When you seek a quote for title insurance on a refinance and aren’t asked “what is the existing mortgage amount?”, it’s a sure fire way to know your customer will be paying way more than necessary for title insurance — quite possibly 30% or more, more.*
The reason: when the existing mortgage amount is not a part of the title insurance premium calculation for the new mortgage, the company that is quoting is not providing a reissue credit to you / your customer. That’s because the amount of a reissue credit discount is, in large part, a function of the existing mortgage. So it’s really a simple test: If the existing mortgage amount is not included in an online quoting tool or if you’re not asked to provide it when seeking a quote via email or over the phone, it’s because that title company does not offer reissue credits and cannot provide your customer the discount.
The fact is there are very few title companies in the Twin Cities that can provide reissue discounts. Title One is pleased to be one such company. See the itemized benefit of a reissue credit by clicking here.