Fidelity National Title Insurance Company. Title Insurance Rates and Charges for the Commonwealth of Virginia

Transcription

1 Fidelity National Title Insurance Company Title Insurance Rates and Charges for the Effective: April 20, 2016

2 Table of Contents TITLE INSURANCE RATE FOR STANDARD OWNER S POLICY... 1 TITLE INSURANCE RATE FOR ENHANCED OWNER S POLICY... 1 REISSUE TITLE INSURANCE RATE FOR STANDARD OWNER S POLICY... 2 REISSUE TITLE INSURANCE RATE FOR ENHANCED OWNER S POLICY... 2 TITLE INSURANCE RATE FOR STANDARD LOAN POLICY... 3 TITLE INSURANCE RATE FOR ENHANCED RESIDENTIAL LOAN POLICY... 3 REISSUE TITLE INSURANCE RATE FOR STANDARD LOAN POLICY INSURING NON-RESIDENTIAL PROPERTY... 4 REISSUE TITLE INSURANCE RATE FOR ENHANCED LOAN POLICY... 5 TITLE INSURANCE RATE FOR LOAN POLICY INSURING SECOND MORTGAGE... 5 TITLE INSURANCE RATE FOR RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY... 6 SIMULTANEOUS ISSUE TRANSACTION: OWNER S AND LOAN POLICIES... 6 SIMULTANEOUS ISSUE TRANSACTION: MULTIPLE OWNERS POLICIES... 6 SIMULTANEOUS ISSUE TRANSACTION: MULTIPLE LOAN POLICIES... 6 CLOSING PROTECTION LETTER FEE... 7 ALTA LIMITED PRE-FORECLOSURE POLICY... 7 MASTER HOME EQUITY LOAN POLICY... 7 CENTRALIZED REFINANCE RATES I AND II... 8 RATE FOR EXTENSION OF LOAN POLICY PREMIUM FOR INSURANCE OF A CONSTRUCTION LOAN WITH REVOLVING CREDIT LINE COMMITMENT FOR TITLE INSURANCE ENDORSEMENT PREMIUM EXTRA HAZARD PREMIUM PREMIUM FOR DECEDENT ESTATE RISK PREMIUM FOR MECHANICS LIEN COVERAGE MISCELLANEOUS ALTA RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Effective: April 20, 2016 i

3 Title Insurance Rate for Standard Owner s Policy The term standard owner's policy as used herein shall mean all standard American Land Title Association (hereinafter referred to as ALTA) Owner s Policies. It shall not include any enhanced owner s policy which are separately addressed herein. A standard owner s policy insuring a fee simple estate will not be issued for less than the full value of the premises. A standard owner s policy insuring a leasehold estate will not be issued for less than the aggregate of the rentals payable under the lease in connection with which a policy is requested, or the value of the premises, whichever is less. The rate for a standard owner s policy shall be: Per Thousand Up to $250,000 of insurance written $3.90 Over $250,000 and up to $500,000, add $3.70 Over $500,000 and up to $1,000,000, add $3.40 Over $1,000,000 and up to $2,000,000, add $2.25 Over $2,000,000 and up to $5,000,000, add $2.00 Over $5,000,000 and up to $10,000,000, add $1.75 Over $10,000,000 Call Company for quote Minimum Premium.. $ Insurance amounts falling between brackets shall be rounded up to the nearest $1,000 of coverage. Note: If commitment to insure is desired, see section relating to Commitment for Title Insurance for additional cost. Title Insurance Rate for Enhanced Owner s Policy The rate for the ALTA Homeowner s Policy of Title of Insurance (hereafter enhanced owner s policy ) is 120% of the rate for the standard owner s policy. Minimum Premium $ Effective: April 20,

