Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Discussion
<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies



[+] TitleIT Inc - William Duncan/SC (1 reply)
10/21/2021 11:15:08 AM (1258 views)

[+] AMI Services - Marilyn Knobel/NY (1 reply)
10/21/2021 11:05:03 AM (1089 views)

[+] Georgia Abstractors - Paige Dunn/GA (1 reply)
10/20/2021 11:47:15 PM (1071 views)

[+] Anyone there? - William Duncan/SC (2 replies)
10/18/2021 9:53:23 AM (1409 views)

[-] Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA (39 replies)
10/4/2021 1:57:10 PM (1891 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/4/2021 3:01:40 PM (1852 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/4/2021 4:58:59 PM (1968 views)
Re: Requiring Full E&R for Last Owner Searches - Kurt deVries/FL
10/5/2021 11:45:19 AM (1841 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/8/2021 10:54:18 AM (1690 views)
Re: Requiring Full E&R for Last Owner Searches - Bruce Lutz/PA
10/11/2021 9:47:30 AM (1615 views)
Re: Requiring Full E&R for Last Owner Searches - Leigh Attridge/MA
10/10/2021 9:14:44 AM (1693 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 8:32:16 AM (1600 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 10:29:29 AM (1775 views)
Re: Requiring Full E&R for Last Owner Searches - Alix Ott/MI
10/11/2021 11:17:30 AM (1597 views)
Re: Requiring Full E&R for Last Owner Searches - Robert Franco/OH
10/11/2021 11:49:04 AM (1572 views)
Re: Requiring Full E&R for Last Owner Searches - Garret  Fitzgerald/VA
10/11/2021 8:47:25 AM (1548 views)
Re: Requiring Full E&R for Last Owner Searches - Rene Blevins/VA
11/9/2021 8:56:21 AM (1487 views)
Re: Requiring Full E&R for Last Owner Searches - WAYNE QUICK/NC
10/11/2021 9:07:19 AM (1639 views)
Re: Requiring Full E&R for Last Owner Searches - Shannon Budziak/VT
10/11/2021 10:06:02 AM (1584 views)
Re: Requiring Full E&R for Last Owner Searches - Smitty Strickland/SC
10/17/2021 12:15:52 PM (1493 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:18:42 PM (1186 views)
Re: Requiring Full E&R for Last Owner Searches - Jeanine Johnson/MN
10/11/2021 10:44:54 AM (1491 views)
Re: Requiring Full E&R for Last Owner Searches - Philip Apter/CT
10/11/2021 7:11:59 PM (1524 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:20:10 PM (1146 views)
Re: Requiring Full E&R for Last Owner Searches - Paula Reynolds/FL
10/18/2021 11:46:34 AM (1450 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
10/19/2021 8:41:55 AM (1480 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.

 

 

to post a reply: login - or - register


Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:22:20 PM (1241 views)
Re: Requiring Full E&R for Last Owner Searches - Larry Crooks/OH
11/9/2021 8:56:05 AM (1310 views)
Re: Requiring Full E&R for Last Owner Searches - SUZANNE WALLACE/CA
11/8/2021 11:17:34 PM (1199 views)
Re: Requiring Full E&R for Last Owner Searches - Serena Stout/VA
11/15/2021 8:40:20 AM (1184 views)
Full search = full search price - Victoria Moate/NJ
11/16/2021 10:13:56 PM (1314 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 9:28:26 AM (1125 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 1:15:33 PM (1123 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 1:28:28 PM (1146 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 4:07:42 PM (1141 views)
Re: Full search = full search price - Larry Crooks/OH
11/22/2021 4:56:25 PM (2097 views)
Re: Full search = full search price - Victoria Moate/NJ
11/22/2021 5:25:11 PM (1125 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 10:24:45 AM (1093 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 10:53:54 AM (1065 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 12:21:17 PM (1058 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 3:47:04 PM (1086 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:06:42 PM (1055 views)
Re: Full search = full search price - Victoria Moate/NJ
11/23/2021 4:11:22 PM (1110 views)
Re: Full search = full search price - Larry Crooks/OH
11/23/2021 4:20:36 PM (1126 views)


Real Title Services


Priority Title & Escrow, LLC - Smitty Strickland/SC
10/2/2021 5:26:51 PM (1414 views)

[+] Free Metes and Bounds online sofware - Heidi Gemeling/FL (14 replies)
9/29/2021 7:54:29 PM (1435 views)

Los Angeles County - October 1st - Dan Zook/NY
9/28/2021 7:52:23 PM (1001 views)

[+] Low Volume - Jason Roy/DE (8 replies)
9/27/2021 11:46:50 AM (1718 views)

[+] Union, NC - Ana Rosen/PA (3 replies)
9/16/2021 2:55:31 PM (1228 views)

[+] ALTERNATIVE FAX NUMBER - Heidi Gemeling/FL (4 replies)
9/13/2021 5:07:42 PM (982 views)

[+] NobleServe,LLC - Smitty Strickland/SC (2 replies)
9/13/2021 5:00:51 PM (1660 views)

[+] ACH, Bill.com, Venmo, Paypal etc. - Dan Zook/NY (6 replies)
9/9/2021 12:48:14 PM (1336 views)

[+] CRYPTOCURRENCY AND ESCROW ACCOUNTS - Heidi Gemeling/FL (10 replies)
9/8/2021 8:01:04 AM (1191 views)

[+] Vermont appointments and fees - Ana Rosen/PA (3 replies)
9/7/2021 5:35:19 PM (1042 views)


<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Directory

The Source of Title Business directory has 8917 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

Unveiling the Costs: Why Commercial Title Searches Command a Premium
Security American's Blog
2024/04/17
0 comments

Protecting Your Home: The Ins and Outs of Deed Theft and How to Shield Yourself
Security American's Blog
2024/03/21
0 comments

Exploring the Implications of Eliminating Mandatory Title Insurance
Security American's Blog
2024/03/11
0 comments

Articles

Source of Title articles help to keep you informed on the state of the title industry.

ALTA Applauds Introduction of HEIRS Act of 2024
Property passed down from generation to generation without formal wills or estate planning documents leaves families ope...
North Dakota Notaries Can Now Ditch the Desk! Secured Signing Brings Streamlined Online Notarization to the Peace Garden State
Imagine notarizing documents from the comfort of your couch, or while catching up on emails at your home office. For Nor...
Pending Home Sales Ascended 3.4% in March
"March's Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in ...
New Nationwide Codes Mandate a Major Blow to Housing Affordability
“Without adequate review and consideration of how it will affect home buyers or renters, HUD and USDA have rammed ...
Mortgage Applications Decrease in Latest MBA Weekly Survey
“Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a da...

Search Articles:
browse...

Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.