Posted by Ilene C. Seidel on 7/22/08 2:42pm
Msg #256315

Attention Maryland Closing Agents

If you haven't already renewed your surety bond your in for a big surprise. As if buz isn't bad enough the cost of the surety bond has gone up so high it's unreasonable. I was paying $525.00 for two years the new bond price is $750.00 to $1000.00 PER YEAR. Good luck

Reply by hp/MD on 7/22/08 5:00pm
Msg #256336

Have you paid the new fee? If so, how much. Mine is due in September. I was paying $525 for 2 years. You know in one way it is a good thing. A lots of NSA,s in MD will bow out. Just a thought, but I won't like the increase.

Reply by Prosperity on 7/22/08 5:59pm
Msg #256340

I just renewed mine on 07/21/08 and it was $525

Reply by enotary/va on 7/22/08 6:39pm
Msg #256342

How much does the bond have to be in Maryland? Who do you use to get it?

Reply by hp/MD on 7/22/08 6:54pm
Msg #256347

We usually get from CIG Chesapeake Insurance Group ( division of Sandy Spring Bank ) In Annapolis. It is for $100,000

Reply by WDMD on 7/22/08 6:50pm
Msg #256345

"A lots of NSA,s in MD will bow out. Just a thought, but I won't like the increase."

I'd be willing to bet that there are just as many, if not more, un-licensed notaries conducting closings as there are licensed ones. I doubt it would really have much of an impact on companies finding closers. The ones who play by the rules are few and far between for out of state SS's and TC's.

I wonder what recourse the state would have against an out of state SS? It's not like they are licensed or anything. I suppose on the rare chance that an illegal closing was caught by the state, the state could invalidate the lien and then the lender would probably sue the SS. Are SS's even required by lenders or TC's to be bonded before a lender or TC would use them or are they just out there?

Reply by Ilene C. Seidel on 7/22/08 7:26pm
Msg #256352

I don't think they are bonded, they are used as an "employment agency" for closing agents.
They should be held accountable.

Reply by WDMD on 7/22/08 7:37pm
Msg #256356

"They should be held accountable."

I agree. I wonder if lenders know how many of their loans are being closed illegally to fatten SS's or TC's bottom lines.

Reply by Alice Jones on 7/22/08 8:06pm
Msg #256360

Is there a reason for such a large increase? What is causing such an increase? I just spent a large sum for my classroom credit hours required to renew my TITLE PRODUCRE LICENSE.

Reply by Alice/MD on 7/22/08 8:09pm
Msg #256361

I don't know if I can afford to keep my TPL with the income I have been making from the slow business.

Reply by Marlene/USNA on 7/23/08 8:58am
Msg #256414

$250/year premium

Call E.R. Munro and Company, toll free 866-313-0429, x128 (Diane).

If you need fidelity with that bond (employer with employees), premium is $500/year.