Last year North American Title instituted a requirement of $500k in E&O coverage for a signing agent to complete a signing for them. Provident Funding has had this rule for a lot longer. We suspect other title companies will follow suit.
Today a regional CA lender (Bay Equity) instituted the same requirement. They just rejected a perfectly fine set of docs because of this and it had be be redrawn and resigned.
If you do not carry that much E&O coverage and are working directly with settlement agents and escrow officers you can either buy more coverage to do these signings or work with us on doing them for your escrow/settlement contacts. Our company E&O policy has a blanket coverage provision for signing agent doing signing through us. |
