Posted by Genkichan on 10/12/06 1:20pm
Msg #152006
MD closers and Professional Settlements
Hi everyone...
Did you also get that email from Professional Settlements suggesting that the new MD law requirements are "subject to interpretation", and that their title clients are asking us to obtain our own fidelity bond (for about $292.00 of course...)? I'm really getting ticked off about all this. It is SO NOT RIGHT to pass their new cost of doing business onto us!!!
PLEASE STAND UP WITH ME AND DO NOT GET YOUR OWN FIDELITY BOND!!!!!!
I am VERY tempted to call Ticor Title HQ myself and complain about how their title agents are approaching the revisions to MD law.
Here is my email reply to PSS:
Jolynn,
Thank you for your email. I am well aware of the new rules, which specifically state that the title agents we, as independent closers, work for are now required to carry us under THEIR existing fidelity bonds. The law was written that way because the Maryland Insurance Administration does NOT require us independent closers, who have no employees, to carry a fidelity bond. In fact, I filled out a waiver for fidelity bond when I applied for my TPL. I am only required to have a surety bond, which I do have.
I recognize that there are a couple of title agencies out there who are attempting to pass this cost of business onto us independent closers. Yet no body wishes to increase fees paid to us, either. I have spoken to several of my MD colleagues, and we are not going to accept the burden of obtaining fidelity bonds, which according to the law is the responsibility of the title agents.
I will gladly fill out your forms, and fax them back with my fidelity bond waiver, TPL, and surety bond information. If that is not sufficient, then I regret that I will not be able to handle your closings in the future.
Best Regards,
|
