Posted by Ilene C. Seidel on 10/23/13 1:46pm Msg #489395
Quality title
Received an email stating they want a list of all the Title companies I service and how many closings I do a week. They state it's a requirement for their E &O Insurance? My biggest clients have never requested this info. Anyone ever receive such requests?
| Reply by Les_CO on 10/23/13 2:02pm Msg #489397
I'm not giving anyone my client list. I would tell them that I have worked for almost every major title company that does interstate business, and that my workload depends the type, of closing, and where it takes place, this can be as many as eight (back-to-back in the title companies office) per day, to as few as one. Their E&O insurance (if they actually have any, I'd ask for their policy info.) would have nothing to td with you, or who you have worked with. JMO
| Reply by BobbiCT on 10/23/13 2:32pm Msg #489404
The only time I have been asked for clients...
The only time I have been asked for similar information, not in as much detail, is because the company that I was working for as an Independent Contractor was in the midst of an "employee records" audit.
They needed proof that I worked for at least [X] other companies on a regular basis to prove that I did not meet the definition of an Employee; i.e., if I was only working for this company (and say one other company), the auditor was going to count me as an Employee, not an Independent Contractor, and therefore the company was going to owe some taxes, including to the state unemployment division.
I was able to provide enough information without revealing all my other clients to satisfy the auditor.
| Reply by ReneeK_MI on 10/23/13 4:45pm Msg #489444
Please read Bobbi's post ...
Sometimes there IS a legitimate reason for things. Giving a title company other title co's names (particularly the large Nat'l ones) isn't something that would give me pause.
| Reply by Les_CO on 10/23/13 5:42pm Msg #489461
Re: Please read Bobbi's post ...
In my past I have worked with many, many Title Companies, and at least a dozen or so that are no longer in existence. I happen to be incorporated, with an EIN number so it’s unlikely that my Corporation would be regarded as an employee. I would suggest that anyone in this business get an EIN, and at least form a LLC to do business as. My invoices have my Corporate name on them…I have occasionally gotten a check payable to me personally I simply deposit it into my Corporate account, but let the payer know that in the future to please make the payments to the Corp.. Ilene did not mention which “Quality Title”, and there are many, sent her this request, there could be some good, and some not-so-good….Remember the words “Title Company” does not mean honest business practices.
| Reply by JanetK_CA on 10/23/13 2:45pm Msg #489409
I agree with Les_CO. (Yikes, that's at least twice, now! ) I can't imagine turning over that information to anyone. A quick look shows that I've assigned invoice numbers to nearly 500 different companies (not counting the signing services that I don't need to invoice) over the years. I think I'd be looking for a different E&O carrier, but then I'm in a different state and have no idea what's involved with the TPL you're required to have.
| Reply by Ilene C. Seidel on 10/23/13 3:34pm Msg #489417
I agree, I might see a couple closings from them a year, frankly no matter how much of my buz they represent I would not turn over my client list, absolutely not comfortable with this. Thx everyone
| Reply by MW/VA on 10/23/13 3:54pm Msg #489424
Once again, you're an independent contractor, not an
employee. You're not covered by their E&O, you have your own E&O. I wouldn't supply that info.
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