May 4, 2021Articles

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.

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