How Will the Recent Changes to the Delaware Title Insurance Rating Manual Affect You and Your Mortgage Loan Customers?
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.