In the news ... Thursday, December 11, 2008

Mid-Atlantic Area

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

125 Technology Drive, Suite 101

Canonsburg, PA  15314

(866) 364-2777

(724) 746-5434 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive

Richmond, VA  23235

(804) 897-5499

(888) 859-9222

(804) 288-4090


INSTANT POLICIES - THE WAY TO GO


 

Policy production is often a matter that gets delayed in the settlement process.  One solution is to issue policies at the time of settlement.  No longer do you need to have the recording receipt in hand to issue a policy, whether an Owner’s policy or a Lender’s policy.  A more efficient alternative, one that decreases the time spent with lenders asking for the policy, you simply process the policy with the effective date shown as "date and time of recordation."  

 

How does it work?

  1. 1.      Prior to settlement, once you are sure settlement will occur, issue policy jackets to the file and have the policies printed.

    2.      For effective date say “date and time of recordation.”

    3.      Attach Privacy Notice (Old Republic’s and yours if you use a separate Notice) to the Owner’s policy.

    4.      Give the Owner(s) his policy at settlement. 

    5.      Send the Lender’s policy with the final package.

 

Advantages:

  1. It's easy, fast and efficient.

  2. Cuts down on delivery costs to Owner and Lender.

  3. Cuts down on responding to Lender requests for policies.

  4. If the county/city in which you record will mail original documents when you provide a stamped envelope, rather than having the deed and deed of trust returned to you for you to send to the proper party, have it mailed directly to the lender or homeowner.  If for any reason the original is misdirected, you can always obtain a Clerk's certified copy.

  5. Makes your lenders very happy with you. 

 

Questions?  Please contact Kate Blake-Endicott @ 302.734.3570.

 

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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.