Posted by Vicki/MD on 2/21/05 5:03pm
Msg #21697

ATTN ART/MD -- Title E&O costs

Hey Art, you mentioned in an email below that you think your title E&O will cost ~$500. I was told between $700-750. I just put in an application with Chesapeake Insurance in Annapolis. If you have a place to get this for less than the $700+ that I was quoted, would you please share the info?

And yes, we are now required to have an "appointment" on file with the title companies that issue the title insurance policies on the loan. Time to start another loooong signup process with them.

Thank you.

Vicki

Reply by Traci\MD on 2/21/05 8:34pm
Msg #21724

Who is requiring and where is this written? I have not received any notification.
Thanks,
Traci

Reply by Loretta Reed on 2/21/05 10:02pm
Msg #21740

Welcome to the wonderful life of a closer in Maryland. Do have your Title Producers License?
It is mandatory that we are "appointed" by an insurance underwriter. That has just started to take place or at least it has just started to be mandatory.
You can call Chesapeake Insurance in Annapolis and speak with Brad Swanson. All LTP's will be held as responsible for the closing as the loan officer and the title company. I think that it is just another way to "stick it to us". If any mistakes are made, you will be on the band wagon of the defendant list. That will be one reason you will need proper errors & omissions insurance. Even though we are just witnessing the borrower sign the docs, we are still "explaining" the loan documents to the borrower which ultimately mean that you are explaining to them what type of loan they are getting and the terms of the loan.

Reply by Traci/MD on 2/22/05 7:14am
Msg #21768

Hi Loretta,
I live near Art. I live in Talbot County. Yes, I was licensed last February, 2005. I understand why they would like us to purchase the E&O coverage. I would like to know who is making this mandatory. Where is this written?
I have my Life & health license and the insurance companies require me to carry 1M per claim 2 M Annual. I must be appointed by each company I sell insurance for& show proof of insurance. The price will need to keep up with the overhead!!!!!!!!

Reply by Art_MD on 2/22/05 12:30pm
Msg #21799

Re: $500 was a ballpark estimate n/m

Reply by Around the Clock Signings - MJA on 1/4/06 7:30am
Msg #85886

Does this fee incliudethe bond as well?