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Why Did Industry Create New Standards for Notary Signing Agents?

Answer: The SPW standards have been established so that lenders and title companies are in compliance with Federal requirements (Dodd-Frank) for oversight of third-party (which includes NSAs) activities in the loan process.

Laws, Regulations, Standards
Governing
Maryland TIPICs/Certified Signing Specialists

Maryland Laws Credentials
Maryland Notary Public Handbook Notary Commission
MIA (Maryland Insurance Administration)
Bulletin 10-18 date June 4, 2010
TIPIC License
  Appointment
  Mandated Coverage of TIP's Fidelity/Surety Insurance Policy
   
Industry Standards
Signing Professional Workgroup (SPW)
Credentials
Certified Signing Specialist Code of Conduct New Designation/Title: Certified Signing Specialist
SPW Standardized Signing Signing Script  
Standardized Signing Script  
Annual Exam  
Annual Background Screening  
Errors and Omissions Insurance - $25,000  
   

A word to the wise NSA/TIPIC (3/4/2014): This change in the loan signing process for NSAs/TIPICs takes me back to July of 2003 when Maryland began to enforce the law for NSAs to become "licensed Title Insurance Producers." A Notary could not performe loan closings anymore, unless he/she was a licensed Title Insurance Producer. A lot of NSAs refused to comply with the new laws, thinking they could perform business as usual. They were resistant to "change;" which affected their business in the short term and for some, the long term. I immediately complied with the change. As a result of compliance, I was one of the first NSAs to become a licensed Title Insurance Producer (TIPIC). Today, I am high on the list with companies that contracted with me in 2003.

If NSAs/TIPICs want to continue to assist in the loan closing process for the SPW connected lenders/titlecompanies/signing companies, it is prudent to comply with the new standards.

Maintenance Requirements for NSAs/TIPICs
"We Are In The Making Of A Notary Public Profession."
 
NSAs/TIPICs Maintenance Requirements for Maryland, Washington, DC, and Virginia
MORTGAGE INDUSTRY REQUIREMENTS *REQ'MT TYPE ESTIMATED FEE PAYMENT OCCURRENCES WORKSHEET COLUMN
A special committee of executives from major lenders and title companies has announced a new set of standards for signing agents. The group, called the Signing Professionals Workgroup, introduced the standards at the Mortgage Bankers Association’s 100th Annual Convention in Washington, D.C., .... For more information, click here - A Guide to The New Mortgage Signing Standards.        
         
Annual Background Screening Direct $65.00 (Includes Exam)    
Annual Certification Examination Direct      
         
FEDERAL REQUIREMENT(S)        
Gramm-Leach Bliley Act
NNA Certification/Background Screening
Indirect      
         
STATE REQUIREMENTS        
         
MARYLAND        
Notary Public Commission Direct $20.00 + $11 Admin Fee Every 4 years  
TIPIC License Renewal Fee Direct $74.00 Every 2 years  
TIPICs Continuing Education Credits Direct May average $20 per credit    
Appointment with Underwriter Indirect $0 None  
         
VIRGINIA        
Notary Public Commission Direct      
CRESPA Requirement Indirect      
Continuing Education Credits Indirect      
         
WASHINGTON, DC        
Notary Public Commission Direct $50.00 ??????? Every 5 years  
Notary Bond (Coverage - $2,000.00) Direct $50.00 Every 5 years  
NSA/Title Producer Error and Omissons Ins Direct $500.00    
Continuing Education Credits (16 credits) Direct May average $15 per credit hour    
         
PROFESSIONAL ESSENTIALS        
Appointment Letter (more info to come)        
Errors & Omissions Insurance Direct $25.00 Every year  
CSS Examination & Background Screening Direct $65.00 Every year  
NNA Membership Indirect   Every year  
NNA NSA Section Membership Indirect   Every year  
Notary Public Classes Indirect $30 - $50 per class Per Class  
Website for professionalism & exposures Indirect $8 per month Monthly/Annually  
Annual Notary Public Day Indirect FREE Every year  
         
TOTAL ESTIMATED MAINTENANCE COST        

*Requirement Type
Direct - NSA/TIPIC required to incur this expense. Affects legal operation of the profession/business.
Indirect - NSA/TIPIC not required to incur this expense. Having these credentials in place increases Notary marketablility in the profession.

Please note: Some fees are lowers when purchasing multiple years.
Fees are estimated.

 

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