Free Virtual Nationwide Title Insurance Compliance Summary!

FOR IMMEDIATE RELEASE
Manhattan, New York, United States of America (Free-Press-Release.com) July 26, 2011 -- Nationwide Title Insurance Compliance

Title Insurance no matter what state it is protects the interests of both lenders and property owners against errors, omissions or other types of defects related to the title of the insured property. Title Insurance Agents facilitate these policies by initiating investigations on the property and underwriting the actual policy. Nearly every mortgage lender requires a title insurance policy on the property serving as collateral. Becoming a Title Insurance Agent requires minimal time and effort, but is not necessarily easy.

Working with Virtual Admin & Paralegal Services, LLC will insure your Title Insurance Agency has all the up-to-date information on being Compliant in the industry.

Some states but not all will require an agent to complete pre-licensing educational courses. Every state requires successful completion of some certain industry-related Title Insurance material. A few states allow potential agents to complete pre-licensing courses online, while others have mandatory in-person classroom sessions. These courses teach industry basics as they apply to Title Insurance Agents, followed by extremely specific rules and regulations every agent must know. Some states require background checks, fingerprinting, and/or licensing testing. At the conclusion of pre-licensing sessions, a comprehensive test is administered to determine your capacity to retain pertinent information. In those states, you must achieve a passing score on pre-licensing session exams before attempting the actual state producer's exam.

Virtual Admin & Paralegal Services, LLC will assist you with knowing what those state specific rules are and assist your company in compliance of those rules. Our experience working with Attorneys on a daily basis allows us to understand the time restraints and how important it is not to miss important deadlines. An Attorney, who is practicing law and working as Title Agent, or looking to expand as a Title Agent, has limited time to spend on research and keeping track of their compliance issues.

Virtual Admin & Paralegal Services, LLC handles both their Title Insurance Compliance and their duties with clients on a daily basis. “The idea is for the Attorney to have one Virtual Paralegal managing both their Agency Compliance and everyday Attorney dealings. I can easily handle case law research, write up a complaint, and send it virtually for review. Then while waiting on the Attorney to respond, I will work on their compliance issues, or another case. Multi tasking is what a Paralegal does best. Even though I am the CEO of this company, I still work one-on-one with lawyers and handle all the Title Insurance Clients myself. Our Virtual Company along with others will be the standard 5 years from now. The average Attorney office with an assistant at the front desk will soon be gone forever…”

A few state specific rules on Title Insurance Compliance:

Alabama- Residency requirements - Also individual title insurance agents must be residents of the State of Alabama. (§ 27-25-4)

Connecticut-No License required to be a Title Agent, but you must be a CT Attorney to be an Agent.

California-Title Agency Company Name must be approved by the Department of Insurance (DOI) before filing with the Secretary of State.

D.C.-Capital and Surplus total of $1,000,000. (D.C. Code § 31-5031.05)

Idaho-Agents are subject to an Audit every 5th year of the Agent's tract indexes and abstract records (Idaho Code § 41-2710) & Escrow Audit every 3rd yr (IDAPA 18.01.25.011(07)).

Kentucky-Agency Capital required is $5,000,000. (KRS § 286.3-070 cross referenced from KRS § 304.3-120)

Oregon-License Fee for both Resident and Non-Resident is $75.00.

South Dakota-“A captive insurance company may enter into any arrangement to provide risk management services to an unaffiliated controlled business or an unaffiliated business but may not accept any insurance risk from an unaffiliated business…” (S.D. Codified Laws § 58-46-23.1)

Vermont-A Title Search of at least 40 years must be completed.

Washington-Title Plant Ownership is required.

Wyoming-Financial Reporting should be done on 3/1, 5/15, 8/15, 11/15, and an Audit on 6/1 annually by a CPA.

Please contact Mrs. Nelson-Gonzalez directly @ 1-203-444-8149 for further information regarding Nationwide Title Insurance Compliance.

http://www.virtualadminparalegalservices.com/

paralegal.heather@yahoo.com

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