Background Info: I've been doing IT work for the title industry on and off for about two years now.

Interest:  I'm interested in learning more about this industry.

Questions:  regarding the Residential Title Insurance Process

Is the following process flow about right in general (regardless of states)?

(1) First thing first, a title search and examination of the property in question.  I understand its rationale well.

(2) Preparing and issuing a title commitment.  I don't know much about this process.  Would this process be optional?  Its need depends on title insurance company?

(3) Issuing Title Policy

Of the following two types:

(A) Owner's Policy (to the home owner, the buyer) for the buyer's protection

(B) Loan Policy (to the mortgage company or the bank  or other type of lender) for the lender's protection.

Common sense suggests that home owner would buy Owner's Policy and so would a lender.  Is such understanding correct?  If so, then for each property closing, two title insurance policies are issued.

After all, each transaction involves green backs, (and justifiably so),  what sort of fee for each of the above process is considered reasonable?

A side note:  though Google search is usually a friend, the lack of clarity of its results is not.

Thanks in advance.