OAITA | Ohio Association of Independent Land Title Agents

Ohio Closing Protection Coverage Rate Increase - Effective May 1, 2013: Ohio Closing Protection Coverage Rate Increase – Effective M…

The premium charge for all Closing Protection Coverage (“CPC”) letters issued for Ohio properties will change on May 1, 2013. For any orders received on or after May 1, 2013, the corresponding fee for the CPC in Ohio will increase by $5.00 per Covered Party (i.e. Seller, Buyer, Lender and Additional Insured). As such, the minimum CPC premium per transaction will be $40.00. The Ohio Title Insurance Rating Bureau (OTIRB) has modified the rate rule known as CP-1 CLOSING PROTECTION COVERAGE TRANSACTION SPECIFIC as follows: This coverage, which is limited to a specific transaction, provides the covered party with certain protection as set forth in Form CP-24 against fraud, misapplication of funds or failure to comply with written closing instructions by the Licensed Agent (an agent licensed and authorized to issue title insurance in the State of Ohio for the… ...

titlebird 29 days ago
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Ohio HB 59: Ohio HB 59

Governor John Kasich has helped lawmakers introduce his budget plan into the Ohio House of Representatives in the form of HB 59. Title professionals and lawyers should pay particularly close attention to this bill as it would create a new tax on all services rendered by title insurance agents and lawyers. The bill abandons the approach of defining and listing specific services that may be taxed. Instead, it expands the definition of sale to include all services. The term "services" is defined as "any act performed for another for a fee, retainer, commission or other consideration." There are several notable exclusions from this expansive definition including: medical and healthcare services; educational services; adult and child day care services; funeral services; and services of an employee rendered to his/her employer. This shift makes virtually any a… ...

titlebird 72 days ago
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Annual Reviews To ODI By January 15, 2013: Annual Reviews To ODI By January 15, 2013

The Ohio Department of Insurance would like to ask all title underwriters to forward the below noted message to their appointed Ohio agents. *** REMINDER *** Annual Reviews Of Title Insurance Agent Escrow Accounts Must Be Submitted To ODI By January 15, 2013 According to Ohio Revised Code 3953.33, every title insurance agent and agency that handles escrow, settlement, closing or security deposit accounts must have an independent annual review made of its accounts each year, unless the individual or entity qualifies for an exemption. Ohio Administrative Code 3901-7-01 goes on to outline specific information which must be filed with the Department by all licensed title agents and agencies on an annual basis. In order to streamline the annual title review filing process, the Department of Insurance has revised the Annual Title Agent / Agency Review For… ...

nailta 178 days ago
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OAITA Supported SB 388 Introduced in Ohio Senate: OAITA Supported SB 388 Introduced in Ohio Senate

On November 13, 2012, Ohio State Senator Bill Coley introduced new legislation, put together with the help of OAITA’s and OSBA’s joint taskforce, to revise the receivership statute in Ohio to permit, with greater clarity, the role of receivership sales in Ohio and to make sure that proper due process safeguards are put in place to make these transactions clearer to insure from a title insurance perspective. The text of the bill is found here: Background on State Senator Bill Coley is found here: A brief write-up on the new legislation is found here: The bill is now in the Senate Judiciary Committee for further consideration and amendments and further input are going to take place.… ...

nailta 179 days ago
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Ohio Supreme Court Rules on Standing to Foreclose: Ohio Supreme Court Rules on Standing to Foreclose

The Ohio Supreme Court has determined, in a closely-watched foreclosure case styled Federal Home Loan Mortgage v. Schwartzwald, 2012 –Ohio-5017, that a lender must have standing to… ...

nailta 205 days ago
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Who is the OAITA?

OAITA is an Ohio non-profit corporation consisting of independent title insurance agents and interested real estate settlement services industry stakeholders from across Ohio who share a common philosophy about the value of independence and autonomy in real estate transactions.

What does OAITA stand for?

OAITA members believe that the title insurance industry has been degraded by the legal and illegal affiliations which exist between title agents and their title business referral partners — lenders, mortgage brokers, real estate agents, real estate brokersand builders. Those relationships have undermined the value of title insurance in Ohio, harmed a consumer’s right of choice in the real estate settlement processand virtually eliminated fair competition in our industry. Instead, OAITA members are those title insurance agents and interested real estate settlement services industry stakeholders who advocate for fair competition in the title insurance industry and transparency in the real estate settlement process.
OAITA members are small business owners, real estate entrepreneurs and title insurance professionals who either operate title insurance businesses and related real estate settlement services as independent entities without controlled business arrangements or who support the philosophy of an independent title insurance industry.
OAITA members believe that truly independent title agents and agencies help make title insurance costs more competitive, help lower title insurance claims, and help protect the ultimate consuming public from real estate-related litigation.
OAITA advocates for the advancement of professional licensing standards for title abstractors and title examiners in Ohio. Currently, there are no such standards in Ohio, yet the title search – the product of a title abstractor’s labor – is at the heart of the title insurance industry. OAITA also seeks to define and standardize the practices of title examination so that non-licensed persons or persons otherwise prohibited by law will not engage in the practice of title examination without a license and within the confines of a normalized standard of conduct.
OAITA believes that minimum title search standards are necessary as part of our broader mission to improve competition and reduce risk within the title insurance industry. It is now widely known that national title insurance underwriters have steadily reduced the minimum title search standards within the title insurance industry through the advent of short search products and offshore title search production. OAITA seeks to enhance consumer protections by advocating for the codification of minimum title search standards in Ohio.
OAITA regularly appears before the state department of insurance testifying on behalf of independent title insurance agents and independent settlement service professionals. OAITA was instrumental in convincing the ODI to recently withdraw their proposed Title Insurance Inducements Rule known as OAC 3901-7-06 and getting the ODI to fine-tune the Escrow Account Review Rule known as OAC 3901-7-01.

What is OAITA doing for independent title agents, independent real estate settlement service providers and the ultimate consuming public?

OAITA promotes fair standards regarding title insurance in Ohio and advocates for the advancement of issues relevant to the independent settlement service provider. We are participating in private policy change by pursuing litigation to help reinforce existing Ohio law regarding title insurance and real estate settlement services. We also support favorable initiatives relative to the independent title insurance and independent real estate settlement service provider movements in Ohio.

What can you do to support us?

Get involved. Join our organization. Become a member today. Read our blog and keep aware of important issues that affect the title insurance industry and real estate settlement services industry in Ohio and the nation. Tell your friends in the industry about us. If you are concerned about your place in the title insurance industry or the real estate settlement services industry, you should be a part of our organization!