Posted by Negretes Notary Service on 11/9/04 9:24am
Msg #11044

Ameriquest at it again!!!!!

Reply by Negretes Notary Service on 11/9/04 9:29am
Msg #11045

OPPS i hit the enter botton to soon.

In response to Jarrods question at ( First Choice Signing Service. )
Yes I was informed by the Ameriquest branches that I service that I will need $1,000,000.00 E&O insurance coverage and notaries will need $100,000.00 E&O coverage. I am surprised that you don't know about this already Jarrod, you are a big SS and should know about this.

Anthony J Negrete
Negrete's Notary Service Inc.

Reply by Lawrence Goodwin on 11/9/04 9:35am
Msg #11046

Anthony
Are you going to require your notaries to upgrade thier e&o, or is it your view that Ameriquest has gone totaly bonkers. jc

Reply by Negretes Notary Service on 11/9/04 10:26am
Msg #11050

I have not been able to get a hold of anyone at Ameriquest to find out what is going to happen in those states that you can NOT get more than is requried. I will keep you updated as we move along with this program.

Antony J Negrete
Negrete's Notary Service Inc.

Reply by Joan-OH on 11/9/04 10:23am
Msg #11049

Ok. Now maybe Ameriquest will tell me where I can get $100,000 E & O in the state of Ohio because as far as I can tell, it's unavailable. Believe me folks, I have looked high & low for it....I just can't get more than $25,000.

Does that mean Ameriquest will cease to operate in Ohio? I'll let my people at HFC & Beneficial know. They've been having a very slow fall and Ameriquest leaving Ohio can only increase their business! Just kidding about that. I don't discuss other lenders with any of my clients. But I really don't think this requirement is going to last long because Ohio isn't the only state where you can't get $100,000 E & O.

Joan-OH

Reply by Lawrence Goodwin on 11/9/04 11:53am
Msg #11053

Ok, stupid question.
As a retired RE Appraiser, I understand the need for E&O in that profession, but why should a lender/title/escrow or ss require it in this field? E&O covers only the insured and no one else.
Please enlighten me, this is just something I dont get.

Reply by Jon on 11/9/04 11:49am
Msg #11051

My question is why would they even require it? Notary E&O Insurance only covers notarial errors and is only coverage for the notary. An outside entity cannot make a claim against the notary's E&O. In Ca only the notary is solely responsible for his/her actions, so even if the notary did not have E&O coverage, the company would not be liable for the actions of a notary public on a notarial certificate. If the SA makes an error during the signing that is not a notarial error, then the E&O is irrelevant. Help me to understand the logic(or lack thereof).

Reply by Negretes Notary Service on 11/9/04 11:53am
Msg #11052

Re: Ameriquest at it again!!!!! LOGIC?????

There is no Logic with Ameriquest.

Anthony J Negrete
Negrete's Notary Service Inc.

Reply by Bob-Chicago on 11/9/04 3:31pm
Msg #11067

Not Quite

Actually the lender could benefit from the E&O in the event of notary error. Lender could sue notary for negligence ( eg: imposter borrower) and collect against the E&O policy instead of chasing the notary's assets. Same as with auto insurance or medical malpractice.
On the other hand, the lender is covered in that event by their title insurance policy . That involves a simple claim on the policy. The title co may want to then go after the notary, but the lender has been made whole, so they would not care.
Might be a case of a house attorney with too much time on their hands.

Reply by Jon on 11/9/04 3:41pm
Msg #11069

Re: Not Quite

In Ca, they can only go after the notary. An outside entity cannot make a claim against a Notary E&O Insurance policy. Even if they decide to go after the notary, it is the notary who has to file a claim against the E&O. If the notary chooses not to file a claim, the title company has no choice but to go after the notary's assets(although a sane notary would file the claim). If I, as a notary, choose not to file a claim, they can't collect on my E&O.

Reply by Joan Bergstrom on 11/10/04 12:13am
Msg #11093

Anthony
It is so nice to have you post information etc. because your company is one of the "Good Guys."
As I posted before I have $100,000 E&O insurance and I purchased it aprox. 18 months ago because I was uncomfortable with only $15,000 E&O and this purchase addressed my personal risk level. Whew!!!

My question to both Anthony and the notaries who post: I think my $100,000 policy in Calif. is so rare that very few notaries have a $100,000 E&O policy?
What 's everyone think?

Reply by Notary/FL on 11/10/04 8:10am
Msg #11104

Answer to your questions

I only do Ameriquest loans. It is required by Closing companies to have 1,000,000 liability insurance. And liability is expensive.
Independents are required to have 100,000 E&O to be on the approved list. You also need to send in a copy of your surety bond (7500.00). This has been coming for some time. And yes, you have until the 1st of Dec. to get it in. When approved, you can do closings for any Ameriquest Company.
You need to contact the legal dept to have a application sent to you. Her name is Verna.

With the new CEO in Ameriquest, it is a good thing to have him request this. It is not only covering them but you as well.
NNA is offering 100,000 for $60.00 for 1 year.
On the application, there will be a place to write down all the money owed to you. Such as: Loan Number, Borrower, loan amounts, estimated closing dates, etc.

I hope this helps.

Reply by Jan Kohake on 11/10/04 11:38am
Msg #11108

Re: Answer to your questions

Every Ameriquest signing I do, there is ALWAYS a problem and more so than not the LO is always trying to get the poor borrower to sign, even though the borrower is saying to him repeatedly, I can't afford this, you told me my interest rate would be this, or my monthly payment would be this, or I didn't know this was going to be an adjustable loan or that I would have a prepayment penalty. It is always something. These signings always end up with the borrower having to speak with the LO two, three, four different phone calls. Most of these LO's seem to be very, very zealous, very inexperienced, very young people that only seem to care about a commission check and not the people they are dealing with. I not only dread these signings but more and more try to avoid them.

Reply by CaliNotary on 11/10/04 3:57pm
Msg #11137

Re: Answer to your questions

"Most of these LO's seem to be very, very zealous, very inexperienced, very young people that only seem to care about a commission check and not the people they are dealing with"

I think Ameriquest only hires recently graduated fratboys as their loan agents. I've never dealt with a company where I've had so many employees casually drop the f-word into their conversations with me. I'm a pretty casual guy by nature, but even I know when to act like a f***ing professional!!

Reply by Hey Anthony at Negretes..... on 11/10/04 6:44pm
Msg #11147

Re: Answer to your questions

go to americannn.com and see the post someone wrote about you. FYI

Reply by Cheryl Elliott/SB on 11/10/04 9:43pm
Msg #11155

Tony, this is absurd! 100k E&O. first of all, E&O only covers omissions in the Jurat and Ack parts of a notarial act. Most title co's have umbrellas of $500K to cover their outside notaries.

It doesn't make sense to me...can you shed any light on this new requirement, not that I like doing Ameriquest loans, but give me a break.