Posted by cyndi_ca on 10/18/06 8:19pm
Msg #153447

Ticor Title an 100K bond

has anyone heard of this? Some TC's requiring 100K bond in order to perform closings? News to me. any thoughts.

Reply by LCS_CA on 10/18/06 8:33pm
Msg #153455

100K E&O

Ticor Title (along with Chicago Title, Fidelity Title and others) are owned by Fidelity National Financial. They have issued an underwriting bulletin concerning "outside notary or signing services" which requires approval of the notary by a regional manager after the following minimum standards have been satisfied: (1) notary must have been in business two years; (2) they must provide at least three business references; (3) they must provide a copy of their Notary Bond; and (4) they must carry E&O insurance with minimum coverage of $100,000.

Each area or office seems to be taking a different stance on this: some may require it and others may not. Our local office of Chicago Title, for instance, requires the items listed above in order for me to handle appointments for them (and I worked there for more than 20 years!). But I have dealt with other offices that seem totally unconcerned with these requirements.

The original underwriting bulletin said they were taking these measures because of fraud, etc. When I talked to the local manager, I reminded him that my E&O is only going to protect them if I make an honest error... no coverage if I am a lying, cheating, thieving notary commiting fraudulent acts.

Reply by cyndi_ca on 10/18/06 8:44pm
Msg #153460

Re: 100K E&O

I understand the E & O but what I am referring to is them requiring 100K bond, not E & O.

LCS thank you for your reply. This came up for me this evening. They wanted a closing done but when this issue of my bond came up they said it MUST be 110K Bond.

Reply by LCS_CA on 10/18/06 9:01pm
Msg #153472

Re: 100K E&O

It seems like the person requesting this from you doesn't understand what they are asking... the State of California only requires the $15,000.00 notary public bond. I would ask this person for the requirement in writing. I don't think they will find a notary with a $100,000.00 bond. I'd be curious to know what you find out if you pursue this further with them...

Reply by Joan Bergstrom on 10/18/06 9:37pm
Msg #153489

Re: 100K E&O

No one is our notary/loan signing industry is required to buy a $100,000 Bond to be a notary. I am sure this person meant having an E & O Policy for $100,000.

I have had $100,000 E & O Insurance for over 3 years and no has ever hired me because of it nor asked me if I had $100,000 insurance.

This amount of insurance for me was just a personal decision and I never thought I would get any business by buying this amount and I have been right.

Reply by cyndi_ca on 10/18/06 10:18pm
Msg #153504

Re: 100K E&O

I even asked this person several times if they meant E&O and each time they said "no 100k Bond" I will be addressing this issue again in the am. I will keep you updated. Even went on to explain that I have seen where some Co's require 500K ins. in order to perform closings but that was for the Settlement Agent, not Notary. I'll keep ya updated.

Reply by MelissaCT on 10/19/06 4:07pm
Msg #153718

Guess Ticor won't work in CT

because a bond is not required & I don't even think I could get a bond even if I wanted one here.