A
number of underwriters have changed their rate structures recently
or will be doing so in the near future. These are state-by-state
changes, so you may or may not need to do anything.
With
the development of our Auto-Updater program, we are now able
to deliver rate updates to your Standard Solutions programs
automatically. As always, however, your firm is the only one
in position to confirm that you got the update, that it installed
correctly, and that your program is in fact calculating the
new rates correctly.
To
check your rates in Standard Conveyancer, click your Info menu,
then Title Insurers. Click the List button to retrieve the underwriter
you want to check. Click the Formula button on the left to check
the rates listed in the program.
For
certain underwriter state offices, the rate structure is too
complicated for the formula screen -- these rates are contained
in the rate table visible to the right of the Formula button.
The best way to check the rates in a rate table state is to
perform several calculations in one of your closing files at
certain coverage amounts, for both loan and owner's policies.
The
new First American/Massachusetts rates will require a program
update to handle the $1.65/thousand refinance rate. In the mean
time you will need to override the full premium in your file
and enter the new discount refinance premium (as you did in
the past to enter a reissue discount).
HUD
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