Lately, I have been reading more of the notary forums. Surprisingly, there seems to be a rise of claims against us. There were two instances within the last few months (and these are the only ones that we know about) where months after a loan seemingly closed claims were filed without the notary even being contacted about their mistake(s) or given the opportunity to fix the error(s). They are claiming that these mistakes cost the borrower, title/escrow, and/or broker money. Are they serious?? This sounds like al lot of “you know what” to me.
So, instead of contacting the notary like in the old days and have them correct the error, they are just hitting the notaries Bond and/or E & O policies. And the most logical reason for this is because the folks that are doing the suing know that in more cases than not that the companies will just pay the claim than fight it out. It is just way too expensive to fight it out in a court room.
It seems to me that since now we openly advertise that we have this insurance and since some of the signing services require it as well ask for copies of it, they see a new opportunity to make some extra money.
So, be CAREFUL. Always remember to double check your work. Even the smallest thing can be missed and consequently cause a problem for you. Because, lets face it, If you a have a claim filed against you it doesn’t look good on you as a notary and your premium will surly go up.
Until next time be safe….