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[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (1871 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (1815 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (1929 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (1803 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (1651 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (1577 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (1656 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (1564 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (1728 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (1559 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (1536 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (1504 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (1448 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (1598 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 (1452 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 (1455 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (1485 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1110 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (1409 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (1443 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 (1200 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (1273 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1163 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1147 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (1276 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 (1086 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1106 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1099 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2057 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1090 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (1056 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (1024 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1018 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1050 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1020 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 (1085 views)

Priority Title & Escrow, LLC - Smitty Strickland/SC
10/2/2021 5:26:51 PM (1397 views)

[+] Free Metes and Bounds online sofware - Heidi Gemeling/FL (14 replies)
9/29/2021 7:54:29 PM (1418 views)

Los Angeles County - October 1st - Dan Zook/NY
9/28/2021 7:52:23 PM (988 views)

[+] Low Volume - Jason Roy/DE (8 replies)
9/27/2021 11:46:50 AM (1700 views)


Real Title Services


[+] Union, NC - Ana Rosen/PA (3 replies)
9/16/2021 2:55:31 PM (1215 views)

[+] ALTERNATIVE FAX NUMBER - Heidi Gemeling/FL (4 replies)
9/13/2021 5:07:42 PM (968 views)

[+] NobleServe,LLC - Smitty Strickland/SC (2 replies)
9/13/2021 5:00:51 PM (1645 views)

[+] ACH, Bill.com, Venmo, Paypal etc. - Dan Zook/NY (6 replies)
9/9/2021 12:48:14 PM (1308 views)

[+] CRYPTOCURRENCY AND ESCROW ACCOUNTS - Heidi Gemeling/FL (10 replies)
9/8/2021 8:01:04 AM (1174 views)

[+] Vermont appointments and fees - Ana Rosen/PA (3 replies)
9/7/2021 5:35:19 PM (1028 views)

JMT Doucment Services - Carlyle Millard/WV
9/1/2021 9:36:18 PM (980 views)

[+] Turning Houses into Corporations - Robert Franco/OH (7 replies)
8/26/2021 8:35:17 AM (1499 views)

[+] Sanrit Technologies Non-Payer - Ron Beavers/FL (4 replies)
8/17/2021 2:04:25 PM (1345 views)

[+] Nationwide Abstrax - R Braun/VA (2 replies)
8/12/2021 10:15:39 AM (1773 views)


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