The reason we need a TPL is the MD insurance admin reasoned " when all the papers are signed at a refi, title insurance is being produced (sold). To produce (sell) title insurance you have to have a license. The only one there besides the borrower is the person presenting the papers. Therefore, that person must be licensed to produce title insurance."
Our classes, test and continuing ed classes qualify us to sell title insurance. We know all about what is covered by title insurance, types of errors, liability, process, etc. etc.
About the only things re: title insurance that ever comes up at a closing are:
1. Borrower asks if title insurance covers him (no- unless he buys seperate coverage)
2. Isn't that cost high ( the rates are submitted by the title company and approved by the state insurance admin.).
Art |
