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Yes, a licensed title producer or an attorney can explain the concept of title insurance which is relatively simple:
1. A Lender's or Mortgage Policy covers the lender's mortgage interest in the property for the life of their loan against title defects at the time the mortgage is taken. The only way a Lender's coverage can be transferred to a new mortgage holder if the loan is sold, is if the lender takes out Secondary Mortgage Market coverage at the time the new mortgage was made by the borrower.
2. An Owner's Policy covers the new owner against PRIOR defects in the title. It is good for as long as the owner is vested in the property whether it be 5 years or 50 years, but does not cover any defects made by the new owner while in possession. An Owner's Policy is NOT transferrable.
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How much does a title insurance producer make a year?
Title Insurance Producer - somebody who sells the Title Insurance. $$$ per year - depends on the market and quantity of contacts, whom they getting business from - mortgage/loan officers, real estate lawyers and etc. It can be from 20K to 500K or even higher.
What is a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
What does the term title insurance mean?
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
Does homeowners insurance cover the lenders title insurance?
No it does not. Lenders Title insurance is a whole other form of coverage
Why do title insurance company's ask if a new title insurance request ask if it is a refinance?
Title insurance rates vary depending on if the transaction is a purchase or a refinance
How much does a title insurance producer make a year?
Title Insurance Producer - somebody who sells the Title Insurance. $$$ per year - depends on the market and quantity of contacts, whom they getting business from - mortgage/loan officers, real estate lawyers and etc. It can be from 20K to 500K or even higher.
What is a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
Who are the largest Title Insurance companies in the US?
First American Title Insurance Company Fidelity National Financial Stewart Title Insurance Guaranty Old Republic Title Insurance Company North American Title Insurance Company Chicago Title Insurance Company
Do title insurance companies employ title examiners?
Title examiners are typically employed by title insurance companies
What does the term title insurance mean?
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
Does homeowners insurance cover the lenders title insurance?
No it does not. Lenders Title insurance is a whole other form of coverage
What are the types of insurance and briefly explain each of them?
insurance can protect you from a fear from death, injure, loss of property and also from a harm caused by you to somebody (for example if you are involved in a road accident but instead of being a victim you must pay a fine)
Why do title insurance company's ask if a new title insurance request ask if it is a refinance?
Title insurance rates vary depending on if the transaction is a purchase or a refinance
How much does Title Insurance cost in Ohio?
who pays title insurance when selling a home
Where can you get title insurance quotes?
You can get title insurance quotes from by doing a search on google or other search engines for title insurance and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs.
Where could one find a title insurance calculator?
One could find a title insurance calculator in many different places. Some of the places in which one can find a title insurance calculator is from an insurance place like Republic Title.
Who is the largest title insurance company in the US?
As of 2011 the largest title insurance company by premium volume in the United States is First American Title Insurance Company.
