Posted by Butch/PA on 12/12/08 1:42pm
Msg #271820

TruClose Financial Services

Has anyone heard of TruClose Financial Servies located in Pittsburgh, PA. I got a call to do a signing for them for tonight. They e-mail me the confirmation and the FedEx label. I jsut receive a phone call and they told me that I would have to have $500,000 E & O insurance to accept the signing. I only carry $65,000 which I thought was good. Any words of wisdom on this one?

Reply by Linda_H/FL on 12/12/08 2:15pm
Msg #271822

Sounds like a Provident Funding Loan...they require $500K liability insurance, not E&O, I believe - which is why title agents or attorneys close their loans - I think there's only a very few signing agents who carry that much insurance, and they only carry it because they have other businesses covered under it. It's a professional liability policy or a general commercial liability policy.

I also think I've heard sometimes that the title company (or hiring party) will cover the notary under their coverage.

MHO

Reply by PA_Notary_II on 12/12/08 2:19pm
Msg #271823

This would, no doubt be a close for Provident Funding...the only entity I know of that requires $500,000 E&O. I too was offered an assignment from Tru-Close, accepted it and they could not get approval for me to perform without $500K in my own name. Their policy wouldn't cover me....they had to send their own employee 135 miles, one way to do it. The only other alternative would be for them to pay an attorney and they won't cover that expense.

Reply by Butch/PA on 12/12/08 2:55pm
Msg #271826

Thanks...they just now called me again and asked if I would do it. Like a jerk, I should have up my price because they could not find anyone else to do it.