Difference between revisions of "Closing Protection Letters in Indiana"
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===WFG Rates=== | ===WFG Rates=== | ||
Revision as of 07:42, 21 July 2018
Contents
Overview
Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, the must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The filed rate for WFG is $25 per letter, not per transaction.
Sources
The issuance of Closing Protections Letters is permitted under Section 27-7-3-22 of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana.
- See also WFG Bulletin IN 2013-02
Compliance
CPLs are required to be issued in any residential real estate transaction for which a title insurance policy is being issued. A CPL must be issued to each party in the transaction including buyers, sellers, borrowers, and lenders.
Disclosures
N/A.
Forms
Disclosure Form
N/A.
CPL Form
- Latest CPL Form Filing Date: 01-23-2018
- Filing Requirements: Filing Required after adoption of Rating Bureau
- Current From: 3173600
- ALTA Version: 2015
Dual Agent CPLs
Rates
State Mandated Rates
The state does not mandate any rates. The rate used must be filed and approved by the Commissioner of Insurance. [1]
WFG Rates
- Buyer: $25.00
- Seller: $25.00
- Lender: $25.00
- Borrower: $25.00
Remittances
- 100% of any CPL charge must be remitted to the Underwriter.
Notes
- Notes:
- Rate Checked: 01-23-2018
- By: Debbie Thoms
- Manual Date:
