SAMPLE WRITTEN POLICY: Settlement Policies & Procedures - Pricing Procedure When rate change bulletins are issued according to the North Carolina Title Insurance Rating Bureau, the software provider (Softpro Corp., Ramquest, etc.) is contacted to confirm that they have been notified by the underwriter and will have the proper updates made to the software. Updates will be downloaded timely. On each title order, commitment invoices are reviewed to assure correct fees are being charged for policy premiums, state specific fees, and endorsements. Applicable rate discounts, such as Simultaneous Issue and Refinance Rates are calculated and charged when appropriate. A written record of all rate calculations is kept in the file. SAMPLE WRITTEN POLICY: Settlement Policies & Procedures - Recording Procedure Documents are submitted for recording to the proper office of the Register of Deeds in the county in which the property prior to disbursement of funds, in compliance with the Good Funds Settlement Act and lender written closing is located instruction The Firm verifies that recording actually took and maintain recording information for each document in each file, as well as a separate log of all recordings. When notice is received that a document has been rejected, the document is treated as a closing’ and all effort is ‘new made to resolve the problem and submit for re-recording immediately, prior to disbursement of funds. If a solution is not forthcoming, the Firm will consult with the underwriter involved and develop a strategy to mitigate immediately. 5 TITLE CERTIFICATION AND OBTAINING POLICY Adopt and maintain written procedures related to submitting final title opinion, documents and premium to title insurer in order to obtain timely issuance of title insurance policies post-closing.
SAMPLE WRITTEN POLICY: Settlement Policies & Procedures - Pricing Procedure When rate change bulletins are issued according to the North Carolina Title Insurance Rating Bureau, the software provider (Softpro Corp., Ramquest, etc.) is contacted to confirm that they have been notified by the underwriter and will have the proper updates made to the software. Updates will be downloaded timely. On each title order, commitment invoices are reviewed to assure correct fees are being charged for policy premiums, state specific fees, and endorsements. Applicable rate discounts, such as Simultaneous Issue and Refinance Rates are calculated and charged when appropriate. A written record of all rate calculations is kept in the file. SAMPLE WRITTEN POLICY: Settlement Policies & Procedures - Recording Procedure Documents are submitted for recording to the proper office of the Register of Deeds in the county in which the property is located prior to disbursement of funds, in compliance with the Good Funds Settlement Act and lender written closing instruction The Firm verifies that recording actually took and maintain recording information for each document in each file, as well as a separate log of all recordings. When notice is received that a document has been rejected, the document is treated as a ‘new closing’ and all effort is made to resolve the problem and submit for re-recording immediately, prior to disbursement of funds. If a solution is not forthcoming, the Firm will consult with the underwriter involved and develop a strategy to mitigate immediately. 5 TITLE CERTIFICATION AND OBTAINING POLICY Adopt and maintain written procedures related to submitting final title opinion, documents and premium to title insurer in order to obtain timely issuance of title insurance policies post-closing.