Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy
realestatelawcorp.com
1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is requested, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium shall be one-half the Basic Rate. The lien to be guaranteed need to be as initially created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be provided in the amount of the existing unpaid balance of stated insolvency. The Company will be furnished such proof as it might require validating such unsettled balance, that the insolvency is not in default and that there has actually been no acceleration of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies released by reason of notes being allocated to private systems in connection with a master policy covering the aggregate indebtedness, including enhancements. Individual Mortgagee Policies should be issued at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, for any reason 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 amount of the existing unpaid balance of the insolvency, the premium for the new policy shall be at the Basic Rate, but a credit for three-tenths (3/10) of stated premium may be enabled. 3. Subsequent to Mortgagee Policy - When an insolvent insurance company is put in permanent receivership by a court of skilled jurisdiction and a Mortgagee Policy( ies) is requested on a lien currently covered by an existing Mortgagee Policy( ies) of said insolvent insurance provider, but not on a loan to take up, restore, extend or satisfy an existing lien, the new policy remaining in the amount of the current overdue balance of the indebtedness, the premium for the brand-new policy will be at the fundamental rate, but a credit for one-half of stated premium will be allowed, unless such credit would decrease the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured shall 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 new policy( ies) shall be the exact 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 released on a Very first Lien, and other policy( ies) is issued on Subordinate Lien( s), developed in the exact same transaction, covering the very same land or a portion thereof, the premium for the First Lien policy will be computed on the overall of the combined liens; the premium for each Subordinate Lien policy shall 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 issued on a loan that completely uses up, restores, extends, or pleases several existing liens that are already guaranteed by one or more existing Loan Policies, the brand-new Loan Policy need to be in the quantity 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 written benefit balance of the existing loan or the original 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 4 years but less than eight years; or

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

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

When the existing Loan Policy( ies) included more than one chain of title, and the brand-new Loan Policy also includes one or more of the original chains of title, the minimum Basic Premium needs to be charged for each additional chain of title. (See Rate Rule R-9 for the definition of "extra chain.")

When two or more brand-new Loan Policies are released on multiple loans to completely take up, renew, extend, or satisfy an existing lien insured by a single Loan Policy, the premium for each new Loan Policy, is the Basic Premium. The credit computed above must be applied to the premium for the largest Loan Policy. A credit must be offered even if not all of the brand-new loans are insured or if just one of the new loans is guaranteed.

THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Loan Policies released by factor of notes being apportioned to private units in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Except as otherwise provided in this rule, specific Loan Policies need to be released at the Basic Rate.

R-9. Additional Chains of Title

In the event more than one chain of title is associated with the issuance (consisting of decision of insurability of gain access to) of any policy, the Company will charge the minimum policy Basic Premium Rate for each extra chain. For function of applying this guideline, adjoining tracts in one county shall be dealt with as one chain, provided record title to the land and record title to the gain access to 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 2 or more lots in the exact same platted neighborhood, and having the exact same plat recording date, belong to the exact same owner, then such shall be treated as one chain. If the parcels of land lie in 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 situated within a subdivision, provided: (i) the subdivision is located in only one county, and (ii) the plat of the subdivision has actually been legally approved by an authorized governmental entity, is properly tape-recorded, and the roads revealed thereon have actually been committed for public use or for making use of the owners of lots located in the subdivision.

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

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

Effective January 3, 2014 (Order 2806)

R-11. Loan Policy Endorsements

Applicable just as offered in Procedural Rule P-9.

Assignment of Mortgage Endorsement (Form T-3, Endorsement Instruction III): 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 $100.00 for each additional full or partial twelve-month duration. However, the optimal premium collected must not be more than 50% of the premium for the loan policy amount based upon the current Schedule of Basic Premium Rates If provided within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate. If released 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 duration. However, the maximum premium collected must not be more than 50% of the premium for the loan policy quantity based upon the current Schedule of 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 since 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 issued at the time the policy is issued, the premium is 25.00. When issued after the date of the policy, the premium is $50.00. The premium is $25.00. However, when several Planned Unit Development Endorsements (Form T-17) are released all at once on multiple Loan Policies covering the exact same land, the premium for the very first endorsement is $25.00 and the premium for extra recommendations is $0.00. Title Manual Main Index|Section III Index

R-12. Commitment for Title Insurance

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

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

1. Applicable only as offered in Rule P-16 - A premium charge of a quantity equivalent to the minimum policy Basic Premium Rate shall be produced issuance of each Mortgagee Title Policy Binder on Interim Construction Loan. Such Binder will be issued for a regard to one year. The original Binder may be extended for 6 (6) extra consecutive periods of six (6) months each, not to go beyond thirty-six (36) months. A premium of $25.00 will be charged for each successive 6 (6) month extension. 2. Upon subsequent issuance of: 1. a Mortgagee Policy on a loan to totally take up, renew, extend or please a lien already 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 conveyed residential or commercial property is released prior to or simultaneous with the sale, the premium for the new policy will be at the standard rate, but a credit for the premium spent for the Binder will be allowed to the purchaser of the Owner's Policy as follows: Fifty percent (50%) of the premium paid for the Binder (exclusive of extensions), if the subsequent policy is issued within one (1) year from the date of the original Binder.

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

This Rule will not use to any Binder provided prior to March 1, 1989, in which case no credit is enabled.

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

The half (50%) credit shall not apply if the Binder covers real residential or commercial property which is being enhanced for enhancements other than one to 4 domestic units.

Title Manual Main Index|Section III Index
moving-careers.com
R-14. Foreclosed Properties

When the owner of the residential or commercial property has gotten very same straight through foreclosure under a mortgage insured 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 altered from time to time, has acquired said residential or commercial property be factor of its assurance or endorsement of a mortgage insured by a Mortgagee Policy, and is offering very same, an Owner Policy might be released on stated sale, or a Mortgagee Policy might be issued on a lien being retained in the deed communicating stated residential or commercial property. If just an Owner Policy is released, the charge for that reason shall be at the Basic Rate on the total of the consideration of said sale. If just a Mortgagee policy is released, the Basic Rate on the total of the lien will be charged. In either case, the credit of $15.00 on the whole deal shall be allowed. In the occasion an Owner Policy and a Mortgagee Policy are provided at the same time on a deal as offered in Rule R-5, the synchronised problem rate, as well as the credit allowed by this guideline, shall apply. The $15.00 credit enabled by this rule will not use till the issuing Company is provided the following:

1. At the time the policy or policies are purchased, the seller will send to the Company, for its evaluation and usage, such evidence as is available in the seller's files, including the Mortgagee Policy covering the lien foreclosed, revealing title vested in such seller. This title proof should be retained in the files of the Company for future recommendation in the occasion a claim arises under the indemnity arrangement stated in paragraph "b" hereof.