Escrow officers schedule bond cost
Title insurance agents that employ escrow officers in Texas are required by the Texas Department of Insurance to obtain a surety bond. The amount of this bond varies according to the applicant’s residency status. If the applicant is a resident of Texas, the bond amount must be equal to $5,000 worth of coverage for each escrow officer, with a maximum of $50,000. If the applicant is a resident of a state adjacent to Texas, the bond amount must be equal to $10,000 worth of coverage for each escrow officer, with a maximum of $50,000.
Since both the required amount and cost of this bond can vary so much, our experts recommend filling out an easy online bond request form to receive your free, no-obligation bond quote.
Why this bond
Texas escrow officers schedule surety bonds are put in place to ensure that principals (employer title insurance agents) conduct business ethically and in accordance with the law. If the principal commits acts of fraud, dishonesty, forgery, theft, embezzlement or willful misapplication while on the job, the bond protects harmed parties from financial loss up to the full amount of the bond.
Escrow officers schedule bond details
Escrow officers schedule surety bonds in Texas remain in full force and effect until canceled. The surety can terminate its liability under the bond at any time by giving written notice of termination to the Employers Title Insurance Agent/Director Operation and to the Texas Department of Insurance. Termination becomes effective 30 days after the notice is received.
Become an escrow officer
The title insurance agent must submit an application for each escrow officer’s license with the department before the escrow officers can begin work. Each application must contain the following information:
- whether the escrow officer is a resident of Texas or a state adjacent to it
- whether the escrow officer is an employee of a title insurance agent or direct operation within the state
- proof that the escrow officer has sufficient experience in title insurance
- that there is no knowledge of a fact that disqualifies the escrow officer from receiving a license
The license is valid until the second June 1 after the date of issuance. A fee of no greater than $50 must accompany the application. Additionally, the department requires the employer title insurance agent to complete the specified continuing education course every 2 years.
Take the first step toward becoming licensed by purchasing the Texas surety bond you need quickly and easily!
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