Bulletin: UT2015003

Dear Associates:

The Utah Rate Manual was amended effective December 1, 2015. The purpose of the amendment was to delete the simultaneous rate so TRID quotes are straightforward. The only changes to the Manual were in Section 6, Lender’s Policies.  

The new Manual provides that all Standard Coverage ALTA Lender’s policies are 50% of the Basic Schedule of Charges. The charge for an Extended Coverage ALTA Lender’s Policy is 60% of the Basic Schedule of Charges in all cases. Paragraphs 6. B. 4, 5, and 6 dealing with simultaneous rates were deleted. In effect, all loan policy (EXCEPT FOR REFINANCE LOANS) premiums are 60% of the Basic Schedule of Charges. This is the same charge that has been applied in the past because of the application of the simultaneous rate. However, now the rate can be applied in every situation without regard to a simultaneous rate charge. The simultaneous rate charge was creating a lot of issues in the preparation of the lender’s CD under the new TRID rules. Now the quote to the lender can simply be the 60% rate without dealing with the simultaneous rate. Refinance loans are still charged at the 55% rate.

To make the Rate Manual consistent with the above noted change, changes were also made to paragraphs 6. B. 1, 2 and 3 and 6. D. and 6 E. Again, rates were not changed, just restated to be consistent with the changes in 6. B. 

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