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[+] VIRUS/MALWARE WARNING - Alix Ott/MI (1 reply)
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[+] Avanzegroup fka Visionet?? - Alix Ott/MI (13 replies)
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[+] Comment on "NAR Statement on the Passage of Bipartisan Infrastructure Bill" - Source of Title/OH (18 replies)
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[+] DRN , no pay. - A. Christopher Hohenfels/VA (2 replies)
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[+] DRN any reports ? - A. Christopher Hohenfels/VA (2 replies)
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[+] Fee Favor.com - SUZANNE WALLACE/CA (10 replies)
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[+] Cook County, Illinois Title Plant - Ted Williamson/TX (11 replies)
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[+] TitleIT Inc - William Duncan/SC (1 reply)
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[+] AMI Services - Marilyn Knobel/NY (1 reply)
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[+] Georgia Abstractors - Paige Dunn/GA (1 reply)
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[+] Anyone there? - William Duncan/SC (2 replies)
10/18/2021 9:53:23 AM (1910 views)

[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (2445 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (2772 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (2932 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (2764 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (2646 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (2524 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (2575 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (2520 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (2719 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (2434 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (2501 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (2396 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (2364 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (2498 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (2427 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (2380 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (2041 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (2355 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (2434 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1968 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (2345 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (2459 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 (2147 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (2214 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (2017 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (2013 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (2199 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (2152 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (2137 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (2115 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (2134 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (3132 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (2122 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (2140 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (2033 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (2004 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (2101 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (2047 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (2079 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (2114 views)


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