Do I need a Surety Bond?
I’m being asked for this documentation from Signature Closers. I email back and ask for more information and I call to get more information, never a reply. Per NNA = No, none needed, E&O ok. Perhaps someone here can advise on what is a surety bond and why only Signature Closers asking for it and threatening to remove my profile with them when it’s very difficult to capture their orders on their app anyway. And they don’t answer their phone.
Where are you located? Many, if not all, states require you have a surety bond in place in order to be commissioned (here in Florida it’s $7,500 for the 4-year commission). I don’t have the bond - the State has it.
I would call Signature and discuss with them, but know your state’s requirements and procedures first - and yes, someone may be confusing it with E&O - but the folks at Signature are usually pretty good. And easy to talk to. I’d call to discuss with them
In Florida you call the state and mail them a 1 dollar check They’ll mail you an executed copy. Its needed for most companies
Seriously? Why?? You can’t get your commission without the bond…so they should know it’s there.
In the 12 years I did this work here I was asked twice for my bond - both times I told them what I stated above and they were fine with it. I’ve never had a copy of my bond.
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Thanks my fellow NSA for your replies.
Indeed no one else have requested a Surety Bond which I associated with the Bond obtained from my State Farm insurance agency legitimatizing my renewed commission (4th 4yr commission history) on 1/13/2017. I will attempt to call Signature Closers again to verify this is what they need. The request just seemed odd to me as some “new found” credential.
BTW - when I did loan signings I closed for Signature - never gave them my bond. Only my commission and E&O -
Now, that said, I don’t think you ever said where you were. And if you’re in a state where a TPL and bond is required to close loans, then that may be what they’re getting at - in which case I understand.