Unlike many of the other title calculators offered by title companies, OneSourceQuote provides users with the reissue rate
calculation on refinances and exact recording fees through an integration with a national recording database that is updated daily.
TO: All persons or entities who, from July 25, 2000 until August 1, 2005, paid premiums for the purchase of title insurance from Defendant Commonwealth Land Title Insurance Company, in connection with a refinance of a mortgage or fee interest with respect to real property located in Pennsylvania that was insured by a prior title insurance policy within ten years of the refinance transaction, and were not charged the applicable Reissue Rate
or Refinance Rate discount for title insurance on file with the Pennsylvania Insurance Commissioner.
The plaintiffs also alleged that the insurers failed to charge the Reissue Rate in other circumstances where the law so required.
Included in the classes are persons that paid a title insurance premium to Lawyers Title, Ticor/American Pioneer, and Fidelity from 1999 to 2005 (the exact dates within each year vary with each settlement) that should have been, but were not, charged a premium based on the Reissue Rate in connection with (1) a mortgage refinancing; (2) the purchase of unimproved land; and/or (3) the purchase of a property from a seller that purchased and resold that property within three years.
The insurers now agree that charging Reissue Rates is mandatory and that virtually all Florida residents are eligible for such rates.
The plaintiffs also alleged that The Fund failed to charge the Reissue Rate in other circumstances where the law so required.
Included in the class are persons that paid a title insurance premium to The Fund from February 1, 1999 to September 5, 2005 that should have been, but were not, charged a premium based on the Reissue Rate in connection with (1) a mortgage refinancing; (2) the purchase of unimproved land; and/or (3) the purchase of a property from a seller that purchased that property within three years of your purchase.
ClosingCorp, a leading provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, announced today it has added new functionality to its SmartGFE([R]) Service and SmartGFE([R]) Calculator related to reissue rates
its extremely small and remote indemnity coverage for lenders; * its failure to provide legal defense for the lender should a problem arise with the lender's lien or the borrower's title; * its reliance on the borrower's word that there are no outstanding liens on his title, (no true title search is done) which exposes the borrower to very real potential liability; * its failure to fix any title problems that could subsequently cloud the title; * its reliance on FICO (credit) scores which, unlike title insurance, makes it available only to "A" rated borrowers, * the very questionable nature of its supposed cost and time savings (Title insurance reissue rates
-- which are broadly available despite Mr.
Refinance or reissue rates
are discounts off of the rates that would otherwise be charged to insure the transaction.