Hi everyone,
First time posting here, let's see how it goes. I just want peace of mind. I have been a notary over 2 years now and I do most at my place of employment. For side cash, I also do mobile signings here in New York. Most of the signings are HELOC or refi. I did not purchase E&O insurance for my mobile signings until recently, even though the E&O doesn't cover signing agent mistakes. I am covered at work.
I have never committed any kind of fraud, and I am pretty sure no one has ever given me false ID. Certainly I have made sure the signers sign in front of me. The only error(s) I could have ever possibly made was perhaps leaving the wrong pre-filled venue, perhaps forgetting to stamp, or perhaps writing the wrong date. Even these honest mistakes are unlikely because I double check my work, but what happens if I make them?
I believe that once I send the documents to the title company, they check it. They would send me back if there was a problem (never happened yet). I am sure they would notice a missing stamp or wrong date, but let's say they miss a wrong venue. Sometimes documents come pre-filled with the venue of the property even though we are signing somewhere else. In NY the venue has to be the signing location. Does a title company from out-of-state know that? Let's say they miss this and the loan goes through.
Now let's say there is a problem later, such as a foreclosure. The borrower hires an attorney and he is smart and sees that the improper venue can possibility end the foreclosure suit. Let's say the lender loses thousands as the note and/or deed of trust is null & void.
Can any entity from the lender side come after me and claim negligence on my part? Is the lender protected so that they wouldn't come after me; do they have insurance for something like this? Is there any case law for something like this? If the lender doesn't have insurance for this, what happens to them? They eat it? It's not that I care so much about the lender, I just don't want any liability.
Since the title company has "accepted" all the documents I have signed so far, does that mean the liability is on them now for accepting?
Would love to hear any feedback, thanks! |
