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:

1. 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.
2. The agency and title agents' licenses are pulled from the Bureau of Insurance website to ensure they are active.
3. The Errors & Omissions policy may be requested, as needed for the agency.
4. Policy inventory and title premium remittances are analyzed and discussed with management, if needed.
5. File reviews include an abstract of the the search. Commitment and final policy preparations are examined to ensure compliance with current underwriting guidelines.
6. During the file review, the adequate use of the Attorney Final Certificate will be assessed.
7. Policies exceeding single risk liability may be reviewed, as well.
8. Out-of-state auditors will be notified of local review if title business is also conducted out of state.
9. 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.