Mike TurnerVice President, Sales Executive

760.535.3836 MOBILE | miket@caltitle.comwww.caltitle.com/miketurner

2365 Northside Dr., Ste. 250 | San Diego, CA 92108PH 619.516.5227 | FX 619.516.5249

CALIFORNIA TITLE COMPANY HAS A VESTED INTEREST IN THE CONSUMERS OF THE STATE OF CALIFORNIA.

California Consumer REPORT MAY 2015 ISSUE

NEW! MOBILE APP

Powerful information at your fingertips.

Automatically synchronized with our desktop website.

We are proud to introduce the latest version of our native app for iPhone and iPad.

• Property Profiles• Sales Comps• Interactive Maps• Helpful Documents• Closing Cost Estimates• Much More!

Download and try it out today!

Using the app is FREE - just log in with your normal California Title/Title Advantage

login. If you have an iPhone, go to the Apple App store, and search for “California

Title Mobile.”

Make sure to look for the California Title Company logo.

for iPhone and iPad

California Title Company deems this information reliable, but assumes no responsibility for errors or omissions. Images may be subject to copyright. WWW.CALTITLE.COM

REFINANCING

WHY DO I NEED A NEW TITLE INSURANCE POLICY?When you refinance, that is, obtain a new loan, your lender will require title insurance even though you purchased

a policy when you first bought your home, even if you purchased

your home recently.

For as long as you own your home, your title insurance is

valid, but it does not insure a new mortgage created when

you refinance. It also does not protect against events that

may have transpired between the time you purchased your

property and when it is refinanced.

For example problems could surface, such as a second

mortgage on the home that could threaten the priority of the

new lender’s mortgage, a mechanics lien from a contractor,

a tax lien, or a legal judgment against you. Your lender wants

to make sure that its mortgage will not be affected by any of

these other liens, and will want a new policy insuring the validity

of your mortgage at the time it’s made.

Lenders also insist on a new title policy because many mortgages

are sold to investors in the secondary mortgage market. A new

title insurance policy assures the investors that the mortgage is

valid and enforceable.

“Mortgage rates are at their lowest levels

since May 2013. The rate on a 30-year fixed

rate mortgage was down to 3.86% in De-

cember from 4% in November, and 4.46% a

year ago, according to Freddie Mac.

Many homeowners rushed to refinance

at these rates. People refinancing their

mortgages made up over two-thirds of last

week’s application surge, MBA reported.

Rates are dropping because of low inflation,

a strong U.S. dollar and lackluster housing

demand over the holidays, Swonk says.”

- from article written by Patrick Gillespie

www.money.cnn.com/2015/01/15/news/economy

TITLE RATESAs to one-to-four family owner occupied

residential properties, any policy issued in

connection with the refinance of existing debt

may be issued at the following rates. This

rate is not intended for use on non-prime rate

loans.

No sub escrow fee if using in-house escrow.

Policy Amount up to: Loan Policy$0 - $250,000 $ 380

$250,001 - $500,000 $ 500

$ 500,001 - $750,000 $ 630

$ 750,001 - $1,000,000 $ 710

$1,000,001 - $1,500,000 $ 995

$ 1,500,001 - $2,000,000 $ 1,280

$2,000,001 - $3,000,000 $ 1,985

$3,000,001 - $4,000,000 $ 2,690

$4,000,001 - $ 5,000,000 $ 3,570

Above $5,000,001

Effective 10/6/14

Add $500 for each additional $1,000,000 or fraction thereof, and

then add an additional $50.

CALIFORNIA TITLE COMPANY REFINANCE RATES

WHY LENDERS REQUIRE TITLE INSURANCEWHEN REFINANCING YOUR HOMELower interest rates have motivated you to refinance your home loan. The lower rate may save you a tremendous amount of money over the life of the loan, but you should also expect to pay the lender the typical closing costs associated with any new loan, including service fees, points, title insurance protection and other expenses.

Why do I need to purchase a new title insurance policy on a refinanced loan? To the lender, a refinance loan is no different than any other home loan. So, your lender will want to insure that its new loan is protected by title insurance, just as the original lender required. Therefore, when you refinance you are buying a title policy to protect your lender.

Why does a Lender need title insurance? Most lenders generate loans and then immediately sell those loans to secondary market investors, such as FannieMae. FannieMae, in order to protect its security interest in the loan, requires title insurance coverage. Even those lenders who keep original loans in their portfolio are wise to get a lender’s policy to protect its investment against title related defects.

