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[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (1864 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (1813 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (1926 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (1802 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (1650 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (1576 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (1655 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (1561 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (1726 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (1557 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (1534 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (1502 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (1446 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (1597 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (1544 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (1449 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (1147 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (1452 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (1484 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1108 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (1408 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (1441 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 (1198 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (1272 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1162 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1145 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (1274 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (1085 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (1083 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1105 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1094 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2054 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1086 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 (1023 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1017 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1049 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1019 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (1073 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (1082 views)

Priority Title & Escrow, LLC - Smitty Strickland/SC
10/2/2021 5:26:51 PM (1392 views)

[+] Free Metes and Bounds online sofware - Heidi Gemeling/FL (14 replies)
9/29/2021 7:54:29 PM (1414 views)

Los Angeles County - October 1st - Dan Zook/NY
9/28/2021 7:52:23 PM (986 views)

[+] Low Volume - Jason Roy/DE (8 replies)
9/27/2021 11:46:50 AM (1697 views)


Real Title Services


[+] Union, NC - Ana Rosen/PA (3 replies)
9/16/2021 2:55:31 PM (1212 views)

[+] ALTERNATIVE FAX NUMBER - Heidi Gemeling/FL (4 replies)
9/13/2021 5:07:42 PM (966 views)

[+] NobleServe,LLC - Smitty Strickland/SC (2 replies)
9/13/2021 5:00:51 PM (1641 views)

[+] ACH, Bill.com, Venmo, Paypal etc. - Dan Zook/NY (6 replies)
9/9/2021 12:48:14 PM (1305 views)

[+] CRYPTOCURRENCY AND ESCROW ACCOUNTS - Heidi Gemeling/FL (10 replies)
9/8/2021 8:01:04 AM (1165 views)

[+] Vermont appointments and fees - Ana Rosen/PA (3 replies)
9/7/2021 5:35:19 PM (1026 views)

JMT Doucment Services - Carlyle Millard/WV
9/1/2021 9:36:18 PM (976 views)

[+] Turning Houses into Corporations - Robert Franco/OH (7 replies)
8/26/2021 8:35:17 AM (1498 views)

[+] Sanrit Technologies Non-Payer - Ron Beavers/FL (4 replies)
8/17/2021 2:04:25 PM (1343 views)

[+] Nationwide Abstrax - R Braun/VA (2 replies)
8/12/2021 10:15:39 AM (1771 views)


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