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[+] VIRUS/MALWARE WARNING - Alix Ott/MI (1 reply)
11/24/2021 7:58:01 AM (1223 views)

[+] Avanzegroup fka Visionet?? - Alix Ott/MI (13 replies)
11/18/2021 12:34:01 PM (2383 views)

[+] VISIONET - NON-PAYERS - Brett Ryder/NC (3 replies)
11/16/2021 2:40:11 PM (1968 views)

[+] NON-PAYERS Mott MacDonald - Angela Sharp/CA (1 reply)
11/9/2021 1:40:05 PM (1476 views)

[+] Comment on "NAR Statement on the Passage of Bipartisan Infrastructure Bill" - Source of Title/OH (18 replies)
11/8/2021 9:42:02 AM (1809 views)


Real Title Services


[+] DRN , no pay. - A. Christopher Hohenfels/VA (2 replies)
11/5/2021 10:32:28 AM (1416 views)

[+] DRN any reports ? - A. Christopher Hohenfels/VA (2 replies)
11/5/2021 10:24:00 AM (1316 views)

[+] E&O - sharon tornes/MN (2 replies)
10/28/2021 10:36:46 AM (1121 views)

[+] Fee Favor.com - SUZANNE WALLACE/CA (10 replies)
10/26/2021 2:19:52 PM (1628 views)

[+] Cook County, Illinois Title Plant - Ted Williamson/TX (11 replies)
10/25/2021 11:51:15 AM (1076 views)

[+] TitleIT Inc - William Duncan/SC (1 reply)
10/21/2021 11:15:08 AM (1234 views)

[+] AMI Services - Marilyn Knobel/NY (1 reply)
10/21/2021 11:05:03 AM (1064 views)

[+] Georgia Abstractors - Paige Dunn/GA (1 reply)
10/20/2021 11:47:15 PM (1053 views)

[+] Anyone there? - William Duncan/SC (2 replies)
10/18/2021 9:53:23 AM (1375 views)

[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (1860 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (1811 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (1924 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (1796 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (1646 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (1572 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (1650 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (1559 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (1721 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (1555 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (1529 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (1501 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (1445 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (1594 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (1543 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (1446 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (1145 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (1449 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (1479 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1106 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (1405 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (1439 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 (1196 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (1268 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1160 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1143 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (1272 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (1081 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (1078 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1100 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1092 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2051 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1083 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (1051 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (1020 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1016 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1046 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1013 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (1070 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (1080 views)


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