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[+] TitleIT Inc - William Duncan/SC (1 reply)
10/21/2021 11:15:08 AM (1491 views)

[+] AMI Services - Marilyn Knobel/NY (1 reply)
10/21/2021 11:05:03 AM (1327 views)

[+] Georgia Abstractors - Paige Dunn/GA (1 reply)
10/20/2021 11:47:15 PM (1287 views)

[+] Anyone there? - William Duncan/SC (2 replies)
10/18/2021 9:53:23 AM (1615 views)

[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (2110 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (2192 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (2321 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (2168 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (2027 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (1986 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (2031 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (1927 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (2152 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (1913 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (1907 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (1862 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (1839 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (1979 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (1921 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (1816 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (1520 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (1830 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (1855 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1462 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (1790 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (1812 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 (1572 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (1652 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1529 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1515 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (1643 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (1448 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (1467 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1459 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1477 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2441 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1464 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (1420 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (1408 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1376 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1448 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1385 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (1435 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (1440 views)


Real Title Services


Priority Title & Escrow, LLC - Smitty Strickland/SC
10/2/2021 5:26:51 PM (1590 views)

[+] Free Metes and Bounds online sofware - Heidi Gemeling/FL (14 replies)
9/29/2021 7:54:29 PM (1710 views)

Los Angeles County - October 1st - Dan Zook/NY
9/28/2021 7:52:23 PM (1268 views)

[+] Low Volume - Jason Roy/DE (8 replies)
9/27/2021 11:46:50 AM (1962 views)

[+] Union, NC - Ana Rosen/PA (3 replies)
9/16/2021 2:55:31 PM (1456 views)

[+] ALTERNATIVE FAX NUMBER - Heidi Gemeling/FL (4 replies)
9/13/2021 5:07:42 PM (1194 views)

[+] NobleServe,LLC - Smitty Strickland/SC (2 replies)
9/13/2021 5:00:51 PM (1919 views)

[+] ACH, Bill.com, Venmo, Paypal etc. - Dan Zook/NY (6 replies)
9/9/2021 12:48:14 PM (1586 views)

[+] CRYPTOCURRENCY AND ESCROW ACCOUNTS - Heidi Gemeling/FL (10 replies)
9/8/2021 8:01:04 AM (1440 views)

[+] Vermont appointments and fees - Ana Rosen/PA (3 replies)
9/7/2021 5:35:19 PM (1270 views)


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