The Lifecycle of a Title Insurance Order: From Start to Finish

The Lifecycle of a Title Insurance Order: From Start to Finish

Most orders for title insurance will follow the same general process or lifecycle. It begins when someone places an order for title insurance and settlement services. It ends once all the processing is complete, generally weeks or even months after the settlement takes place.

Lifecycle:

• Receive Order

• Open File

  • Review the documents you received

  • Gather data and enter it into your production software

  • Collect additional information and documents

  • Order a title search

• Processing

  • Order payoffs and certifications to clear all possible clouds or defects of title

    • Municipal Utility Liens & Certifications

  • Communicate with all parties in the transaction as needed to provide updates, gather additional information, or obtain copies of documents.

• Title Examination

  • Receive the title search

  • Review / Examine the title

  • Prepare the Title Commitment in accordance with local, state and national laws and customs. Also consider the guidelines of your company and underwriter. Include all requirements and exceptions.

  • If there are additional requirements, return to processing to clear additional liens and clouds.

• Closing Prep

  • Complete a quality assurance review of the entire file to make sure nothing was missed and catch any mistakes.

  • Update any expiring payoffs and certifications

  • Update/ bring down title search

  • Update title commitment

  • Prepare Settlement Statement

• Settlement

  • Ensure all parties are properly identified

  • Ensure all documents are properly signed and notarized

  • Provide copies of all signed documents to the appropriate parties

• Escrow & Disbursement

  • Receive good funds

  • Receive authorization to disburse from lender

  • Disburse funds on the disbursement date

  • Record documents with the county

• Post Closing

  • Receive recorded documents

  • Issue Policy

  • Reconcile all payments

  • Remit premiums to underwriter

Subscribers, scroll down to continue reading the for a more detailed look at each step in the lifecycle.

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