Posted by KimmyMD on 11/20/06 3:42pm
Msg #161291
required 3rd party fidelty bond? Maryland what next?
Can any MD LTP find specific information stating that we are now required in addition to our suriey bond to carry our own fidelty bond. I filed a waver when I applied for my license. I just want to find it in print. I am a independent LTP with no employees. Everything I have read states that the title company must add us to their bond. Insurance companies say this won't happen? With all that said I"m still being asked to do e-docs for $75.00 even $50.00. and supply copies to the borrorer. I last re-fi I did was over 130 papes. I don't except these amounts. But someone dose. Be interested to hear other opinion!
Thanks
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Reply by bowie_MD on 11/20/06 6:56pm
Msg #161325
Hi
I just purchased a fidelity bond. Here is my understanding. The title companies are required to add you to their bond. But if they choose not to then you may not get the work. If you can show that you have your own fidelity bond then you may get the work. My insurance man agrees with this interpretation. Also, I discussed it with counsel for Land America.
One title company I work for has me covered on their fidelity bond.
my fidelity is with a company called NGM Insurance Co. I went through a broker, Chesapeake Insurance Group, Mike Tracy, 301-261-8120--$443 for 2 years. If you use him please tell him I referred you.
Hope this helps.
Mike
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Reply by Beth/MD on 11/21/06 7:13am
Msg #161408
Yes, I've used Chesapeake for the last 2 years. Great company.
I wouldn't want to not have the fidelity bond, let's face it...can you be sure the TC did their part? Also, what about those who still work with SS? I would rather be covered than left out in the cold.
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Reply by noteclub/MD on 11/21/06 7:05am
Msg #161407
Hello Kimmy,
Yes I just went through the whole LTP program, it is a new requirement for LTP's- cover your a.... so to speak. As for the prices you charge/get paid... I am wondering where you work?
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Reply by KimmyMD on 11/21/06 1:23pm
Msg #161484
Thanks for the great response, its nice to know you can ask each other and get honest answers. Yes I currently have my bond with Mike Tracy. He's great to talk to ! I guess I was just queaking at another $445.00 for two years. For the fidelity bond that is!
Have a great weekend
Kim
I work in Arnold and surrounding area's
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