Selling Guide

Published December 16, 2020

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B7-2-02, Title Insurer Requirements (06/05/2019)

Introduction

This topic contains the following:


Title Insurer Requirements

A title insurer must be:

  • duly authorized and licensed, as required, to issue title insurance in the state where the property is located; and

  • further evaluated in accordance with the lender’s procedures for title insurer approval, which may include factors such as

    • an acceptable rating from a rating agency,

    • financial strength of the title insurer,

    • adequate reserves,

    • record related to satisfactory title claim resolution, or

    • strength of a reinsurance arrangement subject to the guidelines below.

Note: Iowa Title Guaranty is an acceptable title guarantor for properties located in the state of Iowa.


Insurer Covered by Reinsurance

If the lender accepts an insurer based on the strength of a reinsurer, both the primary insurer and the reinsuring company must be licensed, as required, to issue title insurance within the state where the property is located and are in good standing with that state’s insurance regulator.

Both insurance carriers must execute an Assumption of Liability Endorsement (Form 858) or an equivalent endorsement that provides for 100% reinsurance of the primary insurer’s policy and a 90-day written notice of termination of the reinsurance agreement. The alternative endorsement must be attached to the title insurance policy for each individual mortgage.

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