Posted by eshaye.md on 6/1/05 4:35pm
Msg #41605

maryland requirements

can anyone advise what exactly the requirements are in reference to the bond needed? Do you really need A-1 credit? What type of surety bond is needed? Also, am I correct in thinking that a fidelity bond is also needed if I wante to have other closers work under me? Any help would be appreciated. By the way, can you suggest a good company to go with?

Reply by Vicki/MD on 6/1/05 6:00pm
Msg #41632

Now that you have passed your Title Producer exam, you are correct on most accounts in your summary. You need the bonds for the reasons you stated, and must obtain them before you can actualy submit the application to obtain your title license.

For the lowest possible fees on the bonds, you need $100,000 to your name...cash, home equity, or some other means. If you don't have that, you will pay higher rates for the bonds. I strongly encourage you to consider an E&O policy to match or exceed your bonds, as well. Try Chesapeake Insurance in Annapolis.