4 Reissue Title Insurance Rate for Standard Owner s Policy When a new purchaser or lessee of property applies for a standard owner s policy of title insurance and the current seller or lessor has had the title to such property insured with an owner s policy by any title insurer licensed by the Virginia Bureau of Insurance within ten (10) years prior to such application, and the purchaser or lessee provides the Company with a copy of the previous title policy, the purchaser or lessee shall be entitled to a reissue rate on the owner s policy of 70% of the published rate for a standard owner s policy. Reissue rates apply up to the face amount of the previous policy. If the amount of insurance desired under the new policy is in excess of the face amount of the previous policy, the excess shall be computed at the standard rate under the applicable bracket or brackets. If the face amount of the owner s policy on which the reissue rate is based is less than $52,000, then excess premium shall be defined as [new policy amount] less $52,000. The minimum premium for a standard owner s policy based on a reissue rate shall be $ Reissue Title Insurance Rate for Enhanced Owner s Policy If a new enhanced policy is to be issued on real property insured within the past ten years by an owner's policy issued by any title insurer licensed by the Virginia Bureau of Insurance, then a reissue rate shall apply up to the face amount of any such owner's policy currently in effect as rounded up to the next thousand. Reissue rates set forth herein shall apply up to the amount of current owner's coverage and in accordance with the type of policy previously issued. If the prior owner s policy is a standard owner s policy then the reissue credit shall be 30% of the basic title insurance premium for standard owner s policies. If the prior owner s policy is an enhanced policy, then the reissue credit shall be 30% of the basic title insurance premium for enhanced policies. The premium for the amount of additional insurance over that of the previously issued policy shall be calculated at 120% of the basic title insurance rates for standard owner s policies. If the face amount of the owner s policy on which the reissue rate is based is less than $52,000, then additional insurance shall be defined as [new policy amount] less $52,000. In all cases, the burden of proving eligibility for the reissue rate premium shall be on the proposed insured that must produce a qualifying current owner's title policy for the same real property at or prior to closing. The minimum premium for an enhanced owner's policy based on reissue rates shall be $ Effective: June 1,

5 Title Insurance Rate for Standard Loan Policy The term standard loan policy shall mean all standard ALTA-promulgated loan policies including the ALTA Short Form Residential Loan Policy. It shall not include the ALTA Expanded Coverage Residential Loan Policy or the ALTA Short Form Expanded Coverage Residential Loan Policy which policies shall be referred to herein collectively as an enhanced loan policy. A standard loan policy will not be issued for less than the full principal debt. A standard loan policy expires with the payment or the satisfaction of the Deed of Trust described in the policy, except when satisfied by foreclosure or other lawful means of acquiring title in settlement of the Deed of Trust debt. A new Deed of Trust given to refinance an old Deed of Trust debt which was originally covered by insurance is a new transaction, creating new liability. The rate for a standard loan policy shall be: Per Thousand Up to $250,000 of insurance written $2.90 Over $250,000 and up to $500,000, add $2.70 Over $500,000 and up to $1,000,000, add $2.30 Over $1,000,000 and up to $2,000,000, add $1.85 Over $2,000,000 and up to $5,000,000, add $1.50 Over $5,000,000 and up to $10,000,000, add $1.20 Over 10,000,000 Call Company for quote Minimum Premium. $ Insurance amounts falling between brackets shall be rounded up to the nearest $1,000 of coverage. Note: If commitment to insure is desired, see section relating to Commitment for Title Insurance for additional cost. Title Insurance Rate for Enhanced Residential Loan Policy The rate for the ALTA Expanded Coverage Residential Loan Policy or the ALTA Short Form Expanded Coverage Residential Loan Policy (hereafter enhanced loan policy ) is 120% of the rate for the standard loan policy. Minimum Premium. $ Effective: June 1, 2013

6 Refinance Title Insurance Rate for Standard or Enhanced Loan Policy Insuring Residential Property also known as Residential Loan Policy Reissue Rate If a residential loan policy will be issued to insure a refinance transaction, the premium for such policy shall be 70% of the standard or enhanced loan policy rate. For purposes of this section, the term residential property means property improved with a one-to-four family residential dwelling unit, including a condominium unit; the term does not include commercial property, vacant land, multi-family rental property, nor any other property not considered one-to-four family residential. The term refinance means any loan transaction other than a purchase money loan, an acquisition loan or a loan to construct a dwelling unit. Such rate shall be available without production of a prior owner s or loan policy insuring the land. The minimum premium for a standard loan policy based on refinance rates shall be $ The minimum premium for an enhanced loan policy based on refinance rates shall be $ A loan policy cannot be issued for an amount less than the full principal debt. However, a policy can be issued for an amount up to 20% in excess of the principal debt to cover interest, foreclosure costs, etc. Reissue Title Insurance Rate for Standard Loan Policy Insuring Non-Residential Property When the current owner of non-residential property on which application is made for a standard loan policy of title insurance has had the title to such property insured with either a loan policy or owner s policy by any title insurer licensed by the Virginia Bureau of Insurance within ten years prior to such application, and the owner provides the Company with a copy of the previous title policy, the owner shall be entitled to a reissue rate of 70% of the published rate for a standard loan policy. Reissue rates apply up to the face amount of the previous policy. For purposes of this section, the term non-residential means all property other than one-to-four family improved residential property. The minimum premium for a standard loan policy based on reissue rates shall be $ If the amount of insurance desired under the loan policy is in excess of the owner s policy or loan policy, the excess shall be computed at standard rates under the applicable bracket or brackets. Effective: April 20,

