Posted by Tina_MA on 9/22/06 6:35pm
Msg #147886
Lender required $1M E&O to conduct witness signing...
TC set up appointment with me.
Lender calls a little while later. States that I must have my own E&O policy of at least $500K in order to conduct signings for their loans. I explain that I am an employee of Attorney Bolton, and as such, am covered under his $2M policy. She says she'll check into it and get back to me.
Lender calls back a long while later. Says that she is not releasing docs to TC unless I have my own E&O policy of $1M. I asked what happened to the $500K from a couple hours ago. She seemed to not hear me and went on to say that I needed the correct amount of E&O, and if not, Attorney Bolton needed to conduct the signing.
Well, since it was scheduled for 8:00 p.m. on a Friday night, I knew that wasn't going to happen. But I called my boss and asked if he wanted to do the signing. I won't get into what he said, but suffice to say, bottom line, I was covered by his E&O, because essentially, my work product is his. Next issue was that since we were not doing the title work (just a witness only closing), it was not necessary to have that kind of E&O coverage. I was instructed to call the TC and see what they had to say about it.
Once I explained it to the TC, they were speechless. Like Attorney Bolton, they also stated that it was not necessary to have that kind of E&O for witness only closings. They stated that we were still all set for tonight and that if the lender called again, to have them call the TC and discuss it with them. And in the meantime, they would see what the holdup with the docs was.
Well, the signing has been pushed back to Monday. I have not heard anything more from the lender, but I have to say that it was a very bizarre set of phone calls. I can only guess that she was either a temp or brand new, and didn't know what the heck she was talking about.
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Reply by Tina_MA on 9/22/06 7:47pm
Msg #147913
Re: Was it Provident Bank? I had the same thing happen to me
That might of have been it. The woman talked so quickly, I can't be sure.
If they're going to have an employee do the signing, they're going to need a round trip plane ticket and hotel accommodations. Hope the employee is commissioned in Massachusetts, too.
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