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How much does a title insurance settlement agent bond cost in Virginia?
The Virginia State Corporation Commission’s Bureau of Insurance requires title insurance settlement agents to post $200,000 surety bonds.
These bonds are subject to underwriting, and current business financials and a personal financial statement are required. The best way to find out exactly how much you’ll pay for your surety bond is to request a free bond quote!
If you’re ready to become bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit an online bond request. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.
Why do I need this bond?
Virginia title insurance settlement agent surety bonds guarantee that consumers have a safeguard if they suffer financial loss as a result of a principal’s (agent’s) unlawful business practices. Specifically, the bond ensures that agents will conduct business in compliance with the laws of the Commonwealth of Virginia and all rules, regulations and orders prescribed by the State Corporation Commission pertaining to settlement agents. Prohibited acts committed by a settlement agent include, but are not limited to:
- failing to deposit funds given to the applicant in connection with a closing by the next business day into a separate trust or escrow account
- failing to maintain his or her escrow account in compliance with the rules issued by the Virginia State Bar
- failing to settle closing appointments in a timely manner
- fraudulently ordering loan checks and payoffs, receiving and disbursing funds and receiving and issuing receipts for money received from the parties
- failing to follow up with parties to ensure that the transaction progresses to closing
- wrongfully preparing settlement statements
- sending falsely recorded documents to the lender
If the principal violates the bond’s provisions, valid claims can be filed against the bond. The surety will cover for incurred damages up to the penal sum of the bond ($200,000).
What’s the fine print?
Virginia title insurance settlement agent surety bonds remain continuous unless canceled. The surety can cancel the bond by giving 60 days’ written notice of cancellation to the principal and the Commissioner of Insurance, State Corporation Commission, Commonwealth of Virginia.
Most surety underwriting companies require current business financials and a financial statement to produce this bond.
How to become a title insurance settlement agent in Virginia
To become registered as a settlement agent in Virginia, applicants must do the following:
- furnish an application with his or her name, business address, telephone number, fax number and website address
- pay the required registration fees
- provide a list of officers and directors (or a list of principals if not a corporation)
- supply a toll-free telephone number for customer complaints and inquiries
Applicants must maintain an Errors and Omissions policy in the amount of at least $250,000 per occurrence or claim. They must also post a blanket fidelity bond or obtain an employee dishonesty insurance policy in the amount of at least $100,000 per occurrence or claim.
More licensing information can be accessed from the Additional Resources section of this page. Begin the licensing process by purchasing the surety bond you need. Our experts make the bonding process fast and easy.