7 If the reissue rate is based on a prior owner s policy in an amount less than $52,000, then excess premium shall be defined as [new policy amount] less $52,000. If the reissue rate is based on a prior loan policy in an amount less than $69,000, then excess premium shall be defined as [new policy amount] less $69,000. A loan policy cannot be issued for an amount less than the full principal debt. However, a policy can be issued for an amount up to 20% in excess of the principal debt to cover interest, foreclosure costs, etc. Reissue Title Insurance Rate for Enhanced Loan Policy If a new enhanced policy is to be issued on real property insured within the past ten years by an owner's policy or a loan policy issued by any title insurer licensed by the Virginia Bureau of Insurance, then a reissue rate shall apply up to the face amount of any such policy currently in effect as rounded up to the next thousand. Reissue rates set forth herein shall apply up to the amount of current coverage and in accordance with the type of policy previously issued. If the prior policy is a standard owner s or loan policy then the reissue credit shall be 30% of the basic title insurance premium for standard loan policies. If the prior policy is an enhanced policy, then the reissue credit shall be 30% of the basic title insurance premium for enhanced loan policies. The premium for the amount of additional insurance over that of the previously issued policy shall be calculated at 120% of the basic title insurance rates for standard loan policies. If the reissue rate is based on a prior owner s policy in an amount less than $52,000, then additional insurance shall be defined as [new policy amount] less $52,000. If the reissue rate is based on a prior loan policy in an amount less than $69,000, then additional insurance shall be defined as [new policy amount] less $69,000. In all cases, the burden of proving eligibility for the reissue rate premium shall be on the proposed insured that must produce a qualifying current owner's or loan policy for the same real property at or prior to closing. The minimum premium for an enhanced loan policy based on reissue rates shall be $ Title Insurance Rate for Loan Policy insuring Second Mortgage The rate for a loan policy insuring a second mortgage transaction will be computed at the applicable standard or enhanced loan policy rate. In the event first and second loan policies are issued simultaneously with an owner s policy, the simultaneous issue fee of $ will apply to each loan policy. Effective: June 1,

8 Title Insurance Rate for Residential Limited Coverage Junior Loan Policy The premium rate for the Residential Limited Coverage Junior Loan Policy and the Short Form Residential Limited Coverage Junior Loan Policy is: Rate Up to $200,000.. $ Above $200,000.. Not available Issuance of ALTA Endorsement JR $50.00 Use of this policy is limited to residential property only. It cannot be issued to insure first mortgages. Reissue or other discounted rates do not apply. Simultaneous Issue Transaction: Owner s and Loan Policies When an owner s policy and a loan policy are issued simultaneously, the rate applicable to the owner s policy shall be the standard or enhanced owner s policy rate, as applicable, and the rate for the loan policy shall be $ for coverage up to and including the amount of the owner s policy. In the event that the value of the loan policy exceeds the value of the owner s policy, the excess amount of the loan policy shall be computed at standard or enhanced loan policy rates in the applicable brackets. If an owner s policy will be issued in an amount less than $52,000, the term excess amount of the loan policy shall be defined as [new loan policy amount] less $52,000. Simultaneous Issue Transaction: Multiple Owners Policies When two or more owner s policies covering identical land are issued simultaneously, the premium rate for the owner s policy insuring the greatest estate shall be the rate for a standard or enhanced owner s policy, as applicable. The premium rate for the additional owner s policies so simultaneously issued will each be 30% of the rate charged for the first owner s policy. The minimum premium will be $ for each policy. Simultaneous Issue Transaction: Multiple Loan Policies In the event multiple loan policies are issued simultaneously with an owner s policy, the simultaneous issue rate of $ will apply to each loan policy. Effective: April 20,

