it seems.
I don't think it was an issue you would have need to worry about from your end. It shouldn't have help up your payment.
I hope this helps. We are not as peculiar in VA as you might think. By comparison, I find the pkgs. for CA cumbersome with so many extra's, including that ridiculous "Statement of Information" form to be filled out by the borrowers (I've been told it's a title insurance requirement), which is a huge PIA.

Reply by MW/VA on 10/8/13 7:59pm
Msg #487454

Funny--JamesLee replied 1 min. before me--I could have saved

myself a lot of time. ;-) LOL

Reply by Les_CO on 10/9/13 9:58am
Msg #487488

Re: Funny--JamesLee replied 1 min. before me--I could have saved

Many thanks to all for the information, one can learn something new every day, it and proves that this is the place to go to get out hard to find information; it pays to read this forum every day.