To comply with E&O Insurance requirements and the CFPB policies, agents’ must initially submit their executed contracts and greensheets 5 days after the option period. File that are submitted late will be subject to a $50 fine. Files that are submitted after closing will be subject to a $150 file. Penalties will take effect immediately.
This is to ensure that the CDA is at title 10 days prior to closing.
To comply with E&O Insurance requirements, agents must attend one in-house contract education class each year.
Rebecca Ray is our compliance officer. She is a broker and will be reviewing and monitoring all contracts and listing documents. She will be sending notes in regards to any questionable issues or corrections needed, through the DotLoop systems, prior to closing.