No, a Title Agency or individual producer cannot use an Underwriter's authority to sell title insurance unless that agency or individual producer is an employee of the Underwriter and the Underwriter also acts as an agency in the state it is doing business in. 1. A Title Insurance AGENT is the business who acts in behalf of an Underwriter. 2. A Title Insurance COMPANY/UNDERWRITER is the company who issues title insurance. Example: John Doe decided to open a Title Agency, but in order to do that, he must sign an agency agreement with an Underwriter to act as an agent for that underwriter. Once the agreement is in place and all conditions of the agreement have been met, John Doe may now go solicit business for that Underwriter under his newly created Title Agency. Can he sell title insurance in behalf of the underwriter without being licensed? The answer is yes and no. Some states require that a Title Agency and its principal (primary owner) be licensed specifically for title insurance. Other states have no licensing requirements to operate as a Title Agency. The best 2 resources to find out what your State requires for agency licensing are: 1. Department of Insurance (in your state) 2. Title Insurance Underwriter authorized to do business in your state
If you are starting a title insurance COMPANY, the actual entity that is an insurance carrier (think 1st American, Chicago, etc.), you will need to contact the Arkansas Department of Insurance as to what their guidelines, reserves, etc. are for becoming a carrier in the state of Arkansas. If you are starting a title insurance AGENCY, the local entity that has a agency agreement with a title insurance COMPANY to sell their insurance products. Please note that a title AGENCY is not the same as a title COMPANY or title UNDERWRITING COMPANY. See the Related Links for more information.
contact an underwriter, OLD Republic NJ is who I suggest...
Yes, virtually all lenders' underwriting requirements call for lender's title insurance for a refinance.
"Advantage" title insurance sounds like a product of a particular Underwriting company. It is not a TYPE of title insurance. Many Underwriters have a "premium" Policy available to consumers that has additional benefits over the standard insurance. Ask your title agent for a side-by-side comparison of the two policies.
Let's start with defining title COMPANY vs title AGENCY. A title company is the actual company underwriting and insuring the title policy. Title companies then have agents who sell and negotiate title products in their behalf (think of it as equal to Allstate (the company) having the local Allstate agent) At this point in time, most title companies are also in the business of selling title products directly and in competition with their agents. However, there are more direct title agencies to obtain title insurance services from at a local level than title companies. So, the answer is yes, title companies can also be SELLING title services and products in addition to underwriting and insuring title insurance policies.
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
A title insurance COMPANY is the actual underwriting company or insurer. A title insurance AGENCY is the local guy providing services by his Underwriter. Just like your local car insurance AGENT who writes for an insurance COMPANY. The title underwriting industry is ranked by Demotech. Demotech is a national independent actuarial service firm that rates the financial stability of all P&C insurance providers within the United States. Demotech?s Financial Stability Analysis Model, which determines the financial stability of insurers, has been accepted by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), since 1989.
In most cases the title company that closed your loan is the agent for the title insurance company, and can be contacted regarding insurance issued on your property.AnswerContact the Agency that issued the title insurance at time of closing. If an Owner's Policy was paid for, they should have issued you an actual insurance policy, complete with a Title Jacket and Policy Number. If you never received this and paid for one, request an original or a certified copy of it. The Policy will reference the title UNDERWRITING COMPANY that is insuring the Policy. ie: First American, Stewart, Chicago,etc. That is who the actual COMPANY. The agency only acts in behalf of the Underwriter and is not the actual insurer.
As of 2011 the largest title insurance company by premium volume in the United States is First American Title Insurance Company.
To start a title company in NC, first form a corporation. Then obtain insurance. Get bonded and apply for license. Finally, get designated as an official agent.
You need a license to produce title insurance, of course. Next, you need to find a company that is willing to either provide you with title searches, or buy into the records of another company, which can be very expensive. You have to get with the Insurance Commissioner to file rates and of course, you will have to be approved to issue policies with an underwriter. These are the main issues.
Title Geek Answer In most state the title agency representive can be one of two positions: 1. Person hired by a title agency to represent their agency to solicit and sell title insurance products and services to attorneys, realtors, lenders, and the general public. In many states the title sales person or title rep must be a licensed title insurance producer. 2. Person working with the title underwriting company who represents that Underwriter to title agencies. The "Title Rep" would be the person going out to sign title agencies for the Underwriter (solicit new businesses to join that Underwriting company) and usually is the "go to" person for the agency should they need assistance in basic operational procedures and guidelines set by the Underwriter.