Posted by aasailor_MD on 5/2/05 7:06pm
Msg #35416

To Vicky/MD

Hi Vicki, I just received my license from Maryland as well. My questions are thus:

Did you register your business as an LLC?
Must you have E&O? and if so approximately how much would it cost me?
Lastly, how did you go about and to whom did you register with to get business?

Need your assistance in getting started with this business. \

Thanking you in advance for your help and cooperation.

Reply by Vicki/MD on 5/3/05 12:17pm
Msg #35530

No, I don't register as an LLC -- call it laziness I guess, plus I'm just PT.
E&O is really up to you, but you already have a $100,000 bond, which could pay out in a lawsuit settlement presumably easier than an insurance co would settle and cough up dough. You'd be left owing back on the bond with no insurance to help.

Register with a bunch of signing services and title companies, as per the advice given many a times on this board. You are title licensed, so title companies will be expecting to hire you directly, too.

Finally, even though you're new, your fellow MD notaries would appreciate you not lowballing your fees just to get experience. Cost of doing business here in MD is much higher than other areas, and folks pretty much expect our fees to be higher. Charge the going rate, but do extra due dillegence on your first several loans. Min. fee for over night HELOC might be $75 close by, $100 overnight for a regular. Add your own edoc fees, travel/distance fees, and additional fees for double loan packages onto this as a base.

Good luck!