Posted by M/VA on 8/23/07 8:15am
Msg #207179

Inexpensive E & O Insurance

I just found out about notary signing and this website from an e-book I purchased online about foreclosure inspections. It has a lot of very good information in the books and I can easily see how I will be able to carve out a business. I have noticed when I contact many of the companies that e&o insurance is required. Does anyone have any suggestions on where I might obtain e&O insurance so I can get started. I am just starting out and don't have a lot of cash flow. HELP!

Reply by Eric2OO2 on 8/23/07 8:20am
Msg #207182

E&O Insurance is available in a number of locations. Before you invest a lot of money you should check out the posts on other forums as well as the posts here. Business is drying up and signing services/title companies are offering us less and less. Good luck!





get ready for the flames!

Reply by Signing_Doc on 8/23/07 8:44am
Msg #207186

this here website offers the best deal on E&O insurance just

go to notary supplies (Supplies!!!!) and see for yourself. This is a crappy time to start this business....go to message 33325 for starters....read read read some of the messages here before you ask any "stupid questions" i.e. "Who pays the best and how do I sign up?" Do your due diligence FIRST and then ask informed questions. Good Luck!

Reply by BetsyMI on 8/23/07 8:50am
Msg #207187

Before you invest in any insurance, read the posts here from the last month or two. Start by reading this entire page, then click on the Prev button at the bottom to go to the previous page and keep reading. There are many posts on here lately about how slow it is. It can be a great career, but unfortunately the housing market, and thus the refinance business, is in bad shape right now. That means less business for notary signings.

You can also use the Search button at the top of the page, and put in key words like 'fees' or 'newbie'. There's a wealth of information here.

Sorry to burst your bubble. But good luck anyway.

Reply by M/VA on 8/23/07 9:05am
Msg #207192

Message Deleted

This message has been deleted by a forum moderator.

Reason: Advertising

Reply by Sylvia_FL on 8/23/07 9:10am
Msg #207195

Re: Field inspections


Go to:

http://www.sofi-usa.com/

Reply by CopperheadVA on 8/23/07 9:23am
Msg #207197

I encourage any notary to get E&O insurance. Here in Virginia, there is some sort of requirement that a policy must be underwritten by a Virginia agent (I am fuzzy on the exact requirement - it was a while ago that I checked this out) and thus not every company can sell a Virginia E&O Policy, and the price for VA policies are not very competitive. The price that NotRot sells their VA E&O is the same as you can get at NNA and United States Notary Association, which are the only places that sell it as far as I could find when I was buying my policy. I checked with my local State Farm insurance agent that I use for my homeowners and vehicle policies, and I cannot get Notary E&O Insurance through State Farm.

Reply by Roger_OH on 8/23/07 9:06am
Msg #207193

Do your research...

In today's climate, and especially with no experience, it will be very difficult to "easily" start a signing business. For starters, enter your zip code into the "Find A Notary" tab and get an idea of how much competition there is around you. Also, you don't just walk into someone's home and attempt to complete their $300,000 loan signing without knowing what you're doing, so get training on both loan signings and knowing your state notary laws thoroughly. Otherwise, you'll definitely need your E&O insurance!

Do as has been suggested, and read the posts, especially #33325 to get a realistic idea of what's involved.- - this is a serious business, and needs to be treated as such. You have a lot of work to do before you can even think about marketing yourself.

Reply by Todd/OH on 8/23/07 9:51am
Msg #207201

There can't be a worse time - -

to start a business involving real estate. Never mind the volume - high gas prices and low fees??

Reply by M/VA on 8/23/07 12:51pm
Msg #207246

Re: There can't be a worse time - -

why would this be considered to be the worst time? Do you market on a local level to title companies, mortgage companies, etc.?

Reply by Sylvia_FL on 8/23/07 12:53pm
Msg #207247

Re: There can't be a worse time - -

Local title companies etc usually have their own in-house notaries.

Reply by M/VA on 8/23/07 1:05pm
Msg #207251

Re: There can't be a worse time - -

true, but wouldn't it be a value ad for them to be able to offer mobile signings to their customers allowing for convenience?

Reply by Sylvia_FL on 8/23/07 1:08pm
Msg #207252

Re: There can't be a worse time - -

As far as we are concerned it would be - however they usually do not want to go that route.
They would have to split their fee with a signing agent, or charge the borrower more.

Reply by BetsyMI on 8/23/07 1:57pm
Msg #207264

Re: There can't be a worse time - -

They pay their inhouse closers much less than a mobile notary. So they avoid us unless it's what the borrower wants or if they are so busy inhouse that they can use us to help out.

Yes it's a value add, but first you've got to have the customers in order to be able to offer it to them. Have you been reading the news? The business just isn't there like it was a year or two ago. No customers, no closings.

Reply by M/VA on 8/23/07 2:38pm
Msg #207280

Re: There can't be a worse time - -

actually, yes, I do read the news and things look rather bleak. That's why I purchased the ebooks on foreclosure inspections. Looks like that market will be huge. I just want to add notary signing to my portfolio of expertise.

Reply by Nicolle on 8/23/07 2:44pm
Msg #207283

Re: There can't be a worse time - -

M-VA

I have 15 years experience in the mortgage/title industry but am relatively new to signings. I started last year and from personal experience, I can honestly say, it is very difficult getting started in todays market.

If you turn on CNN or CNBC, all they are talking about is the failure of the mortgage industry. That effects attorneys, title companies, appraisers, and definitely us!!!! Trust me, I know from personal experience how bad the industry is because my husband was last off three weeks ago because the lender he worked for went under.

I consider myself very experienced due to my profession and yet it is a struggle breaking in.

It seems that you have the best of intentions and are definitely doing some due diligence. For that I give you much credit. Best of luck!