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Posted by  BrendaTx on 5/28/07 9:18am
All of the VA Crespa questions
Posted by Shannon_Va of VA on 5/26/07 11:40pm Msg #192242
I have to chime in here....I dont post alot here.....and there are a few of you out there who private message me with questions...so here are some of my answers and I thought I would share my thoughts with everyone....
First let me start by saying I have been in the title business for 16 years, since the day I graduated high school...literally....I have well over 1000 closings under my belt, as well as being a title examiner for most of those years...I have worked as a title processor and escrow officer, and most recently I have opened my own title agency......so with that said...this is not to be considered legal advise in any way...just my experience and take on the whole thing...
To become CRESPA certified...there is no 'test'....it is a tedious pain in the butt process that goes something ike this......
FIRST, you need to become a licensed title producer..check out experioronline.com or prometric.com...testing info and test guidelines there...NO STUDY MATERIAL ($59).....
AT THE SAME TIME you send in a request to the State Police for a criminal background check, there is an app on there web site (15.00)
SECOND.....you pass and send to the state an application for your license, along with that background check ($35 i think)...see the virginia bureau of insurance web site......
...when you get your license you then....
THIRD.....you need to be appointed by an underwriter within 180 days...lawyers title, chicago title, southern title, who ever...just someone.....
FOURTH...you need to be bonded, yes, yes you do.....(as a notary signing agent, VA does not require a bond, but to be crespa certified, you do)....a surety bond, not a fidelity bond...($500)
FIFTH...when you receive the original bond, you send in the original, yes the original, along with a copy of your title producer license and a copy of your e&o insurance which must be a minimum on $250,000.00....once they receive all of that good stuff you will get a letter telling you they have it on record..then
SIXTH...you fill out an application for the bar association ..www.vsb.org....and send it in ($15.00)...
You will get back a pretty certificate in about 2 week....and Wa La....your certified.....
Seems like such a pain for that little price of paper......
Now if you do all of this, you are now able to be a full fledged settlement agent in Virginia
MY POINT OF VIEW...for those who care....
As a settlement agent, i do not care if you have this to do a notary closing for me, but what i do care about is that you have e&o insurance......
I dont think having the certification is necessary just to sit and witness signatures and notorize some papers....you arent explaining the docs line by line, you are simply saying...this is your truth in lending, please sign here, this is your note, please sign here......Now I go more into it than that, but is a fine line you walk so you must be careful....but the state feels you need to be
But I have found signing companies will call me because I am certifed, and I have others who really dont care......
Please feel free to email me if you want, just click my profile link......
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