All-Inclusive Title Premium Rates have been Extended to two counties in Middle Tennessee

All- Inclusive title insurance premiums ( includes the search fee) which have been the norm in Davidson County have now been extended to Williamson and Rutherford Counties in Middle Tennessee. On the face of it this appears to be a large premium increase in those counties. This can be misleading as previously, the closing attorney or title company in those counties could charge both an insurance premium and and a search fee. In some instances large search and review fees have been observed, separate and apart from the title premium charged. This should no longer be an issue in these three middle Tennessee counties  as the all-inclusive rate includes the search  and the rates for each title insurance underwriter are on file with the state for these counties. It certainly promotes more uniformity in the provision of title related services.

FHA to Raise Premiums

FHA has announced that premiums on FHA mortgages will be increased by  .01% on most new mortgages it insures. On jumbo loans over $625,000.00 or more, the rate will increase by .05%. At this time it appears that borrowers will pay premiums for the life of the loan which would be a reversal of a 2001 FHA policy that would allow premiums to be cancelled when debt fell below 78% of the principal balance.