On February 11, 2010, in a panel discussion with Florida Land Title Association members, Ray Wenger of the Florida Department of Financial Services (DFS) announced Florida specific requirements for completing the new HUD-1. With HUD's approval, DFS will require Florida title agents to itemize the premium charged for any endorsements issued and to itemize the abstract or title search fee charged.
Effective immediately when completing the new HUD-1, Fund member agents are to itemize the premium charged for the endorsements and to itemize the fee for the abstract or title search. The amount charged for the endorsements to the lender's title insurance policy is listed outside of the columns and will "roll up" into the total amount charged inside the borrower's column for line 1101. Similarly, the amount charged for the abstract or title search is listed outside the columns in lines 1109 et. seq. and will "roll-up" into the total amount charged inside the borrower's column for line 1101. The amount charged for the endorsements to the owner's title insurance policy is listed outside the column and included in the total amount charged inside the borrower's column for line 1103.
Fund member agents with DoubleTime® 5.1.2 are in compliance with DFS' requirements for itemization of the endorsements. In DoubleTime® the amounts charged for endorsements to the lender's title insurance policy are itemized outside the columns on line 1104 and the amounts "roll-up" into the total amount shown inside the borrower's column on line 1101. Likewise, DoubleTime® itemizes the amounts charged for endorsements to the owner's title insurance policy outside the columns on line 1103 and the amounts are included in the amount shown inside the column on line 1103.
As to the amount charged for the abstract or title search, DoubleTime® users can enter the appropriate line description, "Abstract or title search" on line 1109, enter the appropriate charge in the outside the column field and the amount entered will "roll-up" into the total amount shown inside the borrower's column on line 1101. With the next update to DoubleTime®, the required line description of "Abstract or title search" will default automatically into line 1109.