When I purchased my home, didn’t I also buy a lender’s policy? Perhaps. Who pays for the lender’s policy on a purchase loan varies regionally and by the terms of individual contracts. However, even if you did buy a lender’s policy when you purchased your home, the

lender’s policy remains in force only during the life of the loan that was insured. If you refinance, the old loan is paid off ( the “life” of the loan expires) and a new loan is issued for with the lender will require a new title insurance policy.

What about my original title insurance policy? When you bought your home, you purchased a homeowner’s title policy. The homeowner’s policy stays in force as long as you or your heirs own the home. When you refinance, your lender will

often require that you purchase a new lender’s policy to protect its new security interest in the property. Thus, you are buying a policy to protect your lender, not a new homeowner’s policy.

What could possibly have happened since I purchased my home which warrants a new lender’s policy? Since the time that the original loan was made, you may have taken out a second trust deed on the house or had

mechanic’s liens, child support liens or legal judgments recorded against you – events that could result in serious financial losses to an unprotected lender. Regardless if it has been only 6 months or less since you purchased or refinanced your home, a myriad of title defects could have occurred. While you may not have any title defects, many homeowners do. The only way for a lender to adequately protect itself is to get a new lender’s policy each time you purchase or refinance your home.

JUNE NEWSLETTER FEATURE: ESCROW

“ASK CHUCK”

SD - USEFUL WEBSITESwww.sandiego.govwww.sandiego.orgwww.sdchamber.org

www.511sd.comwww.sdfarmbureau.orgwww.sandiegoreader.com

www.visitsandiego.comwww.sdar.com

www.sandiegofamily.comwww.sdbj.com

CALIFORNIA TITLE CONTACTSCUSTOMER SERVICE/FARMINGPH 619.516.5240 | FX 619.516.5249 | custserv@caltitle.comDebbie Gandy & Jesse Aquiningoc TITLE DEPARTMENT

PH 619.516.5227 | FX 619.516.5241Eric Beveridge, Senior Title Officer, ext. 111CELL 858.414.2646 | titlesd@caltitle.com

Kurt Streeter, Title Assistant, ext. 102 titlesd@caltitle.comKaren Ludden, Title Assistant, ext. 115 titlesd@caltitle.com

Dave Turner, Title Assistant, ext. 110 titlesd@caltitle.comChuck Bishop, Vice President & Title Manager

PH 619.516.5227 | FX 619.516.5242CELL 619.843.2264 | chuckb@caltitle.com

FEATURED EMPLOYEELynda Hill, Vice President, County ManagerLynda’s career in the Title business started over 30 years ago with Safeco Title Company in Riverside, California. Beginning as a messenger she quickly worked her way up through Customer Service, Sales Secretary, Assistant Title Officer and the Accounting Department. Within a short period of time Lynda was appointed to the important role as the Accounting Department’s manager. Things did not stop there. Next, Lynda was promoted to Opera-tions Manager for the San Diego branch of California Title Company. Later, when the position of County Manager became available, she was a natural choice for the job. Lynda’s great attitude and unique background has served the Company well for her past eight years as County Manager. When she was asked what she likes most about the Company, she quickly answers, “the employees, they are the best.” When the job allows some free time, she enjoys being with her two daughters - Lauren (24) and Sierra (17), and her dog “Powder.” Movies and travel are also a favorite pass time.

Chuck Bishop, Sr. Title OfficerQ: We have been asked to complete a “Statement of Facts” with a lot of personal information. Is this really necessary on our Real Estate transaction?

A. The Title Company makes every effort to identify known risks which may affect your property. We accomplish this by researching those “Official Records,” which affect Real Estate. In this way we iden-tify liens, loans, conditions, restrictions and many other matters which affect title to the property. How-ever, many of these records do not describe the property, but may still impose liens against the land. This group includes judgments, tax liens, bankruptcies and other documents. These are often filed against people with the same or similar names to our parties. The information you provide in the Statement of Facts form are personal in nature, but checking social security numbers, date of birth and other informa-tion you provide may be the only way to distinguish you from the other people named in these documents.

A properly completed Statement of Facts form will allow us to provide fast, safe and efficient service on your transaction. Further-more, this form is kept confidential and is used for title company purposes only.

UPCOMING IMPORTANT DATES:Memorial Day, May 25*

Mother’s Day, May 10Father’s Day, June 21

Independence Day (County Recorder), July 3*Independence Day, July 4

* County Recorder is closed

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