What is a Title-Only Agency Review?
Presented by Kay M. Creasman | VP & Virginia State Counsel
In Virginia, during an annual title-only audit, the following procedures may take place:
- The associated individual approved attorneys are run by the Virginia State Bar to ensure they are duly RESA registered, Active, in Good Standing, and have current liability insurance.
- The agency and title agents' licenses are pulled from the Bureau of Insurance website to ensure they are active.
- The Errors & Omissions policy may be requested, as needed for the agency.
- Policy inventory and title premium remittances are analyzed and discussed with management, if needed.
- File reviews include an abstract of the the search. Commitment and final policy preparations are examined to ensure compliance with current underwriting guidelines.
- During the file review, the adequate use of the Attorney Final Certificate will be assessed.
- Policies exceeding single risk liability may be reviewed, as well.
- Out-of-state auditors will be notified of local review if title business is also conducted out of state.
- Our Internal Questionnaire is also provided, and we request that management please complete and return it to the auditor's attention.
Remember to email VAAuditing@OldRepublicTitle.com with any audit or escrow questions.
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