OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
VIRGINIA
RATE MANUAL
EFFECTIVE: May 1, 2020
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
7960 Donegan Drive, Suite 247 1800 Bayberry Court, Suite 104
Manassas, VA 20109 Richmond, VA 23226
(703) 365-2300 (804) 281-7484
TABLE OF CONTENTS
Title Insurance Rates (Standard Loan Policies) .......................................................... 1
Title Insurance Rates (Enhanced Loan Policies) ........................................................ 1
Title Insurance Rates for Loan Policies Secured by 2nd and 3rd Deeds of Trust ..... 2
Simultaneous Issue Transactions ............................................................................... 2
Reissue Rates (Loan Policies) .................................................................................... 2
Title Insurance Rates (Standard Owner’s and Leasehold Policies) ........................... 3
Title Insurance Rates (Enhanced Owner’s Policies) .................................................. 3
Reissue Rates (Owner’s or Leasehold Policies) ........................................................ 3
Premium for Insurance of a Construction Loan with Revolving Credit Line .......... 4
Decedent’s Estate Transactions (Extra Hazardous Risk Premium) .......................... 4
Policies ....................................................................................................................... 4
Endorsements ............................................................................................................. 5
Closing Protection Letters ......................................................................................... 7
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
PREMIUM RATE SCHEDULE
VIRGINIA
Title Insurance Rates for Standard Loan Policies
A loan policy will not be issued for less than the amount secured indicated on the Deed
of Trust, but may be issued for more—up to 125% of the principal debt to reimburse for
interest, foreclosure costs, etc.
Title insurance rates for Standard Loan Policies shall be as follows:
Per Thousand
Up to $250,000 of liability written .......................... $3.05
Over $250,000 and up to $500,000, add ................. $2.85
Over $500,000 and up to $1,000,000, add ............... $2.40
Over $1,000,000 and up to $2,000,000, add ............ $1.90
Over $2,000,000 and up to $5,000,000 add ............. $1.60
Over $5,000,000 and up to $10,000,000, add .......... $1.25
Over $10,000,000 and up to $20,000,000, add…… $1.10
Over $20,000,000 .................................................... Call Company for quote
Minimum Premium: $250
NOTE: Insurance amounts shall be rounded up to the nearest $1,000 of coverage.
Title Insurance Rates for Enhanced Loan Policies
The rate for the ALTA Expanded Coverage Residential Loan Policy of the ALTA
Short Form Expanded Coverage Residential Loan Policy is 120% of the rate for the
Standard Loan Policy.
Minimum Premium: $300
1
Title Insurance Rates for Loan Policies Secured by 2nd and 3rd Deeds of Trust
Unless the simultaneous issue rate applies (see below), rates for loan policies secured
by second and third Deeds of Trust are calculated by beginning in the rate table where
the liability of the prior Deed of Trust ended and moving forward through the rate table
accordingly.
Simultaneous Issue Transactions
When one or more loan policies are issued simultaneously with an owner’s policy, the
rate for each loan policy so simultaneously issued shall be $200.00 provided that the
aggregate liability of all loan policies does not exceed the liability of the
corresponding owner’s policy. Loan policy coverage that exceeds the owner’s policy
coverage shall be calculated by beginning in the rate table at the liability amount of
the owner’s policy and moving forward through the rate table accordingly.
Reissue Title Insurance Rates for Loan Policies
If the owner of real property who applies for one or more loan policies is insured under a
current owner’s policy issued by any title insurer licensed by the Virginia Bureau of
Insurance, then such owner shall be entitled to the reissue title insurance rate discount for
each such loan policy. The reissue rate discount shall equal 30% of the premium of each
loan policy to be issued.
To qualify, said owner’s policy must not be more than 10 years old and issued by any
title insurer licensed by the Virginia Bureau of Insurance. The burden of proving
eligibility for the reissue title insurance rate shall be on the owner. In no event shall the
Company or its agencies be required to calculate the premium at the reissue insurance
rate if the owner fails to produce evidence that is acceptable to the Company of a current
owner’s policy at or before closing.
2
Title Insurance Rates for Standard Owner’s and Leasehold Policies
An owner’s policy, insuring a fee simple estate, will not be issued for less than the
full value of the premises. Similarly, a leasehold policy will not be issued for less than
the value of the underlying lease, calculated as the aggregate of the rentals payable
under the lease or the full value of the premises, whichever is less.
