Old Republic Title has announced a new rate increase for the State of Maryland that will become effective on April 1, 2010. This rate increase is cosistent with the rate increases that were granted to all other major title underwriters here in Maryland. On April 1, 2010 the rates will be published and I will provide the link to those rates as soon as they are available on-line.
Of important note with the new increase is the information relating to re-issue rates. As you all know a title policy MUST be given reissue rates, if applicable.
The guidelines for qualification for reissue rate have changed. Please be advised that in order to qualify for a reissue rate on a refinance, the borrower must provide a copy of the current owner's poliocy or a signed HUD-1 providing proof of payment for an owner's title insurance policy. In order for a buyer to qualify for a reissue rate on a purhaser transaction, the seller must provide their existing title policy or a signed HUD-1 providing proof of payment for the owner's policy. The requirement that the current policy must have been issued within the last 10 years has been eliminated.
Call on The Prteferred Title Group, Inc for all of your title and settlement needs in Maryland.