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  #1  
Old 07-28-2005, 09:46 AM
Will43's Avatar
Will43 Will43 is offline
 
Join Date: Aug 2003
Location: Central Ohio
State: Ohio
Professional Status: Licensed Appraiser
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It seems like more and more los and MBs are asking for a copy of my E & O with each report.

Is anyone else seeing this?

Is it a good idea to send this out with our reports?
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  #2  
Old 07-28-2005, 09:49 AM
Nancy Wyatt's Avatar
Nancy Wyatt Nancy Wyatt is offline
 
Join Date: Nov 2003
Location: Frederick, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 2,632
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I would never include it in the report. If the lender needs to see it, Ill fax over the page.

I imagine I'll learn some more about this at the Liability Insurance seminar next week. I look forward to it.
  #3  
Old 07-28-2005, 09:57 AM
Randolph Kinney Randolph Kinney is offline
 
Join Date: Apr 2005
Location: SoCal
State: California
Professional Status: Certified Residential Appraiser
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I have not been asked to do this ... yet. I only supply a copy of my E & O to my clients at their first request. After that, its up to them to keep their records straight. B)
  #4  
Old 07-28-2005, 10:25 AM
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Will43 Will43 is offline
 
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Location: Central Ohio
State: Ohio
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Quote:
Originally posted by Nancy Wyatt@Jul 28 2005, 09:49 AM
I would never include it in the report. If the lender needs to see it, Ill fax over the page.
Here is the request that I received

“ Please include License and E&O with report”

I do about 2 per year for this company. They never asked for my E&O in the past.

I would like to attend that class if they have one out my way.
  #5  
Old 07-28-2005, 10:56 AM
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Richard Carlsen Richard Carlsen is offline
 
Join Date: Jan 2002
Location: Tip of the Mitt: Northern Michigan
State: Michigan
Professional Status: Licensed Appraiser
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Copy of the license goes in each and every report.

A .pdf copy of my E&O is ready to send but I have to have a specific request for it before it is sent out.
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  #6  
Old 07-28-2005, 11:50 AM
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Bill Baughn Bill Baughn is offline
 
Join Date: Mar 2004
Location: Las Vegas, southern Nevada
State: Nevada
Professional Status: Certified Residential Appraiser
Posts: 1,062
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A copy of my license and E & O goes into each of my report although there particulars about my E & O are blacked out (none of their business). Even still I am asked to send my E & O to them (shows how much they are reading their reports).


Bill Baughn
  #7  
Old 07-28-2005, 11:57 AM
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Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970
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I don't attach either. If they request a copy of the license, then I pdf it over. If they want my E&O, I tell them to send an email to the investor with a copy to me, so I'll know who it is, and tell the investor to email me direct for a copy. I don't think I want my E&O cover page floating around some MB's office. They tend to mix papers a lot.

That statement to the MB to send an email to the investor seems to have slowed down some of those requests. And, IMHO, the reason you're starting to see more requests for the cover page is because they are starting to get worried and may want to come back on us in the future - very near future - if the loan goes south.

Remember: SH!T Rolls downhill and I think we're all on the downhill side of it!
  #8  
Old 07-29-2005, 05:56 AM
xm39hnu xm39hnu is offline
 
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State: Florida
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"On advice of counsel, I neither admit nor deny carrying insurance in any form."

Goodbye!
  #9  
Old 07-30-2005, 08:01 AM
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Steve Owen Steve Owen is offline
 
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Location: Joplin, Missouri
State: Missouri
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Quote:
"On advice of counsel, I neither admit nor deny carrying insurance in any form."
Ditto.

(Of course, I don't do many secondary market residentials these days.)
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  #10  
Old 07-30-2005, 09:17 AM
Jim Hill Jim Hill is offline
 
Join Date: Oct 2003
Location: West Coast of Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 616
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Having E & O is a choice we all must make when doing business.

I know many who carry it and I also know many that don't for different reasons.

I once asked an MAI that I know who only does commerical work on a very large scale if he had an E& O policy and he told no he did not carry it which really surprised me and he when on to tell me why he does not carry it I was even more surprised.

If a lender wants a copy of it I think I would supply it with some of the data blacked out because they really only need to know if you have it and not the amounts of coverage.

I believe there are many fine lawyers who would love to know which appraisers have the highest levels of E & O coverage and this might even help them decide if they want to take you to court or try and reach a settlement first.

Might make for a great topic on the pros and cons of carrying it and why.

E & O is like many other forms of insurance you feel good knowing you have the policy until you read the fine print and see just what it covers and does not cover.

J. Hill
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