Posted by Les_CO on 10/26/06 3:25pm
Msg #155244

Ticor

I just got a call from a customer (borrower) that wants me to notorize the docs for a refi on a Nevada property (he's in Denver) Ticor out of Nevada says I must have $100,000.00 Bond! Bond?? I told him notaries in CO are no longer required to be bonded. Said I have 100k of E&O insurance, but that is not a bond. I've closed loans for Ticor before, this is the first time anyone has asked for 100K bond. I faxed them the cover page of my E&O policy, said if that isn't adequate I can't notarize the docs. Anyone else had a problem with Ticor lately?

Reply by ananotary on 10/26/06 4:05pm
Msg #155264

Possible lender requirement?? n/m

Reply by TitleGalCA on 10/26/06 9:52pm
Msg #155367

***Ticor out of Nevada says I must have $100,000.00 Bond! Bond??***

It's all about semantics and a lack of experience. I'm sure Ticor actually meant E&O (instead of Bond) when they made that request. Understand TC's many times are knee-jerk and state requirements that aren't so just because they don't understand the request, and just want to expedite the closing. After you.....they have about 20 more calls to make with requirements...sometimes mis-read requirements and mis-stated.

Be Big about it and get where they are coming from and you can smooth over the whole issue. By getting detail oriented about the request just invites questions about you. Kindly remind them that "bonds" aren't required...perhaps they meant "this"???? It will work much better than shoving it in their face that they don't know what they are asking.

Reply by Theresa Petrula on 10/26/06 9:59pm
Msg #155370

I had the same experience today. I believe they are talking about E&O. Strange because I've done closings for Ticor before and never had this come up.

Reply by Cheryl_NV on 10/27/06 11:57am
Msg #155518

I have spoken to several different Ticor offices here and they said it is the new thing for Ticor across the board. Every NSA needs to have a $100 E & O Policy.

Reply by Les_CO on 10/27/06 3:43pm
Msg #155597

Thank you Cheryl!!! That is exactly what I wanted to know.

I really don't need advise on how to speak to employees of a title company. Especially by someone that has "Dropped her smile."

Is everyone there closed on "Nevada Day?"

BTW... Ticor accepted the 100K E&O ins.


Thanks again!!!

Reply by Les_CO on 10/26/06 11:57pm
Msg #155414

Thanks for your response! Perhaps I didn't make myself clear. I was not contacted by Ticor, I was contacted by the borrower. I've worked with this particular guy for some years, and he uses me for all his notary work. Ticor told him that if he wanted to use "his" notary they would require a "100K bond". I told him that I carry 100K E&O insurance, but not a "bond". I faxed him the front page of my E&O policy, told him to fax it to them and see it that will meet their requirements. The thing is I have presented loan packages for Ticor (not Nevada) in the past and this has never come up. I was just wondering if other notaries out there have had this experience. I fully understand the workings of title companies, and the problems they have (especially EOM) and was not implying that they did not understand the difference between a bond and insurance. (although some probably don't) and I would never "shove it in their face". A poor way to get future business.