Posted by Genkichan on 11/20/06 12:21pm
Msg #161254

What gives in MD these days?

This is the slowest month I've ever had. Is it just me, or are the rest of you experiencing this too? Perhaps I need to send out another marketing mailing...It's as if since November 1 very few loans are getting through around here. Are nationwide companies still trying to figure out the issues with the whole fidelity coverage law, and postponing closings, or what!?

Reply by KimmyMD on 11/20/06 1:18pm
Msg #161260

I just got a call from the company that issued my bond. Mr. Tracy said the MIA now requires all LTP to have a 3rd party Fidelty bond. Yes we have to pay for something else!!! And I have only done 3 signing for November. Yes it seems slow. Hopefull the re-fi boom will hit. Where are you located in MD?

Reply by Genkichan on 11/20/06 2:24pm
Msg #161276

Kimmy -- I'm in Montgomery County. Yes, I heard about that in about mid-October when I sought clarification from the MIA. You have to have your own fidelity bond and file it with the MIA commissioner, along with the surety bond. Or I suppose you could provide proof that everyone who hires you is covering you under their own fidelity bond...not likely though! Two separate $100,000 bonds now for each of us. That is rediculous, not to mention quite a lot of financial exposure. I am more and more careful about which loans I close these days. I've refused AQ loans for a long time, and will continue doing so since I don't believe they have really cleaned up their act yet. If others are also experiencing such a huge slow down in business this month, I can't help but wonder if it is caused by compliance issues with regard to the new fidelity bond law.

Any one else in MD as slow as we are?!

Reply by ruru_CA on 11/20/06 2:51pm
Msg #161280

i am in ca, and tomorrow is my first signing this month.

Reply by PA_Notary_II on 11/20/06 3:34pm
Msg #161289

Love those MD based companies...

Since they are so-o accustomed to paying more for closings in MD, they pay top dollar to out of state Notaries too. Thanks MD

Reply by KimmyMD on 11/20/06 3:43pm
Msg #161292

Re: Love those MD based companies...

How much more are you talking about? Whats your fees