Secure Settlements Inc. (SSI) has announced a partnership with E.R. Munro & Company to offer SSI vetted low risk title agents access to competitively priced surety and fidelity bonds offered by a nationally known Best’s rated A+ carrier in recognition of their vetted and monitored status. The announcement comes after several months of discussions and negotiations to find better pricing for surety and fidelity coverage for title agents who are screened and vetted and achieve a low risk rating under the SSI risk analytics model.
SSI’s vetting process, developed after nearly seven years of consultations in London, Bermuda and New York with insurance industry risk professionals, will help to underwrite the discounted surety and fidelity bond program. The national carrier will require a closing agent rating of “low risk” by SSI for a title agent to be eligible for coverage. The program will be marketed and administered by prominent bond broker E.R. Munro & Company of Pittsburgh, Pennsylvania.
“This announcement is more confirmation that independent risk analysis and ongoing monitoring can and will offer significant benefits to the mortgage industry generally, while at the same time offering strong support for consumer protections mandated by federal and state regulators," said SSI’s CEO Andrew Liput. "We are proud and honored to partner with a major national carrier and E.R. Munro to bring this benefit to SSI low risk agents. I have always lobbied for competitive surety pricing for those who are committed to best practices and independent monitoring. It just makes sense.”
“Joining the effective risk mitigation practices offered by SSI’s with the sound underwriting practices of a prominent surety has enabled us to offer a program that we feel will provide SSI vetted title agents with average surety bond savings of 35 percent with similar cost savings for fidelity bonds as well, cost savings they deserve as best in class," said Charles Croyle, bond department manager at E.R. Munro & Co. "We are excited about this partnership and look forward to serving SSI’s low risk agents with a quality product and service they can rely upon."
