Posted by reba on 6/25/12 10:04am
Msg #424573
Altisource Request
Altisource has a requirement to be listed as a certificate holder on the NSA's E&O insurance policy. I have completed MANY NSA applications and have never come across such a request. I have an E&O policy with Merchants Bonding, but not sure if I should attempt to comply with this request. Open to your thoughts..
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Reply by Linda_H/FL on 6/25/12 10:18am
Msg #424576
NOt possible - can't be done... n/m
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Reply by MistarellaFL on 6/25/12 10:28am
Msg #424578
I'm not certain it's not possible, but I wouldn't do it
This is done in certain other fields of business, for example, in order to get a permit to work in airports and certain cities, taxi companies must list the airport authority or the city itself on their policy as a certificate holder to obtain permits to "work the area".
This is to protect the general public, which is not the case in notary e & o.
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Reply by Linda_H/FL on 6/25/12 10:29am
Msg #424580
I asked when Altisource requested it from me
I have Merchant's Bonding too - I was told it was not possible.
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Reply by MistarellaFL on 6/25/12 10:33am
Msg #424581
Makes ya go "hmmmmmmmm?????"
If they "require" it, and it isn't possible, who is closing their loans, and why do they require it?
LOL
Requests seem to get sillier and sillier.
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Reply by Linda_H/FL on 6/25/12 11:31am
Msg #424587
What I objected to even more in their agreement
was the statement that "all notarizations will be completed in accordance with lender instruction". Um, no, notarizations will be completed in accordance with my state law.
Can you tell I don't work for them? 
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Reply by MistarellaFL on 6/25/12 12:44pm
Msg #424597
I don't work for them, either
As I recall, their fees were on the low end.
And I agree: lenders don't make the notarization rules mandated by each state.
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Reply by Barb25 on 6/25/12 11:20am
Msg #424585
If you want to work for them, let is go and so will they (Altisource, I mean).
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Reply by MW/VA on 6/25/12 12:22pm
Msg #424592
Don't think that's possible, but I wouldn't do that for
anyone. Again, IMO, they confuse Notary E&O Insurance with tc E&O, and they are very different in scope.
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Reply by MW/VA on 6/25/12 12:23pm
Msg #424593
Also, backwards, IMO. If they're that concerned, they
should be listing notaries on their E&O.
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Reply by reba on 6/25/12 1:08pm
Msg #424599
Re: Also, backwards, IMO. If they're that concerned, they
They also require a copy of your car insurance:
Q. Why does Altisource need to be listed as a certificate holder on my auto insurance?
Altisource should only be listed if the policy is registered as a company car. If it is a personal policy, simply providing proof of insurance in the form of a common certificate that indicates coverage limits and coverage dates will meet the requirement.
Sighhhh...
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Reply by MW/VA on 6/25/12 1:30pm
Msg #424601
I wouldn't agree to any of that. We aren't employees & all
that is out of line for an independent contractor, IMO.
It appears that someone there doesn't understand the difference between employees & independent contractors.
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Reply by Barb25 on 6/25/12 6:50pm
Msg #424638
Again this sounds like it is a carryover from what
Mistarella speaks about above. So if you want to work for them fill out the forms x out what you don't want and I am sure it will be okay. (at least I think it will) However, I think there are bigger things to consider as to whether you want to work for them.... I did. And I would not, again. Ever. But everyone much decide for themself.
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Reply by C. Rivera Chicago Notary Services on 6/25/12 7:34pm
Msg #424644
no way...what? This is usually requested of finance
companies for borrowers who have financed loans with the company for a purchase of a new car. This I have done.
Your scenario is so different. I've never done this, nor have I ever been asked in the 4 1/2 years of being in the loan signing business as an nsa.
I wouldn't do this.
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