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Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy
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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 guaranteed need to be as originally created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) shall be issued in the amount of the existing unpaid balance of said indebtedness. The Company will be furnished such evidence as it may need verifying such unpaid balance, that the indebtedness 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 specific systems in connection with a master policy covering the aggregate indebtedness, of improvements. Individual Mortgagee Policies need to be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any factor whatsoever, on a lien already covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the brand-new policy remaining in the amount of the present unsettled balance of the insolvency, the premium for the brand-new policy shall be at the Basic Rate, but a credit for three-tenths (3/10) of said premium might be allowed. 3. Subsequent to Mortgagee Policy - When an insolvent insurer is placed in irreversible receivership by a court of qualified jurisdiction and a Mortgagee Policy( ies) is requested on a lien already covered by an existing Mortgagee Policy( ies) of said insolvent insurance company, but not on a loan to take up, restore, extend or satisfy an existing lien, the brand-new policy being in the quantity of the existing unsettled balance of the indebtedness, the premium for the brand-new policy shall be at the standard rate, however a credit for one-half of stated premium shall be allowed, unless such credit would lower 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 positioning 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 Very first Lien, and other policy( ies) is released on Subordinate Lien( s), created in the same transaction, covering the same land or a part thereof, the premium for the First Lien policy shall be computed on the total 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 provided on a loan that fully takes up, restores, extends, or satisfies several existing liens that are already insured by one or more existing Loan Policies, the brand-new Loan Policy need to remain in the quantity of the note of the brand-new loan. The premium for the new Loan Policy is minimized by a credit. The credit is computed as follows:

1. Calculate the Basic Premium on the composed payoff balance of the existing loan or the original amount of that loan, whichever is less; and 2. Multiply by the percentage listed below for the time from the existing Loan Policy date to the brand-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 use 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) consisted of more than one chain of title, and the brand-new Loan Policy also includes one or more of the initial chains of title, the minimum Basic Premium must be charged for each extra chain of title. (See Rate Rule R-9 for the definition of "additional chain.")

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

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

R-9. Additional Chains of Title

In the occasion more than one chain of title is included 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 extra chain. For function of using this guideline, adjoining tracts in one county will be treated as one chain, provided 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 separate chain, other than where two or more lots in the same platted neighborhood, and having the very same plat recording date, belong to the exact same owner, then such shall be dealt with as one chain. If the tracts lie in more than one county, there are separate chains of title in each county. No additional chain charge may be produced decision of insurability of access to land located within a neighborhood, provided: (i) the subdivision is situated in only one county, and (ii) the plat of the neighborhood has been legally authorized by an authorized governmental entity, is duly taped, and the roads revealed thereon have actually been committed for public usage or for making use of the owners of lots found in the neighborhood.

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 only 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 released 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 maximum premium gathered should 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 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 complete or partial twelve-month period. However, the optimal premium gathered must not be more than 50% of the premium for the loan policy amount based upon 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 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 provided at the time the policy is issued, 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 several Planned Unit Development Endorsements (Form T-17) are provided all at once on numerous Loan Policies covering the exact same land, the premium for the first endorsement is $25.00 and the premium for additional endorsements is $0.00. Title Manual Main Index|Section III Index

R-12. Commitment for Title Insurance

Applicable only as offered in Rule P-18 - The Commitment for Title Insurance shall bear no premium in addition to the premium chargeable for the policy or policies provided pursuant thereto, other than that this Rule R-12 shall not apply to any commitment for title insurance coverage 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 provided 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 provided for a regard to one year. The initial Binder may be extended for 6 (6) extra consecutive periods of 6 (6) months each, not to go beyond 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 completely use up, restore, extend or please 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 conveyed residential or commercial property is launched prior to or simultaneous with the sale, the premium for the brand-new policy will be at the standard rate, but a credit for the premium spent for the Binder will be permitted to the buyer of the Owner's Policy as follows: Half (50%) of the premium spent for the Binder (unique of extensions), if the subsequent policy is released within one (1) year from the date of the initial Binder.

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

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

Notwithstanding the arrangement in Rate Rule R-1, it will be acceptable to combine this rule with Rate Rule R-5 in the computation of the premium for a Policy. In no occasion will the superior collected be less than the routine minimum promulgated rate for a Mortgagee Policy.

The fifty percent (50%) credit shall not use if the Binder covers genuine residential or commercial property which is being improved for improvements aside from one to 4 property systems.

Title Manual Main Index|Section III Index

R-14. Foreclosed Properties
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When the owner of the residential or commercial property has obtained same directly 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 might be altered from time to time, has obtained stated residential or commercial property be reason of its warranty or recommendation of a mortgage guaranteed by a Mortgagee Policy, and is offering same, an Owner Policy might be provided on said sale, or a Mortgagee Policy might be issued on a lien being retained in the deed communicating said residential or commercial property. If only an Owner Policy is released, the charge therefore shall be at the Basic Rate on the total of the consideration of said sale. If just a Mortgagee policy is issued, the Basic Rate on the total of the lien shall be charged. In either case, the credit of $15.00 on the whole transaction will be allowed. In case an Owner Policy and a Mortgagee Policy are issued simultaneously on a transaction as supplied in Rule R-5, the simultaneous issue rate, as well as the credit allowed by this guideline, shall use. The $15.00 credit allowed by this guideline will not use until the providing Company is provided the following:

1. At the time the policy or policies are ordered, the seller will send to the Company, for its assessment 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 need to be kept in the files of the Company for future recommendation in the occasion a claim emerges under the indemnity contract set forth in paragraph "b" hereof.