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Understanding DoubleTime’s Title Insurance charges on the Closing Disclosure

The Title Insurance figures you see in the Closing Disclosure are automatically populated by DoubleTime® and are based on the TRID Rating rules for showing policies and endorsements charges. These figures will differ from what is displayed in the Rating module. That is because the Rating module in DoubleTime® displays the Florida Promulgated rates for policies and endorsements. DoubleTime® uses those figures from the Rating module to calculate the TRID rates for you.

The amounts for the Lender’s policy charges will show up on Page 2 in Section C by default. If the Lender requests the amount be moved to Section B, you can double click on the line that shows the charge and change the ‘Section’ type at the top of the Detail window to “Services Borrower Did Not Shop For”.

Title Insurance Charges

Services Borrower Did Not Shop For

Based on TRID rules, the amounts for the Owner’s policy charges will show up on Page 2 in Section H. You may select to show the policy endorsement charges on separate lines by going to the ‘CD Options’ tab and clicking ‘Yes’ to “Show Title Insurance charges for Policies and Endorsements on two lines”.

Please note that DoubleTime uses the UCD Standard for describing Title Insurance charges. The description can be changed if the Lender requests alternate verbiage. Also, the Title Insurance amounts can be split between multiple parties by using the ‘Title Insurance Calculator’ Title Insurance Calculator Button on the secondary toolbar; however the total amount cannot be changed while in the Settlement Statement module.

For more information on TRID rating rules, please check out the Legal Education Training video entitled, “Rating Title Insurance: The TRID Way”.