Posted by Ilene C. Seidel on 4/24/10 7:25am
Msg #333213

Maryland Notary Publics and TPL Closing agents

As of July 1st all mortgages closed the state will require the title company and closing agent stamp their name, address and TPL# or the DOT will not be recorded. It will go back to the title company for a TPL closing agent to resign at the title companies expense. Last year a commission to study title insurance was formed this is one of the outcomes of the year long study. So you notaries in Maryland closing loans without a license you'll need to get one or find another profession.
Additionally the title companies we work for will have to cover us with their surety and fidelity bonds. Prior approval from the title company will be a requirement before we can work for them. Well see what they will require from us probably an E & O policy which will cost more then the surety bond, hopefully I'm wrong.

Reply by WDMD on 4/24/10 7:46am
Msg #333214

"Additionally the title companies we work for will have to cover us with their surety and fidelity bonds."

Wow, if thats true you can say goodbye to the independent contractor. No company in their right mind is going to cover someone under their bond who is not their employee. They would be nuts if they did.

Reply by cawest/PA on 4/24/10 8:20am
Msg #333220

actually I read somewhere on this board that a company is already doing it ... will try to find that message back

Reply by Ilene C. Seidel on 4/24/10 1:40pm
Msg #333296

We'll se how this works out. The title company may require us to carry a bond anyway.

Reply by BossLadyMD on 4/24/10 2:43pm
Msg #333302

intend to maintain my own bond - i'm a small business owner

Reply by Alice/MD on 4/24/10 7:50am
Msg #333215

Re: Maryland Notary Public and TPL Closing agents

I just renewed my $150,000 Surety Bond . I wonder if I can get reimbursed once the Title company starts my coverage? Thanks Ilene for this information. Hope you are wrong too.... about our E&O getting jacked up.

Reply by Ilene C. Seidel on 4/24/10 1:42pm
Msg #333297

Re: Maryland Notary Public and TPL Closing agents

I'm not talking about notary E&O. I'm talking about general liabilty which will be more expensive then the surety bond. We'll see how MIA enforces this.