On October 3 the CFPB is requiring, on its new TILA-RESPA Integrated Disclosure (TRID) forms, to disclose the title insurance lender’s policy premium at the full rate even when there is a simultaneous issue (of both an owner’s and lender’s policy) and the lender’s policy premium is offer at the discounted filed rate of $100. Title agents will have to disclose incorrect premiums when the simultaneous issue of policies occurs. Depending on local realtor contracts or the agreement between parties in the transaction, the buyer may pay for one policy and seller may pay for the other. In a simultaneous issue, the amounts each party pays will not match the title insurance premium amounts disclosed on the new TRID forms.
To help reduce consumer confusion due to this requirement, the Ohio Land Title Association has developed an additional disclosure document for agents to utilize to show consumers the policies' rates as disclosed on the TRID forms and the actual filed rates in Ohio.
You may access the OLTA form by clicking here.
Questions? Contact the OLTA office at 888-292-6582 or Info@OLTA.org.
About the Ohio Land Title Association
The mission of the Ohio Land Title Association is to advocate for and promote the legislative, educational, ethical and professional interests of its members while fostering an open environment for the free exchange of ideas. OLTA strives to benefit the public by promoting product quality and integrity in real estate transactions. OLTA is managed by Offinger Management Company, an Association Management Company Institute (AMC Institute) Accredited Association Management Company.