Posted by LCS_CA on 8/17/06 7:52pm
Msg #139182

Provident Funding, LP

I have had calls today from two different escrow officers regarding this lender's requirement that if an outside notary signing agent is required they must provide evidence of E&O insurance with liability in the amount of $500,000. Anyone else run across this before?

Reply by Becca_FL on 8/17/06 8:43pm
Msg #139193

$500,000??? I've never seen a policy for that amount. The most I've seen is $100,000.

Reply by NCLisa on 8/17/06 9:01pm
Msg #139197

I don't think that the powers that be at Provident know the difference between E&O insurance and liability insurance. It sounds like they are actually looking for a Liability policy that incorporates E&O insurance, like settlement companies and attorney's have.

Reply by LCS_CA on 8/17/06 9:19pm
Msg #139204

I know... I have my required bond plus E&O for $100,000 - their requirement seems over the top to me. Oh well...

Reply by Cherilyn_CO on 8/17/06 10:29pm
Msg #139225

Funny, I got a call today from a local title company...

and it was for a Provident loan. They asked if I had a $500,000.00 e&o policy. I told them good luck finding a notary with $500,000 e&o insurance!

I thought it was weird, and was wondering if they were shopping me, but not I know that it was a legit. call!

Reply by sue_pa on 8/18/06 9:19am
Msg #139297

I did one a few weeks ago, Because this was so odd I kept a copy of the 'Notary Policy' that the companies must follow - if you aren't a title company employee there are a few exceptions on their use of outside notaries and the $500,000 insurance is one of them - I think an attorney/notary is also an allowable exception. Signing service 'employees' are permitted if the ss provides the $500,000 e & O. In my case, I was told repeatedly from the first phone call to tell anyone calling me direct from Provident that I was an employee of ABC Title. I didn't understand why and no one 'knew' why - until I got the package - the 'Notary policy" is spelled out very clearly and they had to sign a certification that I was either an employee or supply them w/evidence of my E&O. I guess they signed the certification as they never even asked me if I had E&O

Reply by Ndwa on 8/18/06 11:51am
Msg #139328

I got call to do one this afternoon from one of my regular TC. There is nothing in the package asking for my E&O. Are you all getting call directly by Provident?

Reply by LCS_CA on 8/18/06 3:37pm
Msg #139393

My calls came from the title company. I suppose it is possible the title company may have pulled that form from the package unless it is included in the lender's instructions.