Difference between revisions of "Preliminary Judicial Reports"

Revision as of 06:31, 3 December 2019

Overview

A Preliminary Judicial Report (PJR) is an insured product that is designed to list all of the current owners as well as liens that affect a given piece of property at the time a foreclosure. It is required to be filed by the foreclosure attorney in any foreclosure action and is primarily for the benefit of the court handling the foreclosure. It may need to be updated throughout the process depending on the amount of time that has passed during the foreclosure. The PJR must then be finalized with the court by filing a Final Judicial Report (FJR) which may also need to be updated for similar reasons. The rates to be charged for this insured product are set by the OTIRB.

Historical Background

Prior to the enactment of the current statute in 2008, all 88 counties in Ohio required some form of title evidence to be filed with any foreclosure action so that the court could confirm who all of the parties in interest were to the foreclosure. There were a variety of ways this was done from commitments, to attorney opinions, to a document called a "preliminary judicial report", which did not necessarily resemble the current form. The 2008 statute created a uniform process for this type of report.

Sources

O.R.C. 2329.191

Compliance

Forms

Preliminary Judicial Report
Supplemental Preliminary Judicial Report
Final Judicial Report
Supplemental Final Judicial Report
Extended Coverage Endorsement (required for Cuyahoga County)
Judicial Commitment Endorsement

Searching

The search period will depend on the county and should follow the general underwriting guidelines for full searches in Ohio. Based on the local court rules, a shorter or longer search period may apply. If the search period required by the local rules is longer than the standard full search period, the local court rule should be followed. If the search period is shorter than the standard full search, then the search period can be adjusted with permission from WFG underwriting counsel.

Examination

Curative

Underwriting

Requirement Language

Production

A PJR may be used for any type of property.
For properties that are not 1-4 family residential properties, the foreclosure attorney has the option of filing a "Judicial Commitment" that consists of a regular owner's commitment with some additional modifications.

Cuyahoga County

All PJRs issued in Cuyahoga County must include the Extended Coverage Endorsement.

Signatures

Several Counties require that the filed PJR be wet-signed by the licensed title producer. Most counties will accept a facsimile signature. The rule is typically determined by the local court rules for each county and does change from time to time. The counties that currently require west signatures are as follows:

Ashland
Auglaize
Brown
Delaware
Erie
Guernsey
Hardin
Meigs
Morgan
Richland
Union
Trumbull
Washington

Closing & Escrow

Recording

Pricing

Pricing for Preliminary Judicial Reports is determined by the rate found in the OTIRB Rate Manual:

The charge for a PJR is based on the amount of the unpaid principal balance. Ohio Rate Manual RP-2.
Updates to any PJR, including for any FJR, are $50 for each update. This is a filed rate and must be charged for each updated. See Ohio Rate Manual RP-2.1.
The charge for Extended Coverage Endorsement is based on the amount of coverage provided by its associated PJR. Ohio Rate Manual RP-2.2

A Judicial Commitment follows the pricing for a regular owner's policy and is based on the amount paid by the successful bidder at the Sheriff's Sale.

Ohio Title Insurance rates are non-inclusive, so it is possible to charge for search and examination above and beyond the premium charged for the PJR.

Cross-References

Ohio

@@ Line 3: / Line 3: @@
 ===Historical Background===
-Prior to the enactment of the current statute in 2008, all 88 counties in Ohio required some form of title evidence to be filed with any foreclosure action so that the court could confirm who all of the parties in interest were to the foreclosure.  There were a variety of ways this was done from commitments, to attorney opinions, to a document called a "preliminary judicial report", which did not necessarily resemble the current form.  The 2008 statute create a uniform process for this type of report.
+Prior to the enactment of the current statute in 2008, all 88 counties in Ohio required some form of title evidence to be filed with any foreclosure action so that the court could confirm who all of the parties in interest were to the foreclosure.  There were a variety of ways this was done from commitments, to attorney opinions, to a document called a "preliminary judicial report", which did not necessarily resemble the current form.  The 2008 statute created a uniform process for this type of report.
-==Sources==
+===Sources===
 * [http://codes.ohio.gov/orc/2329.191 O.R.C. 2329.191]
-==Forms==
+===Compliance===
+===Forms===
 * [http://wfgunderwriting.com/download/ohio/forms/3157339%20OTIRB%20Preliminary%20Judicial%20Report%20%2004-15-2010.pdf Preliminary Judicial Report]
 * [http://wfgunderwriting.com/download/ohio/forms/3157639%20OTIRB%20Record%20Products%20Supplemental%20Preliminary-Final%20Judicial%20Report.pdf Supplemental Preliminary Judicial Report]
@@ Line 17: / Line 20: @@
 * [http://wfgunderwriting.com/download/ohio/forms/WFG%20OH-111%20%20Judicial%20Commitment%20Endorsement.doc Judicial Commitment Endorsement]
-==Search==
+===Searching===
 The search period will depend on the county and should follow the general underwriting guidelines for full searches in Ohio.  Based on the local court rules, a shorter or longer search period may apply.  If the search period required by the local rules is longer than the standard full search period, the local court rule should be followed.  If the search period is shorter than the standard full search, then the search period can be adjusted with permission from WFG underwriting counsel.
-==Examination==
+===Examination===
+===Curative===
+===Underwriting===
+===Requirement Language===
+===Production===
-==Production==
 * A PJR may be used for any type of property.
 * For properties that are not 1-4 family residential properties, the foreclosure attorney has the option of filing a "Judicial Commitment" that consists of a regular owner's commitment with some additional modifications.
+====Cuyahoga County====
-===Cuyahoga County===
 * All PJRs issued in Cuyahoga County must include the Extended Coverage Endorsement.
-===Signatures===
+====Signatures====
 Several Counties require that the filed PJR be wet-signed by the licensed title producer.  Most counties will accept a facsimile signature.  The rule is typically determined by the local court rules for each county and does change from time to time.  The counties that currently require west signatures are as follows:
 * Ashland
@@ Line 47: / Line 51: @@
 * Washington
-==Pricing==
+===Closing & Escrow===
+===Recording===
+===Pricing===
 Pricing for Preliminary Judicial Reports is determined by the rate found in the OTIRB Rate Manual:
 * The charge for a PJR is based on the amount of the unpaid principal balance. [http://wfgunderwriting.com/download/ohio/rate-manuals/OHIO%20-%20OTIRB%20Rate%20Manual%20Effective%2012-1-18.pdf Ohio Rate Manual RP-2].
 * Updates to any PJR, including for any FJR, are $50 for each update.  This is a filed rate and must be charged for each updated. See [http://wfgunderwriting.com/download/ohio/rate-manuals/OHIO%20-%20OTIRB%20Rate%20Manual%20Effective%2012-1-18.pdf Ohio Rate Manual RP-2.1].
 * The charge for Extended Coverage Endorsement is based on the amount of coverage provided by its associated PJR. [http://wfgunderwriting.com/download/ohio/rate-manuals/OHIO%20-%20OTIRB%20Rate%20Manual%20Effective%2012-1-18.pdf Ohio Rate Manual RP-2.2]
 A Judicial Commitment follows the pricing for a regular owner's policy and is based on the amount paid by the successful bidder at the Sheriff's Sale.