May 4, 2021 – Articles
How Will the Recent Changes to the Delaware Title Insurance Rating Manual Affect You and Your Mortgage Loan Customers?
Delaware Bankers Magazine - Spring 2021
Effective January 1, 2021, and amended effective March 16, 2021, the Delaware Insurance Department approved the Delaware Title Insurance Rating Bureau (“DTIRB”) Rate/Rule Filing that revised the DTIRB Rating Manual for title insurance. Notably, these Rating Manual revisions affect Delaware banks and their mortgage loan customers by eliminating lower reissue rates; simplifying the rate calculation for insuring mortgage assignments; increasing the rates applicable to certain mortgage modifications; increasing the rates applicable to simultaneously-issued title insurance policies; and eliminating negotiated rates for certain customers. The net effect is an increase in closing costs for many loan transactions.
