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Pillar 5Title Policy Production/Premium RemittanceBest Practice: Adopting appropriate procedures for the production, delivery, and remittance of title insurance policies helps ensure title companies can meet their legal and contractual obligations.Purpose____________ (hereinafter referred to as “_____”) shall maintain written procedures related to title policy production, delivery, reporting and premium remittance to insurer to help ensure that it meets its statutory, regulatory and contractual obligations.______ does business in ____________.ProceduresWhen there is a change to these policies and procedures, there shall be Email notification to staffReview at staff meeting everyone willReceive a copy of new policy and procedure and Sign original policy Training on new procedure as requiredAll documents are stored electronically on the shared drivePlease note that lender’s instructions may supersede the stated policy and procedure.Insert Settlement/Closing ProceduresPolicy Inventory________ only uses EPIC? electronically issued policies and forms and has no paper inventory Policy IssuanceAll policies are issued electronically from _____, via EPIC?( Insert function or role name)duties Ensure all requirements have been metIf a policy is not issued at closing tableIt will be given to (__________) Perform an update for recording and release/satisfaction informationIssue policies as soon as possible All policies should be issued within 30 days after closingIf recording information cannot be obtained within two weeks ___________ will give further instruction.Insert procedures for tracking and providing proof of policy delivery to customers Example - if emailing policies, send with a request for a read receipt, if sending the policy via courier, provide tracking information.Closing Follow Up, Premium Remittance and Policy ReportingPremium remittance is due by the ____ day of the second month after closing pursuant to Agency Agreement.Note: Colorado - ATGF is required to report delinquent premiums to the DOI quarterly.________ uses EPIC?, which retains all information regarding polices and their status. EPIC? provides copies of policies to our underwriter - ATGF Insert procedures for remitting premium(Insert function or role name) dutiesReview outstanding reports from EPIC? on a monthly basis to ensure compliance with stated policyIf after update and upon notice of no release or satisfaction recorded after___ days from closingReview fileEnsure payoff check has cleared bankSend follow up letter to lien holder, via certified mail return receiptReview for satisfaction 30 days after return of receipt of reminder noticeEnter information regarding satisfaction, if recordedNotify (insert title of position), if no satisfaction can be obtained 30 days after certified letterComplete Title Company Release as requiredEnsure that premiums are remitted no later than the end of the month following the closingInsert any file audit and follow up procedures. Insert procedures for refunding any overages to consumers. (insert title of position) dutiesReview policy and procedure annuallyTake necessary steps to obtain satisfactions of liensTrain employees on the policy and procedure Contact Officer(Insert title of position, his/her signature and date)Date Approved(Insert date approved)Date of Commencement(Insert effective date of policy and procedure; date and how it will be announced, e.g. staff meeting; and date of training)Amendment DatesDate for Next Review(Insert date for next review)Related References and LinksOutstanding policies are found in the Files with Commitments no Policies Report in EPIC?.Policies issued with premium due are found in the Agent Billing Report in EPIC?. Note - this report is for your records. Please insert the payment info, save a copy to your desktop and send the copy with your remittance. AcknowledgementBy signing below each person does hereby acknowledge that they: Have read Title Policy Production/Premium Remittance Policy and Procedures effective (insert effective date of policy and procedure).I understand Title Policy Production/Premium Remittance Policy and Procedures effective (insert effective date of policy and procedure).I had ample time and opportunity to ask questions in reference to Title Policy Production/Premium Remittance Policy and Procedures effective (insert effective date of policy and procedure) prior to signing below.I have completed training on Title Policy Production/Premium Remittance Policy and Procedures effective (insert effective date of policy and procedure).NameSignatureDateQUICK REFERENCE GUIDE TO TYPING POLICIES IN EPICOPEN FILEON GENINFO PAGEProof your closing date - this will be the dated date for your policiesProof your sales price - this will be the owner insured amountProof your buyer names - this is the grantee on your deed and your insured ownerProof your lender, the loan amount and the loan number if availableCLICK ON POLICY TABCLICK ON Commitment/Owner/Lender Policy UNDER SCHEDULE AFor owner policy details, enter your policy date - the day of your recordingsFor the loan policy details, enter the dated dateCLICK ON Additional Lender Policies IF NEEDEDFor the loan policy details, enter the dated dateTHEN CLICK ON Recording Information UNDER SCHEDULE AEnter the recording date and the recording information, reception number or book and pageClick on the box ; select Deed of Trust and the text will populate; edit as necessaryGENERAL EXCEPTIONS - YOUR SURVEY EXCEPTION AND MECHANIC LIEN EXCEPTION SHOULD BE THERE FROM THE COMMITMENTCheck the box for the policies that apply and select action if neededISSUES/SPECIAL EXCEPTIONS Check the box for the policies that applyADD your new deed(s) of trust under the Mortgages, Deeds of Trust, Liens category- the easiest way to do this is copy the information from the lender policy recording information sectionADD any additional documents recorded at the closing (agreements, easements, etc.)FOR FILES THAT HAVE MORE THAN 1 DEED OF TRUST, SEE ATTACHMENT ADDENDUM A FOR SUBORDINATE ITEMSMODIFY TAX LANGUAGE ACCORDINGLYPull in your policy tax language and check the box for the policiesREQUIREMENTS – NO ACTION NEEDEDSCHEDULE C - TYPICALLY NO ACTION NEEDEDENDORSEMENTS – CHECK TO MAKE SURE THEY ARE SELECTEDCLICK ON THE POLICY TAB ON THE POLICY ISSUANCE TOOLBARProof each policy by clicking on previewCLICK ISSUE POLICIES IN TOP RIGHT CORNER YOU CAN NOW VIEW THE POLICIES TO PRINT, SAVE TO YOUR COMPUTER OR EMAILTO GENERATE A POLICY TRANSMITTAL PAGEClick on the Documents tabUnder 5. Closing Documents, choose ATGF -Commitment Transmittal FormPrepare one for the owner policy, save and printPrepare one for the loan policy, save and print ................
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