|
Pricing Procedures
The Company utilizes rate manuals and online calculators, as appropriate to ensure correct fees are being charged for title insurance policy premiums, state-specific fees and endorsements.
Employees are aware of contractual and statutory rate and pricing requirements. Title insurance policy premiums, state specific fees and endorsements are calculated in accordance with the title insurance underwriter or regulatory or promulgated rate manual through The
Company’s software and/or through the use of title insurance underwriter rate calculators. All applicable rate discounts, such as Simultaneous Issue, Reissue, Refinance, and Substitution rates are calculated in accordance with the requirements in the rate manual.
When rate change bulletins are received, the President will communicate these rate changes to the appropriate parties and will test the accuracy of such changes and report the results to Company Management.
Throughout the year a representative sample of closed files is subject to a post-closing review by the Accounting Manager to conclude if fees were correctly charged.
Recording Procedures
Submit or ship documents for recording to the county recorder (or equivalent) or the person or entity responsible for recording within 2 business days of settlement.
After review of county specific recording requirements documents are submitted for recordation by the Closer. When available and economically feasible, document recordation will be processed electronically via E-recording. When E-recordings cannot be utilized or are not available and when The Company does not utilize an
employee, documents will be shipped for recording. The Company ships documents using FedEx and, tracks all packages and maintains tracking information for 6 months
Timely responses to recording rejections and verify recording is filed of record.
The Company maintains a Recording Log to monitor all recordings.
After documents are sent for recordation, The Company maintains contact with the appropriate personnel and parties to resolve any problems. The Company updates the Recording Log with information about outstanding recordings and rejected recordings, status and resolution. After documents are recorded, detailed information such as book, page, instrument number, time and date are included in the transaction file. Each week the Closing Department Assistant reviews and signs off on the Recording Log.
|