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 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 insured need to be as originally developed, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be provided in the quantity of the existing unsettled balance of said indebtedness. The Company shall be provided such evidence as it might require verifying such unsettled balance, that the indebtedness 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 issued by factor of notes being assigned to individual systems in connection with a master policy covering the aggregate indebtedness, including enhancements. Individual Mortgagee Policies need to be provided at the Basic Rates.

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 brand-new policy being in the amount of the present overdue balance of the insolvency, the premium for the new policy shall be at the Basic Rate, however a credit for three-tenths (3/10) of stated premium may be enabled.

3. Subsequent to Mortgagee Policy - When an insolvent insurer is put in permanent 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 insurer, however not on a loan to take up, renew, extend or satisfy an existing lien, the brand-new policy remaining in the amount of the present overdue balance of the indebtedness, the premium for the brand-new policy shall be at the basic rate, however a credit for one-half of stated premium will be permitted, unless such credit would lower the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured will give up the existing Mortgagee Policy( ies) to the Company when placing the order for a brand-new Mortgagee Policy( ies). The date of Policy for the brand-new policy( ies) shall be the 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 provided on a First Lien, and other policy( ies) is released on Subordinate Lien( s), produced 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 Take Up, Renew, Extend or Satisfy an Existing Lien( s)

When a Loan Policy is provided on a loan that completely uses up, restores, extends, or satisfies one or more existing liens that are already insured by several existing Loan Policies, the brand-new Loan Policy must remain in the amount of the note of the new loan. The premium for the new Loan Policy is lowered by a credit. The credit is calculated as follows:

1. Calculate the Basic Premium on the written reward balance of the existing loan or the original quantity of that loan, whichever is less; and

2. Multiply by the portion listed below for the time from the existing Loan Policy date to the brand-new Loan Policy date: 1. 50% when 4 years or less;

2. 25% when more than four 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 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 brand-new Loan Policy likewise includes one or more of the initial chains of title, the minimum Basic Premium must 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 multiple loans to completely take up, renew, extend, or please an existing lien guaranteed 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 needs to be provided even if not all of the brand-new loans are guaranteed or if only one of the brand-new loans is guaranteed.

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 systems in connection with a master policy covering the aggregate insolvency, including enhancements. Except as otherwise supplied in this rule, individual Loan Policies should be released at the Basic Rate.

R-9. Additional Chains of Title

In case more than one chain of title is involved in the issuance (consisting of determination of insurability of access) of any policy, the Company will charge the minimum policy Basic Premium Rate for each additional chain. For purpose of using this rule, adjoining parcels of land in one county shall be treated as one chain, offered 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 treated as a different chain, except where two or more lots in the same platted subdivision, and having the exact same plat recording date, belong to the very same owner, then such shall be dealt with 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 may be produced decision of insurability of access to land situated within a subdivision, provided: (i) the neighborhood lies in only one county, and (ii) the plat of the neighborhood has been legally approved by a licensed governmental entity, is appropriately tape-recorded, and the roadways revealed thereon have been dedicated for public usage or for making use of the owners of lots found 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 provided within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate.

If provided 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 should not be more than 50% of the premium for the loan policy quantity based on the existing 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 additional complete or partial twelve-month duration.

However, the maximum premium gathered should not be more than 50% of the premium for the loan policy amount based on the present 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 additional premium is charged for the Loan Policy because of an increased policy quantity.

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 released, the premium is 25.00.

When released after the date of the policy, the premium is $50.00.

The premium is $25.00.

However, when numerous Planned Unit Development Endorsements (Form T-17) are provided concurrently on several Loan Policies covering the same land, the premium for the very first recommendation is $25.00 and the premium for extra endorsements is $0.00.

Title Manual Main Index|Section III Index

R-12. Commitment for Title Insurance

Applicable just as offered in Rule P-18 - The Commitment for Title Insurance will bear no premium in addition to the premium chargeable for the policy or policies provided pursuant thereto, except that this Rule R-12 shall not use to any dedication 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 an amount equal 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 released for a regard to one year. The original Binder may be extended for 6 (6) additional successive periods of six (6) months each, not to surpass thirty-six (36) months. A premium of $25.00 shall be charged for each consecutive six (6) month extension.

2. Upon subsequent issuance of: 1. a Mortgagee Policy on a loan to totally take up, restore, 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 versus the communicated residential or commercial property is launched prior to or synchronised with the sale, the premium for the brand-new policy will be at the basic rate, but a credit for the premium paid for the Binder will be allowed to the buyer of the Owner's Policy as follows: Half (50%) of the premium paid for the Binder (unique of extensions), if the subsequent policy is provided within one (1) year from the date of the original Binder.

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

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

Notwithstanding the arrangement in Rate Rule R-1, it will 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 regular minimum promulgated rate for a Mortgagee Policy.

The fifty percent (50%) credit will not apply if the Binder covers genuine residential or commercial property which is being enhanced for improvements aside from one to four property systems.

Title Manual Main Index|Section III Index

R-14. Foreclosed Properties

When the owner of the residential or commercial property has actually gotten same straight through foreclosure under a mortgage insured by a Policy, or the Secretary of Housing and Urban Development or the Administrator of Veteran's Affairs, or as their names might be altered from time to time, has acquired stated residential or commercial property be factor of its warranty or recommendation of a mortgage insured by a Mortgagee Policy, and is selling same, an Owner Policy may be released on stated sale, or a Mortgagee Policy might be provided on a lien being maintained in the deed communicating stated residential or commercial property. If just an Owner Policy is provided, the charge therefore shall be at the Basic Rate on the complete amount of the consideration of said sale. If only a Mortgagee policy is released, the Basic Rate on the full quantity of the lien will be charged. In either case, the credit of $15.00 on the entire deal shall be permitted. In case an Owner Policy and a Mortgagee Policy are released all at once on a transaction as offered in Rule R-5, the synchronised problem rate, along with the credit allowed by this guideline, shall apply. The $15.00 credit allowed by this rule will not apply until the issuing Company is provided the following:

1. At the time the policy or policies are purchased, the seller will transfer to the Company, for its evaluation and use, such proof as is readily available in the seller's files, consisting of the Mortgagee Policy covering the lien foreclosed, showing title vested in such seller. This title evidence need to be maintained in the files of the Company for future recommendation in the event a claim develops under the indemnity agreement stated in paragraph "b" hereof.