9 Closing Protection Letter Fee When a Closing Protection Letter (CPL) is issued by the Company for a transaction involving property in Virginia, a fee of $20.00 per transaction shall be paid to the Company. One CPL fee shall be payable to the Company for each closed transaction. No such fee shall be charged if the transaction is cancelled after issuance of the CPL. ALTA Limited Pre-Foreclosure Policy The rate for an ALTA Limited Pre-Foreclosure Policy is: Per Thousand Up to $250,000 of insurance written $1.95 Over $250,000 and up to $500,000, add $1.85 Over $500,000 and up to $1,000,000, add $1.70 Over $1,000,000 Call Company for quote Master Home Equity Loan Policy For home equity loan transactions up to $250,000 with centralized order tracking and processing through National Lender s Solution or similar unit, pursuant to a written agreement, the rate shall be $ For home equity loan transactions from $250,000 up to $500,000 with centralized order tracking and processing through National Lender s Solution or similar unit, pursuant to a written agreement, the rate shall be $ Effective: April 20,

10 A. Centralized Refinance Rate I Centralized Refinance Rates I and II The charge for a loan policy issued in connection with loan transactions which meet the criteria set forth below shall be as follows: Centralized Amount of Insurance Refinance Rate I $1 - $250,000 $360 $250,001 - $500,000 $540 $500,001 - $750,000 $660 $750,001 - $1,000,000 $800 $1,000,001 - $1,250,000 $925 $1,250,001 - $1,500,000 $1,000 $1,500,001 - $2,000,000 $1,075 $2,000,001 - $3,000,000 $1,300 The Centralized Refinance Rate I applies only to loan transactions which meet the following criteria: 1. The loan is not in excess of $3,000,000.00; 2. The loan is secured by a mortgage or deed of trust encumbering real property improved with a one-to-four family residential dwelling unit or residential condominium unit; 3. The loan proceeds must be used to refinance an existing loan secured by the same property; 4. Electronic and paperless order opening and electronic and paperless delivery of the preliminary report or commitment; and 5. The new policy coverage is ALTA in form (including an ALTA Loan Policy or ALTA Short Form Residential Loan Policy) with streamlined searching providing for generic exceptions for CC&Rs, easements, minerals, mineral rights or survey matters. Note 1: Not applicable to construction loans or loan policies issued concurrently with owner s policies. Note 2: Where the applicable rate(s) and form(s) is filed, or otherwise authorized to be issued, coverages provided under the following endorsements will be included at no additional charge upon request of the lender at the time of policy issuance: ALTA 4-06, ALTA 5-06, ALTA 6-06, ALTA , ALTA 9-06, ALTA and ALTA All other endorsements shall be charged in accordance with this manual. Note 3: No agent or underwritten title company may offer this rate unless expressly authorized in writing by the Company s management to do so for each lender. Effective: June 1,

11 B. Centralized Refinance Rate II The charge for a loan policy issued in connection with loan transactions which meet the criteria set forth below shall be as follows: Centralized Refinance Amount of Insurance Rate II $1 - $250,000 $320 $250,001 - $500,000 $400 $500,001 - $750,000 $460 $750,001 - $1,000,000 $520 $1,000,001 - $1,250,000 $630 $1,250,001 - $1,500,000 $750 The Centralized Refinance Rate II applies only to loan transactions which meet the following criteria: 1. The lender must enter into an agreement with either the Company s centralized processing units or with an agent or underwritten title company authorized by the Company in writing to offer this rate which specifies, among other matters, a maximum cancellation rate and the methods of order opening and tracking; 2. Electronic and paperless order opening and electronic and paperless delivery of the preliminary report or commitment; 3. The loan is not in excess of $1,500,000.00; 4. The loan is secured by a mortgage or deed of trust encumbering real property improved with a one-to-four family residential dwelling unit or residential condominium unit; 5. The loan proceeds must be used to refinance an existing loan secured by the same property; 6. The loan transaction must be initiated and coordinated through a centralized point of contact with the originating lender; 7. Orders must be opened with the Company s centralized processing units or with an agent or underwritten title company authorized by the Company to offer this rate; 8. Cancelled orders must not exceed the maximum cancellation rate established by the Company s centralized processing units or by an agent or underwritten title company authorized by the Company to offer this rate; and 9. ALTA Short Form Residential Loan Policy must be issued. Note 1: Not applicable to construction loans or loan policies issued concurrently with owner s policies. Note 2: There is no additional charge for any endorsements customarily issued concurrently with a policy priced pursuant to this Section when requested at the time of policy issuance. Note 3: In order to offer this rate, an agent or underwritten title company, and any office thereof offering this rate, must have a multi-state presence, must process transactions in a centralized electronic environment, and must perform the management functions otherwise required of the Company s centralized processing divisions under the Effective: June 1,

