Hello, I am new to this. I needed help with finding the right E&O insurance. I’m pursuing Loan Agent Signing. Could someone assist as I am still unsure if I need a Loan Agent E&O or just a general E&O thank you in advance. I’m here in Georgia.
Georgia is an attorney only state … You cannot close loans on GA property. It has been said you can do loans for out of state properties … I’m not sure if that is true or not. If I were a notary in GA wanting to close loans, I would consult an attorney first to please interpret the law and advise accordingly.
JMO and my $.02 FWIW
Agree w/LindaH-FL and want to add that now has got to be the absolute worst time to be trying to get into this business. The few offers around are mosly buyer or seller pkgs. And the r.e. market generally nearly dies from end of summer to spring.
Perchance, have you read this post?
In particular, this segment of it:
“My suggestion is that you do a lot of research regarding the market in your local area before deciding to jump into this line of business. I’m not saying don’t jump in; be informed and knowledgeable about the situation you are jumping into.”
OR, this one?
Concur percent with being in GA & “absolute worst time to be trying to get into this business . . . market generally nearly dies from end of summer to spring.”
Those two insights along with the 800# gorilla in the room (not directly mentioned above) for the business sector in general being negatively affected (loan applications & processing slowed down) by the escalating interest rates & the current runaway inflation . . . Couple that with the recent swath of layoffs of Loan Officers (LOs) and it’s fairly easy to discern the reality of minimal Signing Orders [SOs] at this point in time