Closings glossary
Reissue rate
A reduced premium for a property previously insured within the look-back window set by the filed rate schedule. The prior policy, or a copy of it, is the proof required.
When does the reissue rate apply to a title policy?
Quick Answer
The full definition
A reduced premium for a property previously insured within the look-back window set by the filed rate schedule. The prior policy, or a copy of it, is the proof required.
Where does reissue rate come up in a New York City closing?
A Queens owner refinancing four years after purchase produces the 2022 owner's policy, and the new loan policy is written at the reissue rate.
What else should you read before closing?
In the glossary
- Premium (title insurance)The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-rela...
- TIRSAThe rate service organization whose filed manual sets New York title insurance premiums, endorsement charges and the reissue and simultaneous issue...
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
- CEMA (Consolidation, Extension and Modification Agreement)An agreement in which an existing mortgage is assigned and consolidated with new financing rather than being satisfied and re-recorded. It requires...
- Simultaneous issueIssuing an owner's policy and a lender's policy together on one transaction, which reduces the charge for the loan policy under the filed New York ...
Questions this raises
- When does the reissue rate apply?Producing a prior owner's or lender's policy within the reissue period lowers the New York premium. Where to find the old policy and what qualifies...
- How much does title insurance cost in New York?NY title premiums come from the TIRSA rate manual approved by DFS, so every licensed agent charges the same. What actually changes your closing num...
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