Overview
This demonstrates how to update title rates that will take effect on September 1, 2019, in the state of Texas. Basic owner’s, lender’s, reissue, and simultaneous are covered. For any other rates, please refer to the Texas Department of Insurance website. Adeptive regards the information provided to be reliable but does not guarantee its accuracy and recommends verification before implementing in a production environment.
NOTE: The Department of Insurance (TDI) sets all title insurance rates to be used by licensed underwriter/agent within the state of Texas. Companies are not allowed to adopt, implement, or charge rates different from those prescribed by the TDI.
Version History
| Version | Date Resolved |
ID |
Description |
|
09/16/2019 |
Information and screenshots created in version 9.9 |
Owners and Lender Rates
The following steps can be used for both owners’ and lenders’ rate tables since the premium rates are the same; each type will use the same import file for basic and standard rates in Texas.
Admin/Title Premiums/Rate Types
- Edit the owner’s and lender’s rate tables as needed (basic or standard, not enhanced or expanded).
- Verify the Mechanism is set to Specify Rates.
- Select the State as Texas.
- In the Condition area, click Add.
- Enter the Effective Date as 9/1/2019.
- Click Save.
- Enter the Minimum Rate at $328.00.
- Select Nearest Dollar from the Round Premium dropdown menu.
- The Mechanism default is set at Rate Tiers. Verify that this is the option selected.
- In the Rate Tiers area, verify the Based On selection is set to Default. If not, select Default in the dropdown menu.
- Verify the Rate Tiers are Additive checkbox is not selected.
- In the Rate Tiers area, click on Import to import a CSV file. See import section below.
- After the rates are imported, click Save.
Simultaneous Rates
Two conditions exist for simultaneous rates. Therefore, each condition is set up separately.
Admin/Title Premiums/Rate Types
- Edit the simultaneous rate table as needed (basic or standard, not enhanced or expanded).
- Verify that the Simultaneous Issue checkbox is checked.
- Verify that the Mechanism is set to Specify Rates.
- Select the State as Texas.
First Condition
- In the Condition area, click Add to create the first condition.
- Enter the Effective Date as 9/1/2019.
- Select the Left Argument as Owner’s Consideration.
- Select the Comparator as >=.
- Select the Right Argument as Lender’s Consideration.
- Click Save.
Highlight the Owner’s Consideration >= Lender’s Consideration condition that was just added.
- Select Nearest Dollar from the Round Premium dropdown menu.
- The Mechanism default is set at Rate Tiers. Verify that this is the option selected.
- In the Rate Tiers area, select Default as the Based On option.
- Verify that the Rate Tiers are Additive checkbox is not selected.
- In the Rate Tiers area, click Add.
- In the Tier Rate area, enter $100.00 as the Flat Rate.
- Click Save.
Second Condition
- In the Condition area, click Add to create the second condition.
- Enter the Effective Date as 9/1/2019.
- Select the Left Argument as Owner’s Consideration.
- Select the Comparator as <.
- Select the Right Argument as Lender’s Consideration.
- Click Save.
Highlight the Owner’s Consideration < Lender’s Consideration condition just added.
- Select Nearest Dollar from the Round Premium dropdown menu.
- Enter $100.00 as the Base Rate.
- The Mechanism default is set at Rate Tiers. Verify that this is the option selected.
- In the Rate Tiers area, select the Calculated Difference as the Based On option from the dropdown menu.
- Verify the Rate Tiers are Additive checkbox is not selected.
- In the Rate Tiers area, click on Import to import a CSV file. See import section below.
- After the rates are imported, click Save.
Reissue Discount Credit (Lender Only)
Admin/Title Premiums/Discount Rates Types
- Edit or Add the reissue rate tables as needed (basic or standard, not enhanced or expanded).
- Select the State as Texas.
- In the Condition area, click Add.
- Enter the Effective Date as 9/1/2019.
- Click Save.
- Click Add to create a new discount rate.
- In the Prior Policy area, select the Prior Policy as Default. This is the default setting.
- In the Rate Limitations area, enter the Minimum at $328.00.
- In the Rate Calculation area, select the Round Premium as Nearest Dollar option.
- In the Rate Calculation area, click Add to create three Method items as follows:
Method 1
- Select the Method as Add. Select Percentage in the Rate area and enter 100.
- Select Basic Rate in the Based On area.
- Click Save.
Method 2
- Select the Method as Subtract. Select Percentage in the Rate area and enter 50.
- Select Payoff Calculated Rate in the Based On area and enter 0 months to 48 months.
- Click Save.
Method 3
- Select the Method as Subtract. Select Percentage in the Rate area and enter 25.
- Select Payoff Calculated Rate in the Based On area and enter 49 months to 96 months.
- Click Save.
Importing CSV Files into Rate Tables
- The accompanying CSV file (TX import rates csv) contains the Texas rates to import into the owners, lenders, and simultaneous rate tables. Resware rate imports CSV formats, not XLS or XLSX. Rates can be imported based on state, condition, and or county groups.
- Save the CSV file to the local desktop or another easily accessible location.
- When it’s time to import the file into a Resware rate table, verify the state, county, and condition, then click Import in the Rate Tiers area.
- Click Browse to locate the CSV file on the local desktop or location where it’s saved, then click Open.
- Click Import from CSV.
NOTE: The following notification will appear when the file is imported:
- Click OK.
- Confirm that the rates populated in the Rate Tiers area.
- Click Save, or continue to the next step as needed.
NOTE: Editing a rate table will trigger the following question. Respond carefully as it will affect all files in Resware and cannot be undone. All changes are logged in the file’s audit trail.
- Clicking Yes will update all eligible files with any changes that were just made on the rate table. An eligible file is a file that is not in a Cancelled, Closed, or Fall Thru status, doesn’t have any receipts or disbursements, and whose Settlement tab is not locked.
- Clicking No will not update files with the changes made on the rate table.
