Difference between revisions of "Closing Protection Letters in North Carolina"
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====Dual Agent CPLs==== | ====Dual Agent CPLs==== | ||
| + | In NC, the answer is not black and white. The closing attorney should be on the CPL but an agent can also be on it if they are doing the disbursement for the closing attorney. | ||
===Rates=== | ===Rates=== | ||
| Line 32: | Line 33: | ||
* Lender: See Notes | * Lender: See Notes | ||
* Borrower: See Notes | * Borrower: See Notes | ||
| + | |||
| + | * Up to $100,000 - $0.62 per $1,000 | ||
| + | * $100,001 - $500,000 - add $0.12 per $1,000 | ||
| + | * $500,001 and above - no additional charge | ||
=== Remittances=== | === Remittances=== | ||
| + | |||
| + | In North Carolina, the CPL (Insured Closing Services) is collected in combination with the main premium. § 58-26-1(d). It should be remitted in accordance with the premium split between the agent and underwriter. | ||
===Notes=== | ===Notes=== | ||
Latest revision as of 16:31, 16 January 2020
Contents
Overview
Sources
Compliance
Disclosures
Forms
Disclosure Form
CPL Form
- Latest CPL Form Filing Date: 01-00-1900
- Filing Requirements:
- Current From: 3171637
- ALTA Version:
Dual Agent CPLs
In NC, the answer is not black and white. The closing attorney should be on the CPL but an agent can also be on it if they are doing the disbursement for the closing attorney.
Rates
State Mandated Rates
- Buyer:
- Seller:
- Lender:
- Borrower:
WFG Rates
- Buyer: See Notes
- Seller: See Notes
- Lender: See Notes
- Borrower: See Notes
- Up to $100,000 - $0.62 per $1,000
- $100,001 - $500,000 - add $0.12 per $1,000
- $500,001 and above - no additional charge
Remittances
In North Carolina, the CPL (Insured Closing Services) is collected in combination with the main premium. § 58-26-1(d). It should be remitted in accordance with the premium split between the agent and underwriter.
Notes
- Notes: Up to $100k - $.62/$1k $100k to $500K Add $.12/$1K Over 500K - No Add't'l chg
- Rate Checked: 03-06-2019
- By: David Jenkins
- Manual Date: 10-1-2018
Up to $100,000 $0.62
$100,001 - $500,000, add $0.12
$500,001 and above, add $0.00
