Difference between revisions of "Title Insurance Agent Licensing in Pennsylvania"
Davidjenkins (talk | contribs) (→Policies) |
Davidjenkins (talk | contribs) (→Closing) |
||
| (3 intermediate revisions by the same user not shown) | |||
| Line 4: | Line 4: | ||
==Types of Licenses== | ==Types of Licenses== | ||
Pennsylvania only offers one type of license, which is an agent license that is only available to individuals. | Pennsylvania only offers one type of license, which is an agent license that is only available to individuals. | ||
| + | |||
===Agency=== | ===Agency=== | ||
N/A. | N/A. | ||
| + | |||
===Agent/Producer=== | ===Agent/Producer=== | ||
This is the only type of title insurance agent license available and it is called a "Title Insurance Agent" license. | This is the only type of title insurance agent license available and it is called a "Title Insurance Agent" license. | ||
| + | |||
| + | ===Escrow=== | ||
| + | N/A. There are no separate escrow companies in Pennsylvania. If a company has a licensed title insurance agent on its staff, then anyone who works for that company is permitted to conduct closings for insured transactions. | ||
===Other=== | ===Other=== | ||
N/A. | N/A. | ||
| − | |||
| − | |||
==Licensed Functions== | ==Licensed Functions== | ||
| + | Most of the business of a title insurance agency in Pennsylvania can be done by employees of a agency so long as the company has at least one licensed title insurance agent. Commitments and Policies are the only documents that can only be signed by a licensed title insurance agent, but the signatures can be by facsimile (i.e. non-wet signatures). | ||
===Solicitation of Business=== | ===Solicitation of Business=== | ||
| + | Sale and solicitation of any business may be done by any employee of a company that has at least one licensed agent. | ||
| − | === | + | ===Production=== |
| + | A licensed title insurance agent does not need to directly participate in the search, examination, or preparation of any documents in connection with issuing a final policy or settlement statements. | ||
===Forms=== | ===Forms=== | ||
Commitments and Policies are the only documents that must be signed by a licensed title insurance agent. | Commitments and Policies are the only documents that must be signed by a licensed title insurance agent. | ||
| + | |||
====Commitments==== | ====Commitments==== | ||
Commitments may only be signed by a licensed title insurance agent. The signature may be a facsimile signature. | Commitments may only be signed by a licensed title insurance agent. The signature may be a facsimile signature. | ||
| + | |||
====Policies==== | ====Policies==== | ||
Commitments may only be counter-signed by a licensed title insurance agent. The signature may be a facsimile signature. | Commitments may only be counter-signed by a licensed title insurance agent. The signature may be a facsimile signature. | ||
| Line 29: | Line 37: | ||
====Settlement Statements==== | ====Settlement Statements==== | ||
Settlement statements may be signed by any employee of a company that has at least one licensed agent. It should be the employee who conducted the closing. | Settlement statements may be signed by any employee of a company that has at least one licensed agent. It should be the employee who conducted the closing. | ||
| + | |||
====Others==== | ====Others==== | ||
N/A. | N/A. | ||
| − | === | + | ===Closings=== |
Any employee of a company with at least one licensed title insurance agent can conduct closings in Pennsylvania. The closing itself does not need to be done by a licensed agent. | Any employee of a company with at least one licensed title insurance agent can conduct closings in Pennsylvania. The closing itself does not need to be done by a licensed agent. | ||
Latest revision as of 15:22, 15 July 2018
Contents
Overview
Pennsylvania is fairly straightforward with regard to licensing of title agents and tends to mirror the practices of other states. The only exceptions to this are the testing and CE requirements.
Types of Licenses
Pennsylvania only offers one type of license, which is an agent license that is only available to individuals.
Agency
N/A.
Agent/Producer
This is the only type of title insurance agent license available and it is called a "Title Insurance Agent" license.
Escrow
N/A. There are no separate escrow companies in Pennsylvania. If a company has a licensed title insurance agent on its staff, then anyone who works for that company is permitted to conduct closings for insured transactions.
Other
N/A.
Licensed Functions
Most of the business of a title insurance agency in Pennsylvania can be done by employees of a agency so long as the company has at least one licensed title insurance agent. Commitments and Policies are the only documents that can only be signed by a licensed title insurance agent, but the signatures can be by facsimile (i.e. non-wet signatures).
Solicitation of Business
Sale and solicitation of any business may be done by any employee of a company that has at least one licensed agent.
Production
A licensed title insurance agent does not need to directly participate in the search, examination, or preparation of any documents in connection with issuing a final policy or settlement statements.
Forms
Commitments and Policies are the only documents that must be signed by a licensed title insurance agent.
Commitments
Commitments may only be signed by a licensed title insurance agent. The signature may be a facsimile signature.
Policies
Commitments may only be counter-signed by a licensed title insurance agent. The signature may be a facsimile signature.
Settlement Statements
Settlement statements may be signed by any employee of a company that has at least one licensed agent. It should be the employee who conducted the closing.
Others
N/A.
Closings
Any employee of a company with at least one licensed title insurance agent can conduct closings in Pennsylvania. The closing itself does not need to be done by a licensed agent.
