While not required by any specific laws, we provide on a generic basis an “Errors and Omissions/Compliance Agreement,” in which the borrower agrees to correct, within 30 days of a written request, any clerical errors which they may have made on closing documents, and to assume all costs incurred by the lender due to such errors if requests for correction are not complied with.
This Errors and Omissions/Compliance Agreement document is normally signed by a notary. Previously, four states were printing in the notary statement the names of all the individuals who sign the security instrument. This is being changed to print only the names of the borrowers, and, in the case of borrowers who have someone invested with power of attorney signing for them, the names of those with power of attorney. The states impacted by this change are California, Florida, Oregon, and West Virginia.
This change will be in effect on March 20, 2015. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
March 17, 2015