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vince
Kansas
324 Posts |
 Posted - 09/18/2008 : 10:18:21 AM
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quote:
Originally posted by BobbiCT
Good news for attorneys, they easily carry at least $1 million in coverage.
Maybe it is too bad they didn't have enough time to find one that would charge a reasonable fee for the closing.  |
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BobbiCT
Connecticut
135 Posts |
Posted - 09/18/2008 : 09:51:11 AM
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"the actual notary hired had to have $500,000"
Good news for attorneys, they easily carry at least $1 million in coverage.
Bobbi in CT |
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Shannon
California
360 Posts |
Posted - 09/17/2008 : 5:43:43 PM
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I wrote a thread much like this a couple of years ago. I had an escrow company that did occassional work with Provident. After investigating the cost of such insurance, I found that it was cost prohibitive for the amount of work that they could offer...
"A Quick Note"
www.aquicknote.net
Personal Service to All of Southern California |
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vince
Kansas
324 Posts |
Posted - 09/17/2008 : 3:10:53 PM
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Similar request today for a TC that had not worked with Provident for a while for a closing scheduled tomorrow morning. They said they had specific instruction after getting a copy of my $100,000 E&O that the actual notary hired had to have $500,000. So, even if a signing service had the coverage, they would be required to accept full responsibility for the work. The TC turned the closing back in I wonder if someone new is at Provident, or if it is a new policy that they may need to review. |
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BobbiCT
Connecticut
135 Posts |
Posted - 09/17/2008 : 05:06:03 AM
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Cool.
Provident accepts 100% liability for your work.
When the State Labor Board audits Providents files, they get HIT with non-payment of federal & state taxes for their "employee" and non-payment toward state unemployment compensation for their "employee". Not to mention not having a record of "vetting" you as an "employee."
Sounds like some employee doesn't like them and wants them to take a public hit through the Labor Board, which is right up their with the IRS when it comes to labor violations. Been there; seen that - I was on the good side of employees ten years later getting checks for money owed them after a labor board complaint by a "16-year old kid that didn't like getting fired."
Of course, maybe when the signing check goes out Provident deducts all the usual employer/employee taxes, which at minimum wage could result in you getting a bill from Provident for your services. :)
Bobbi in CT |
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edelske
New York
815 Posts |
Posted - 09/16/2008 : 5:55:26 PM
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I get a call from nationwideclosing.com for a routine signing. The docs went to the borrower, fee is a barely acceptable (for Manhattan) - $75.
I accept and await the confirmation. Confirmation is routine with the request to: "Please fax us copies of your notary commission information, your current e&o, and a w9" - OK so far....
Then, about an hour later I get a call asking if I have $500,000 E&O insurance. Just so you don't think that's a typo - Half a Million !
Nope, mine is $25,000 the most available in New York State - to the best of my knowledge. "Sorry, you must have $500,000 in E&O - but there is an alternative". Sandra explains the lender is Provident Loan and that is their requirement. I ask what is the "alternative".
"We can supply you with a form from Provident - just sign it, the form is to acknowledge that you are an EMPLOYEE of Provident, and then you will be covered by their E&O". I think this over for about half a second and tell Sandra that I would not sign such a form as I know the statement to be false. I am NOT an employee of Provident Loan, they don't give me wages, disability coverage, deduct taxes, provide medical, etc. etc. She says it's just routine so I can be covered by their insurance, but it does require me to state that I am both representing them and that I am their employee.
NO THANKS, was my reply - not interested. I will not sign a form that I feel is false, no matter what their "technical" explanation is. I am not a Provident Loan employee and refuse to state, for any reason that I am. Thus, they went looking for a different notary willing to, in my humble opinion, to sign a false statement.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Needed: $500,000 in E&O for routine signing