12 provisions of this Section. In addition, no agent or underwritten title company may offer this rate unless expressly authorized in writing by the Company s management to do so for each lender. Rate for Extension of Loan Policy When a mortgage previously insured by the Company is modified to extend the maturity of the indebtedness or to otherwise amend its provisions, and upon receipt of a continuation certification of title approved by the Company covering the period from the date of recordation of the mortgage through the date of the recording of the modification agreement, an endorsement to the existing policy furnishing coverage up to and including the date of the recording of the modification agreement, and showing the Amount of Policy equal to the unpaid principal balance of the loan, will be issued at the following rate: 1. The base rate for issuing such endorsement shall be 30% of the rate for a standard or enhanced loan policy, as applicable, based on the unpaid principal balance of the loan, with a minimum premium of $295.00; 2. If additional Land is added as security for the insured mortgage pursuant to the modification agreement, the rate for such endorsement shall be 70% of the rate for standard or enhanced loan policy, based on the unpaid principal balance of the loan, with a minimum premium of $295.00; 3. If the unpaid principal balance secured by the insured mortgage is increased pursuant to the modification agreement, the Amount of Policy will be the unpaid principal balance of the loan as increased by the modification agreement. The above rates will be charged on so much of the amount of policy as represents the unpaid principal balance of the loan immediately prior to its increase. The premium on the difference between the unpaid principal balance of the loan immediately prior to its increase and the new Amount of Policy shall be calculated at the original mortgage rates in the bracket or brackets applicable to amounts in excess of such unpaid principal balance. Premium for Insurance of a Construction Loan with Revolving Credit Line Premium will be collected: 1) based upon the amount of the note as each property is secured by a note and supplemental deed of trust; otherwise, 2) based upon the lender s aggregate disbursements not including curtailments (payoffs) for the term of the loan. Once disbursement of principal reaches the original Amount of Policy, additional premium must be collected for any additional disbursement. Effective: June 1,

13 Commitment for Title Insurance Any fee charged for the preparation of a Commitment for Title Insurance shall be considered a work charge of the issuing agent or office and is not an insurance premium. Endorsement Premium Unless specifically stated herein, endorsements to furnish special coverage may carry extra hazard premium as determined by the Company. The charge therefore will be (i) a percentage of the rate applicable to the policy; (ii) a rate per thousand on which the endorsement is written; or (iii) a fixed dollar amount commensurate with the risk to be assumed by issuance of such endorsement, as established by the Virginia State Office. Extra Hazard Premium Extra hazard premium may be charged for additional policy risk as determined by the Company. The charge therefore will be (I) a percentage of the rate applicable to the policy; (ii) a rate per thousand of the policy amount; or (iii) a fixed dollar amount commensurate with the risk to be assumed by issuance of such endorsement, as established by the Virginia State Office. Premium for Decedent Estate Risk Pursuant to underwriting guidelines, a one-time extra-hazard premium charge may be applicable on loan and owner s policies issued in connection with transactions in which an owner in the chain of title has died within a year prior to closing. When applicable, the premium is calculated at the rate of $2.00/$1,000 (based on sales price) with a minimum of $ payable direct to the Company. Premium for Mechanics Lien Coverage A fee of $100 will be charged by the Company if the Company is acting as the mechanic s lien agent. This charge is a work fee and does not constitute premium. For a commercial construction loan policy up to and including $2,000,000, the extra-hazard premium shall be $300.00, all of which is to be directly remitted to the Company. For a commercial construction loan policy over $2,000,000 and up to and including $5,000,000, extra-hazard premium shall be $500.00, all of which is to be directly remitted to the Company. Effective: March 1,

14 For a commercial construction loan policy over $5,000,000, extra-hazard premium will be charged based on the extent of the Company s risk. Call the Company for a rate quotation. Miscellaneous For any rate for a category not included in this rate book, consult the local Fidelity office for a rate that is commensurate with the risk to be assumed by the Company. ALTA Residential Limited Coverage Mortgage Modification Policy The premium charge shall be: Policy Amount Rate $ 0-$1,000,000 $125 $ 1,000,001 - $1,500,000 $250 $ 1,500,001 - $2,000,000 $350 For each $500,000 of liability above $2,000,000 or part thereof up to $20,000,000; add $100. Effective: March 1,