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Notary Bulletin

Are Signing Agents allowed to collect closing funds?

I’m a new Signing Agent. And I just wanted to know if it is allowed in Virginia for Signing Agents to collect funds that due at closing/signing appointments?T. M., Virginia

In the commonwealth of Virginia, if a Signing Agent handles any funds – picks up a check for closing costs from the borrower to return with the signed documents – they are required to obtain a Title Insurance Producers (TIP) license. If you do not handle funds, or if the lender or title company arranges for the borrowers to send the funds directly to the closing agent, a TIP license isn’t required.

Hotline answers are based on the laws in the state where the question originated and may not reflect the laws of other states. If in doubt, always refer to your own state statutes. – The Editors

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Additional Resources:

Signing Agent State Restrictions

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