Hi,
I’m considering working as a notary in Maryland. My understanding is that in order to notarize mortgage documents, you need E&O insurance. Is this correct? If so, can anyone give me an idea of how much per month this costs?
Hi ,
I purchased E&O insurance for the year it cost me $50.00 for 25K policy.
Marie
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For Mortgage closings, Maryland requires a Title Producer’s License (TPL) if you’re going to close loans - more training, more testing, more requirements, and more E&O and bonding.
If I were you I’d check with the Maryland SOS (or your notary regulatory agency) along with your title producer’s licensing agency to be sure what you need. From what I hear it’s a pretty hefty investment.
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I believe you can opt out of the bond if your just an individual with no employees. From what I’ve seen, I think the TPL costs a little over $300.
E&O insurance is the aspect I’m fuzziest on. I think its mandatory. But, I’ve also seen some sources which seem to suggest that it might be optional. I’m also not sure how large of a policy you need. I think different title insurance companies might require different amounts of insurance. I’m not really sure what’s standard.
They all ‘suggest’ 25K E&O, but having the TPL may be a whole different situation that I know nothing about.