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  1. chefman
    chefman is offline Member
    Join Date
    May 2007
    Posts
    59

    New Title Company

    I am a new company in the mortgage business and I want to start doing title work as well. I have inquired of the state and it is required that I get a Title Agency Surety Bond for 50,000. What exactly does this cover? Does this cover me with issues that may arise if Title Work I would perform is incorrect? Do I have to put up the entire $50,000?
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  2. Admin
    Admin is offline Administrator
    Join Date
    Jan 2005
    Posts
    755

    The bond protects the public, not your company. You will need E & O insurance to protect your company from it's own mistakes.

    As for the cost, you will pay a percentage of the bond amount, which can range drastically from 1-20%.
    Surety Bond Articles
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