Title insurance rates for Standard Owner’s and Leasehold Policies shall be as
follows:
Per Thousand
Up to $250,000 of liability written ................... $4.10
Over $250,000 and up to $500,000, add ......... $3.90
Over $500,000 and up to $1,000,000, add ....... $3.60
Over $1,000,000 and up to $2,500,000, add .... $2.40
Over $2,500,000 and up to $5,000,000 add ..... $2.10
Over $5,000,000 and up to $10,000,000, add .. $1.85
Over $10,000,000 and up to $20,000,000, add $1.70
Over $20,000,000............................................. Call Company for quote
Minimum Premium: $250
NOTE: Insurance amounts shall be rounded up to the nearest $1,000 of coverage.
Title Insurance Rates for Enhanced Loan Policies
The rate for the ALTA Homeowner’s Policy of Title Insurance is 120% of the rate for
the Standard Owner’s Policy.
Minimum Premium: $300
Reissue Rate for Owner’s or Leasehold Policies
When a new purchaser or lessee of property applies for an owner’s or leasehold owner’s
policy of title insurance, and the current seller or lessor has either an owner’s policy or
leasehold owner’s policy respectively, the purchaser shall be entitled to a reissue title
insurance rate discount for owner’s or leasehold policies. The premium for the new policy
to be issued is calculated at a 30% discount based off the face amount of the prior policy,
then calculated at the full rate (standard or enhanced) for the amount of the new policy
in excess of the prior policy. But in no event shall the resulting premium be less than the
minimums stated above.
3
To qualify, the current owner’s policy must not be more than 10 years old and issued by
any title insurer licensed by the Virginia Bureau of Insurance. A copy thereof must be
produced at or prior to settlement. In all cases, the burden of proving eligibility for the
reissue title insurance rate shall be on the new purchaser or lessee. In no event shall the
Company or its agencies be required to calculate the premium at the reissue insurance
rate if the new purchaser or lessee fails to produce evidence that is satisfactory to the
Company of a current owner’s policy at or before closing.
Premium for Insurance of a Construction Loan with Revolving Credit Line
Premium will be collected based upon the amount of the Credit Line. Once the lender’s
aggregate disbursements, not including curtailments, reaches the original amount of the
policy, additional premium must be collected for any additional disbursements
recognized under the policy, calculated from the beginning of the applicable rate table.
Decedent’s Estate Transactions (Extra Hazardous Risk Premium)
Because creditors may file claims against an estate within 1 year of the date of decedent’s
death, each seller of an estate may either (i) direct that his/her proceeds be held in escrow
until the 1 year anniversary of the decedent’s date of death; (ii) purchase a bond from an
outside bond company; or (iii) pay to the Company an “extra hazardous risk premium,”
calculated to be $2 per thousand of the sales price. The minimum extra hazardous risk
premium is $250.00, and the entire amount of such premium shall be remitted to the
Company. Contact your underwriter for additional underwriting requirements.
Policies
Policy Extra Hazardous Risk Premium
Extra hazardous risk premium may be charged for additional policy risk as determined
by the Company. The charge therefore will be (i) a percentage of the rate applicable
to the policy; (ii) a rate per thousand of the policy amount; or (iii) a fixed dollar
amount commensurate with the risk assumed by issuance of such endorsement, as
established by the Company. Such premium shall be remitted entirely the Company.
Master Mortgagee’s Abbreviated Guarantee Informational Certificate and Master
Guarantee Certificate (ORT Form 4098 and ORT 4099)
For guarantee amounts up to $100,000.00 ....................................................... $100.00
For guarantee amounts over $100,000.00 ........................................................ $125.00
Maximum policy amount is $200,000.00.
4
Mortgage Impairment Protection Insurance Policy (ORT 4113)
When this policy is issued to a lender, the premium that will apply as to each
mortgage loan closed, reported, and to be insured by the policy is as follows:
Loan amounts up to $100,000.00...................................................................... $ 50.00
$100,000.01 up to and including $250,000.00 ................................................. $ 65.00
$250,000.01 up to and including $500,000.00 ................................................ $125.00
$500,000.01 up to and including $750,000.00 ................................................ $165.00
$750,000.01 up to and including $1,000,000.00 ............................................. $195.00
Maximum loan amount is $1,000,000.00.
