GitLab

Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy

1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is asked for, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium will be one-half the Basic Rate. The lien to be insured need to be as initially developed, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be released in the amount of the present unsettled balance of stated insolvency. The Company shall be provided such evidence as it may require validating such unpaid balance, that the insolvency is not in default and that there has actually been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies issued by factor of notes being assigned to private units in connection with a master policy covering the aggregate indebtedness, including enhancements. Individual Mortgagee Policies should be provided at the Basic Rates.
reference.com
2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, for any factor whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy remaining in the quantity of the existing unpaid balance of the insolvency, the premium for the brand-new policy will be at the Basic Rate, but a credit for three-tenths (3/10) of said premium might be permitted. 3. Subsequent to Mortgagee Policy - When an insolvent insurer is placed in long-term receivership by a court of proficient jurisdiction and a Mortgagee Policy( ies) is requested on a lien currently covered by an existing Mortgagee Policy( ies) of stated insolvent insurance provider, however not on a loan to use up, restore, extend or please an existing lien, the brand-new policy remaining in the quantity of the existing overdue balance of the indebtedness, the premium for the new policy shall be at the fundamental rate, but a credit for one-half of said premium shall be allowed, unless such credit would reduce the premium to less than the minimum Basic Rate, in which case the rate will be the minimum Basic Rate. The insured will give up the existing Mortgagee Policy( ies) to the Company when putting the order for a new Mortgagee Policy( ies). The date of Policy for the brand-new policy( ies) shall be the very same Date of Policy as the existing Mortgagee Policy( ies).

R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously

When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is released on Subordinate Lien( s), developed in the very same deal, covering the very same land or a portion thereof, the premium for the First Lien policy shall be computed on the overall of the combined liens; the premium for each Subordinate Lien policy will be $5.00.

R-8. Loan Policy on a Loan to Use Up, Renew, Extend or Satisfy an Existing Lien( s)

When a Loan Policy is released on a loan that totally uses up, restores, extends, or pleases several existing liens that are currently insured by several existing Loan Policies, the new Loan Policy should be in the amount of the note of the brand-new loan. The premium for the brand-new Loan Policy is reduced by a credit. The credit is calculated as follows:

1. Calculate the Basic Premium on the composed reward balance of the existing loan or the initial quantity of that loan, whichever is less; and 2. Multiply by the portion below for the time from the existing Loan Policy date to the new Loan Policy date: 1. 50% when four years or less; 2. 25% when more than four years but less than eight years; or

The premium for the brand-new Loan Policy is the Basic Premium less the credit; but not less than the minimum Basic Premium.

The credit does not use if any residential or commercial property not covered in the existing Loan Policy( ies) is included in the brand-new Loan Policy.

When the existing Loan Policy( ies) consisted of more than one chain of title, and the new Loan Policy also consists of one or more of the initial chains of title, the minimum Basic Premium should be charged for each additional chain of title. (See Rate Rule R-9 for the meaning of "extra chain.")

When two or more new Loan Policies are provided on several loans to totally take up, renew, extend, or please an existing lien guaranteed by a single Loan Policy, the premium for each brand-new Loan Policy, is the Basic Premium. The credit computed above need to be used to the premium for the biggest Loan Policy. A credit needs to be offered even if not all of the new loans are guaranteed or if just among the brand-new loans is insured.

THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Loan Policies issued by reason of notes being apportioned to individual units in connection with a master policy covering the aggregate indebtedness, including improvements. Except as otherwise supplied in this rule, individual Loan Policies must be released at the Basic Rate.

R-9. Additional Chains of Title

In the event more than one chain of title is included in the issuance (consisting of decision of insurability of access) of any policy, the Company will charge the minimum policy Basic Premium Rate for each additional chain. For function of applying this guideline, contiguous parcels in one county shall be treated as one chain, supplied record title to the land and record title to the access is vested in one owner at the time application is made. Each noncontiguous parcel having a different chain will be dealt with as a different chain, except where two or more lots in the same platted neighborhood, and having the exact same plat recording date, come from the very same owner, then such shall be treated as one chain. If the parcels depend on more than one county, there are separate chains of title in each county. No extra chain charge might be produced determination of insurability of access to land located within a neighborhood, supplied: (i) the neighborhood lies in only one county, and (ii) the plat of the neighborhood has actually been lawfully authorized by a licensed governmental entity, is properly tape-recorded, and the roadways shown thereon have been devoted for public usage or for the use of the owners of lots located in the neighborhood.

R-10. Owner's Policies - City Subdivision, Acreage Subdivisions, Industrial Tracts

Rate Rule R-10 is rescinded, reliable September 1, 2013, due to obsolescence.

Effective January 3, 2014 (Order 2806)

R-11. Loan Policy Endorsements

Applicable only as provided in Procedural Rule P-9.

