Making Life Easier

by Steve Zablocki, State Underwriting Counsel

Everyone likes “life hacks.” Minor adjustments or things in our life that make doing something easier. You can likely find all sorts of “life hacks” online. What can we do that will make everyone’s life easier? From an underwriter’s perspective, we can think of four things that will make any deal or decision quicker.

1. First, let us know how much we are insuring.

Sometimes our view of a deal is dictated by the amount of insurance. Is there an owner’s policy and a loan policy, or just a loan policy? We determine our risk based on possible exposure to a given deal. Considerations raised on a multi-unit apartment development will vastly differ from a small vacant lot. Often, we may take risks on smaller deals not available on larger ones. Knowing up front how much will be insured will speed things up.

2. Next, if your commitment is assembled, send it to us.

If we can see a commitment and how things are set up, we can reach a quicker decision. We can see all the other items that may affect our decision.

3. Is there a prior policy? Is there a reissue credit being given?

Frequently, this comes into play when an item of title is raised, and there’s a prior policy without reference to the adverse matter. In that case, maybe it was a prior First American policy, and we can insure over the item. Alternatively, it could be a situation where a letter of indemnity is obtained. Whatever the case, let us know if there’s a prior.

What does the tax bill say? Did the tax lister change the ownership, or are old interests still reflected? Many times, our decisions might follow the tax bill. In many of our deals, we seek confirmation that an errant ownership interest was or was not eliminated. The tax lister may show it or may not. Whatever the case, it is another piece of the puzzle assisting our underwriting decision.

4. Finally, what does the GIS or overhead map show?

We know that we can’t entirely rely on these resources, but looking might reveal something. We want to make sure that apparent easements are raised as exceptions. Again, we want to know how the puzzle pieces fit.

Helping us with these four things may make all the difference in the world. Help us hack our underwriting life today.

Contact the First American Wisconsin Agency at wisconsinagency@firstam.com or 800.362.8205.

The information contained in this document was prepared by First American Title Insurance Company (“FATICO”) for informational purposes only and does not constitute legal advice. FATICO is not a law firm and this information is not intended to be legal advice. Readers should not act upon this without seeking advice from professional advisers.

First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.