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[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (2355 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (2592 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (2722 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (2571 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (2470 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (2354 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (2401 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (2341 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (2540 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (2262 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (2332 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (2204 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (2184 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (2337 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (2254 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (2214 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (1871 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (2169 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (2261 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1812 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (2164 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (2286 views)

Here is what is happening in the search/underwriting world (and has been for 20 years or more depending on what state you are in).

 

Data shows that an underwriter can require the follow scope of search on an Owner Policy:

1. Search from all liens and encumbrances from the last owner forward (WDD/PMM)

Extra cautious underwriters might say last TWO Owners forward.

During this search period the underwriter is looking for all items that need to be paid and released and closing (mortgages, liens, etc).

When an underwriter has evidence of an insured transaction the risk of claims for a missed lien or mortgage goes WAY down. So the time spend searching the owners before that does not bear fruit. It's simply a waste of the abstractors time.

In addition to the liens and mortgages, underwriters want to show easements, restrictions, HOA, Decs, etc on the title commitment. This is where you may have some disagreement on how far back these B2 items need to be searched for. 

One school of thought says, if the plat was recorded longer ago than the statutory search period (or customary) in that state then the abstractor does not need to conduct a further search because basically everything that affects the property in the last 42 years (Ohio Example) has been found in the last owner or last two owner search.

Others might say, we really want these B2's no matter how old they are, but as we all know that would take us back to 1900 in many places looking for things like joint driveway easements in OLD allotments, etc.  

As we all now, once you search a subdivision one time, you can save the B2s in your files and pull them out when that subdivision comes up again and slap them on the file for the customer. This is typically termed pull the plat card or pulling the subdivision base file. 

 If you do it right you will charge the customer for the 1 or 2 owner search (whichever they require) and then charge them something for the B2's. By saving and repeating the B2's you will be able to turn orders faster and charge many times for the work you did one time.

There will be LOTS of times (if the underwriter doesn't require any B2's behind the statutory/customer period where you are simply doing a 1 or 2 owner search (for a purchase) just like you would for a loan policy (refinance). And if that's the case, that's all the customer should be charged for IMO. 

 Clearly it's unreasonable for a client to think you are going to get B2's for the same price as a 1 or 2 owner search. I think most of your clients will understand that if you explain it to them.  

 While I'm employed by an underwriter, I am not speaking on behalf of the company here.

 

 

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Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:22:20 PM (1981 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (2045 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1853 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1850 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (2038 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (1866 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (1840 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1824 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1843 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2826 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1837 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (1847 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (1741 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1710 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1804 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1758 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (1786 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (1818 views)

Priority Title & Escrow, LLC - Smitty Strickland/SC
10/2/2021 5:26:51 PM (1793 views)

[+] Free Metes and Bounds online sofware - Heidi Gemeling/FL (14 replies)
9/29/2021 7:54:29 PM (1897 views)

Los Angeles County - October 1st - Dan Zook/NY
9/28/2021 7:52:23 PM (1485 views)

[+] Low Volume - Jason Roy/DE (8 replies)
9/27/2021 11:46:50 AM (2186 views)




[+] Union, NC - Ana Rosen/PA (3 replies)
9/16/2021 2:55:31 PM (1622 views)

[+] ALTERNATIVE FAX NUMBER - Heidi Gemeling/FL (4 replies)
9/13/2021 5:07:42 PM (1463 views)

[+] NobleServe,LLC - Smitty Strickland/SC (2 replies)
9/13/2021 5:00:51 PM (2172 views)

[+] ACH, Bill.com, Venmo, Paypal etc. - Dan Zook/NY (6 replies)
9/9/2021 12:48:14 PM (1830 views)

[+] CRYPTOCURRENCY AND ESCROW ACCOUNTS - Heidi Gemeling/FL (10 replies)
9/8/2021 8:01:04 AM (1641 views)

[+] Vermont appointments and fees - Ana Rosen/PA (3 replies)
9/7/2021 5:35:19 PM (1434 views)

JMT Doucment Services - Carlyle Millard/WV
9/1/2021 9:36:18 PM (1306 views)

[+] Turning Houses into Corporations - Robert Franco/OH (7 replies)
8/26/2021 8:35:17 AM (1947 views)

[+] Sanrit Technologies Non-Payer - Ron Beavers/FL (4 replies)
8/17/2021 2:04:25 PM (1748 views)

[+] Nationwide Abstrax - R Braun/VA (2 replies)
8/12/2021 10:15:39 AM (2218 views)


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