IMPORTANT NOTICE

To:   All National Investors
        Agents

Re:  Update to Notice -
        Revised Policy 
        Guaranty Fee Remittance
        Form and Rate Increase -
        Effective April 1, 2016
 

Please click here to read the Texas Title Insurance Guaranty Association announcement concerning the policy guaranty fee.

Effective April 1, 2016, the guaranty fee will be $3.00 for each owner's policy and $3.00 for each loan title policy closed during the applicable quarter. You must make the appropriate changes to your closing procedures to change to the new fee as of April 1, 2016.

Please note:
Guaranty Board's FAQ's states the following on two important questions:

1.  Because the Guaranty Fee is changing from $-0- to $3.00 on April 1, 2016,
what amount do we charge for a transaction that closes in March, 2016, but
does not fund until April, 2016? The charging of the Guaranty Fee is
determined by the closing date, or more specifically, the date the closing
documents are signed. For example, if a transaction has closing documents
signed in March, but the transaction does not fund until April, then no fee
should be collected. If the closing documents are signed April 1 or later, the
fee to be collected is $3.00.
 
2.  What date determines the collection date and where is it disclosed? The closing date determines when the Guaranty Fee is collected. The guaranty fee should be disclosed on the Closing Disclosure and, if not separately itemized on the closing disclosure, the policy guaranty fee should be shown on the Texas Disclosure (Form T-64) in the Other Disclosures section.

Click here to visit the Remittance Forms and FAQ's link
 
If you have any questions relating to this or other bulletins, please contact your National Investors representative.

3445 Executive Center Drive, Suite 110
Austin, TX 78731
877.256.8098
nititle.com

National Investors Title Insurance Company | 3445 Executive Center Drive | Suite 110 | Austin | TX | 78731