Assignment of Mortgage Endorsement (Form T-3, Endorsement Instruction III): If provided within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate. If issued more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $100.00 for each extra full or partial twelve-month period. However, the optimal premium gathered need to not be more than 50% of the premium for the loan policy amount based upon the present Schedule of Basic Premium Rates If released within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate. If issued more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $25.00 for each extra full or partial twelve-month period. However, the optimal premium gathered need to not be more than 50% of the premium for the loan policy quantity based on the current Schedule of Basic Premium Rates. If the land in the policy is Residential Real Residential or commercial property, the premium is $50.00. If the land in the policy is not Residential Real Residential or commercial property, the premium is $100.00. The premium for the Variable Rate Mortgage Endorsement (Form T-33) is $20.00. The premium for the Variable Rate Mortgage-Negative Amortization Endorsement (Form T-33.1) is: $20.00; or $ 0.00 if an extra premium is charged for the Loan Policy due to the fact that of an increased policy amount. The premium for the Manufactured Housing Endorsement (Form T-31) is $20.00. The premium for the Supplemental Coverage Manufactured Housing Unit Endorsement (Form T-31.1) is $50.00. When provided at the time the policy is provided, the premium is 25.00. When provided after the date of the policy, the premium is $50.00. The premium is $25.00. However, when multiple Planned Unit Development Endorsements (Form T-17) are provided simultaneously on numerous Loan Policies covering the exact same land, the premium for the very first endorsement is $25.00 and the premium for additional recommendations is $0.00. Title Manual Main Index|Section III Index

R-12. Commitment for Title Insurance

Applicable only as provided in Rule P-18 - The Commitment for Title Insurance shall bear no premium in addition to the premium chargeable for the policy or policies released thereto, except that this Rule R-12 will not use to any dedication for title insurance issued pursuant to Rate Rule R-23, or Rate Rule R-25.

R-13. Mortgagee Title Policy Binder on Interim Construction Loan

1. Applicable just as offered in Rule P-16 - A premium charge of an amount equivalent to the minimum policy Basic Premium Rate will be made for issuance of each Mortgagee Title Policy Binder on Interim Construction Loan. Such Binder shall be issued for a regard to one year. The initial Binder may be extended for six (6) extra successive durations of six (6) months each, not to exceed thirty-six (36) months. A premium of $25.00 shall be charged for each successive 6 (6) month extension. 2. Upon subsequent issuance of: 1. a Mortgagee Policy on a loan to completely take up, renew, extend or satisfy a lien currently covered by a Mortgagee Title Policy on Interim Construction Loan, or. 2. an Owner's Policy on the sale of a residential or commercial property which is encumbered by a lien covered by a Mortgagee Title Policy Binder on Interim Construction Loan and which lien against the communicated residential or commercial property is launched prior to or simultaneous with the sale, the premium for the brand-new policy will be at the basic rate, but a credit for the premium spent for the Binder shall be permitted to the purchaser of the Owner's Policy as follows: Half (50%) of the premium paid for the Binder (special of extensions), if the subsequent policy is released within one (1) year from the date of the initial Binder.

Where more than one Policy may be provided on a part of the residential or commercial property covered by the Binder, just one credit will be permitted, being on the very first Policy issued.

This Rule shall not use to any Binder released prior to March 1, 1989, in which case no credit is allowed.

Notwithstanding the provision in Rate Rule R-1, it shall be permissible to integrate this guideline with Rate Rule R-5 in the computation of the premium for a Policy. In no occasion shall the superior collected be less than the routine minimum promulgated rate for a Mortgagee Policy.

The half (50%) credit shall not use if the Binder covers real residential or commercial property which is being improved for improvements other than one to 4 residential systems.

Title Manual Main Index|Section III Index

R-14. Foreclosed Properties

When the owner of the residential or commercial property has gotten same directly through foreclosure under a mortgage guaranteed by a Mortgagee Policy, or the Secretary of Housing and Urban Development or the Administrator of Veteran's Affairs, or as their names may be changed from time to time, has obtained said residential or commercial property be factor of its warranty or recommendation of a mortgage insured by a Mortgagee Policy, and is selling exact same, an Owner Policy might be issued on stated sale, or a Mortgagee Policy might be released on a lien being maintained in the deed communicating stated residential or commercial property. If just an Owner Policy is issued, the charge for that reason shall be at the Basic Rate on the full amount of the consideration of stated sale. If only a Mortgagee policy is released, the Basic Rate on the complete amount of the lien will be charged. In either case, the credit of $15.00 on the entire deal will be enabled. In case an Owner Policy and a Mortgagee Policy are provided all at once on a transaction as provided in Rule R-5, the synchronised concern rate, as well as the credit enabled by this guideline, shall use. The $15.00 credit allowed by this rule will not apply till the releasing Company is provided the following:

1. At the time the policy or policies are bought, the seller will send to the Company, for its assessment and use, such proof as is offered in the seller's files, consisting of the Mortgagee Policy covering the lien foreclosed, showing title vested in such seller. This title proof must be kept in the files of the Company for future reference in the occasion a claim occurs under the indemnity arrangement stated in paragraph "b" hereof.