Junior Loan Policy (JLP) (ORT 3898 and ORT 3899)
Loan amounts up to $100,000.00 .......................................................... $150.00
Loan amounts over $100,000.00 up to $500,000.00 .............................. $150.00 Plus
$1.00 per thousand for amounts over $100,000.00 up to $500,000.00
Maximum policy amount is $500,000.00
Endorsements
Endorsement Premium
Unless specifically stated herein, endorsements to furnish special coverage may carry
extra hazardous risk premium as determined by the Company. The charge therefore
will be (i) a percentage of the rate applicable to the policy; (ii) a rate per thousand on
which the endorsement is written; or (iii) a fixed dollar amount commensurate with
the risk to be assumed by issuance of such endorsement, as established by the
Company.
Unless otherwise stated herein, endorsement premium is remitted in its entirety to the
Company.
Endorsements may not be issued to modify policies issued by another underwriter or
title agency. Contact the Company for guidance if you are being asked to modify a
policy from another underwriter or title agency.
5
Zoning Endorsements (ORT Forms 4314, 4366, 4557, 4728, 4730)
An extra hazardous risk premium up to 10% of the title insurance premium may be
charged for a zoning endorsement. The premium, as well as approval to issue the
endorsement, must be obtained from the Company. All premiums for the zoning
endorsement are paid to the Company, as it is considered an extra hazardous risk.
Shared Appreciation Endorsement (ORT Form 4511)
This endorsement is issued with mortgages which contain shared appreciation
provisions. It provides certain coverage against loss by reason of the loss of priority
or validity of the mortgage because of conclusion of the mortgage or because of the
operation of the shared interest provisions. All premiums for the shared appreciation
endorsement are paid to the Company, as it is considered an extra hazardous risk.
The charge will be .......................................................................................... $150.00
Loan Modification Endorsements (ORT Form 4317)
When a loan policy previously issued by the Company is modified by endorsement, the
cost of the title insurance premium shall be split between the Company and Agent in
accordance with the terms of the Agency Agreement and shall be calculated as follows:
For an endorsement solely to increase the liability amount:
$350 plus the standard rate (basic or enhanced, as the case may be) for the
difference between the liability amount of the prior policy and liability amount of
the new policy as endorsed, calculated by beginning in the rate table at the
liability amount of the prior policy and moving forward through the rate table
accordingly.
For an endorsement solely to modify any other term(s) of the loan:
$350 flat fee.
For an endorsement to increase the liability amount and modify any other term(s) of
the loan:
$350 plus the standard rate (basic or enhanced, as the case may be) for the
difference between the liability amount of the prior policy and liability amount of
the new policy as endorsed, calculated by beginning in the rate table at the
liability amount of the prior policy and moving forward through the rate table
accordingly.
6
Some modifications may require extra-hazardous risk premium. Contact the Company
for endorsements relating to construction loans, loans involving commercial property
and any loan that poses special or unusual risks.
Multiple Mortgages on One Policy Endorsement (ORT Form 4286)
This CLTA 105 endorsement is to be used with an ALTA loan policy. It modifies
the policy to insure two mortgages (running in favor of the same lender) on a single
policy.
The charge will be ........................................................................................... $50.00
Restrictions, Easements, Mineral Endorsements (ORT Forms 4344, 4345, 4346,
4347, 4592, 4558, 4559, 4560, 4591)
When issued for a commercial transaction an extra hazardous risk premium up to 10%
of the title insurance premium may be charged. Approval to issue the endorsement
must be obtained from the Company. The extra hazard risk premium shall be remitted
in its entirety to the Company.
Closing Protection Letter-Transaction Specific
This letter, which is limited to a specific transaction, when requested, provides a
lender, borrower, purchaser or lessee, with certain protection against fraud,
misapplication of funds or failure to follow written closing instructions by the Issuing
Agency or Approved Attorney, subject to the provisions contained therein. A single
letter shall include the lender, borrower, purchaser or lessee, when requested. The
charge for the issuance of this letter shall be $35.00 and it shall be remitted in its
entirety to the Company.
