for over 17 years (your bio).
This new contract sounds like the company is adding an extra layer of protection for themselves for, whatever reason.
Begs the question, whether you sign or not, should you bump your E&O insurance way up? Not signing won't dismiss you from being rounded up with everyone else in a lawsuit even if innocent.
Life is not fair. Being an independent contractor comes with it's share of exposure. But NO, don't sign!
------------------------------
Case in point: After the mortgage meltdown, this clause, with some others, popped up in mortgage broker agreements with wholesale lenders,
"Broker shall repurchase any Loan submitted to the lender if any Loan becomes thirty (30) days or more delinquent during the first three (3) scheduled payments, and the Loan is not brought current by the borrower within ninety (90) days of such delinquency."
Sound fair to you? Three things immediately happened. 1) Brokers who were forced to eat their first loan of this nature went bankrupt, 2) brokers quit the business, and 3) they DROPPED their independent contract status in favor of being an employee. A lot of mortgage loan offices, branch managers and LOs these days are, in fact W-2 employees. The other option is to be exposed to huge liabilities not just to wholesale lenders, etc., but also to the massive amounts of government compliance that one could spend their lifetime trying to get right.
Brings up a Note to newbies: Unless you seriously know what you are doing, not just passing a training course, you're jumping into a massive amount of possible exposure. This business doesn't provide on the job training and you are open to liability, right or wrong, as soon as you step out the door. |
| Messages in this Thread |
|  Would you sign this? -  bhb/VA on 10/12/21 8:42pm |
|  left out quote mark after "settlement negotiations." n/m - bhb/VA on 10/12/21 8:45pm |
| Is this an office job with set hours? n/m - Colonel/IA on 10/13/21 7:08am |
|  Re: Is this an office job with set hours? - bhb/VA on 10/13/21 1:37pm |
|  Pt.time employee to, basically, a Title Co's liabilities? NO n/m - Lee/AR on 10/13/21 3:27pm |
| Well, look at it like this - Luckydog on 10/14/21 8:48am |
| I don't think so... - Lee/AR on 10/13/21 7:29am |
| You have E&O Insurance, right? I'm not an attorney but - MW/VA on 10/13/21 7:55am |
| Re: You have E&O Insurance, right? I - bhb/VA on 10/13/21 1:17pm |
| Re: Would you sign this? - Yoli/CA on 10/13/21 8:01am |
| Being a mobile NSA for the company and - Linda_H/FL on 10/13/21 8:05am |
| Re: Being a mobile NSA for the company and - Cheryl Elliott on 10/13/21 8:24am |
| Add'l thoughts & questions - Lee/AR on 10/13/21 8:28am |
| NO NO NO!! - Signerbill on 10/13/21 10:34am |
 | I'm reading that you ARE and have been an IC - Bear900/CA on 10/13/21 11:37am |
| Would signing affect E & O insurance? - VT_Syrup on 10/13/21 12:27pm |
| Two things, and probably much more - Bear900/CA on 10/13/21 1:04pm |
|  Re: Two things, and probably much more - Cheryl Elliott on 10/13/21 1:12pm |
| Love, love, love the tale. True or not, it makes sense. n/m - Lee/AR on 10/13/21 3:23pm |
| Newbies: Msg above is a must-read re liability/exposure! n/m - JanetK_CA on 10/13/21 3:10pm |
| Re: Would you sign this? - bhb/VA on 10/13/21 1:34pm |
| Re: Would you sign this? - Luckydog on 10/13/21 2:22pm |
| Re: Would you sign this? - bhb/VA on 10/13/21 8:42pm |
| Re: Would you sign this? - pdl/cali on 10/13/21 2:33pm |
| Pathetic attorney, calling notaries? - Bear900/CA on 10/13/21 2:39pm |
| Re: Would you sign this? - JanetK_CA on 10/13/21 3:29pm |
