Posted by CopperheadVA on 2/26/07 1:45pm
Msg #177222

Lenders First Choice requires $100K E&O???

Did anyone get the e-mail from Lenders First Choice that says we must have a $100,000 E&O policy to work for them? I never signed a contract with them - they called me for work and that's how I got into their data base. I have worked for them several times and this was never an issue. I have E&O, just not $100K.

Reply by sue_pa on 2/26/07 1:48pm
Msg #177223

that's probably because they want to pay $80 for e-docs. With those fees we assume they aren't getting the brightest among us and they are expecting error filled packages.

Reply by Kristen Guggerty on 2/26/07 1:50pm
Msg #177224

LFC sent emails to all in their data base....first they lowered their fees to the recommended "minimum" fees listed by NNA and now perhaps because the only signers they can get to accept those minimums are notaries fresh off the assembly line and they are making some big mistakes?????

Reply by ZeeCA on 2/26/07 2:08pm
Msg #177227

I have found the more hoops they demand the lower the fees n/m

Reply by TRG_wy on 2/26/07 3:25pm
Msg #177234

Got it too.
My current policy is good thru December 2008 but not at $100K. Told them if they pay I will be more than happy to raise my limit. LOL

Reply by Cassandra Andrews on 2/26/07 4:04pm
Msg #177240

exactly - the CONTINUE to lower their fees so i don't see the need to increase costs, i.e. having more coverage but making less . . . not exactly my idea of a sound business decision.

Reply by pan/nd on 2/26/07 7:01pm
Msg #177261

Copperhead,

Yeah I got that same e-mail.

Tell you what...my E&O isn't 100K and it's gonna stay where it is.

The durn fools reduce their fees and then want notaries to spend more for E&O.

I don't get enough from them to justify my current E&O---much less 100K.

Nobody around here carries that much.

So, when they finally find that out...they'll either come to me or someone else here and the job will get done without their 100K or it won't get done at all.

Reply by Joan Bergstrom on 2/26/07 11:33pm
Msg #177289

Are their fees for edocs really $80?

Reply by Joanne_NY on 2/27/07 7:10am
Msg #177301

I did $300 worth of business with them last year and they want $140 worth of insurance.... I emailed them and told them to remove me from their data base. Please... plus they are quite insulting when negotiating their fees.

Reply by Cassandra Andrews on 2/27/07 10:27am
Msg #177330

yes $80 & about 7 docs to be notarized - they want it free n/m

Reply by Jeffrey Sestilio on 2/27/07 1:23pm
Msg #177349

Re: yes $80 & about 7 docs to be notarized - they want it fr

Ya, I think many SS companies see what the NNA has for basic rates. Why do they have basic rate anyway. This is our business and as such we determine our fees , NOT THEM!