Title Agency Bond

Title agency bonds may vary in what they are called, depending on specifications and definitions in local regulations. As a whole, they are known as title agency bonds, but may also be called title insurance agent bonds, title insurance settlement agent bonds, title attorney bonds, or escrow agent bonds, to name a few.

This is why title agencies who wish to operate in multiple states must get bonded separately in each state that requires bonding.

Bonding Requirements By State

Title agency bond cost is a fraction of the total amount of the bond. The exact amount of the bond is determined separately in each state and can vary significantly from those in other states.

For example, the amount of a title attorney’s bond in Texas is $7,500, a title agency bond in Florida is $35,000, and up to $150,000 and $200,000 in Ohio and Virginia respectively.

Bond cost is based on this amount and is usually a small percentage of it. The exact percentage is determined by sureties when they receive an applicant’s bond application. To determine a rate, sureties look at an applicant’s personal credit score, financial statements, asset profile and other indicators. Credit score is the most important among these– the higher an applicant’s credit score, the lower their bond rate.

Applicants with high, or relatively high, scores can expect a quote that is between 1% to 3% of the total amount of their bond. In other words, if you are getting bonded in Florida, the standard market rate on your bond will vary between $350 and $1,050.

Want to know how much your bond would cost? Just submit your surety bond application and we’ll do the rest. Once we’ve processed your application we will send you a free bond quote. Quotes are entirely free of charge and have no obligations attached to them.

Applicants who have a low credit score are often turned down, and find it hard to get bonded. Many sureties do not want to take a risk, and decline applications from low credit applicants.

However, it’s still possible to get a title agency bond with bad credit and without excessive difficulties. Lance Surety Bonds’ Bad Credit Surety Bonds program makes this possible thanks to our access to a variety of special markets, made available by the sureties we work with.

All of these are A-rated and T-listed surety bond companies, which means that your bond is issued by some of the best companies in the country, at only a slightly higher rate. Under this program you can expect to pay a rate that ranges between 4% to 7.5% of the total bond amount.

Whether you get a rate under this program or a standard market rate, we at Lance Surety Bonds are always looking for the best and lowest rates for our clients. And we never make compromises with the quality of the bonds we provide.

When applying for a title agency license, you will be requested to fulfill a number of additional requirements, apart from submitting your title agency surety bond. These vary from state to state. Below is a list of possible requirements as well as documents that may be required

• Title agency license application
• Insurance examination
• Copy of fingerprints
• Name, address, social security number and other personal data
• Criminal background check (especially if you have previous experience in insurance)
• Employment history check
• Name and details of business entity and business entity affiliations

Additionally, you will be asked to pay a fee, such as an application fee, a processing fee or a licensing fee.

Title agency licenses are issued for a certain amount of years, after which you will need to renew your license, along with your surety bond, and submit a number of the above documents anew.