September 8, 2020
Iowa Title Guaranty Announces New Flat Rate Premium
Effective January 1, 2021, the Iowa Title Guaranty’s (ITG) flat rate premium shall be $175 for all residential certificates with coverage amounts $750,000 or less. Certificates with coverage amounts greater than $750,000 issued on or after January 1, 2021 shall be $175 plus $1 per $1,000 over $750,000. Effective January 1, 2021, all commitments and certificates must be issued through the Qualia platform and the new $175 flat rate premium will apply. *
*EXCEPTION: ITG will permit certificates to be issued in CAP on or after January 1, 2021 provided that the certificate is based on a commitment which was issued in CAP prior to January 1, 2021 (“Existing CAP Transactions”). ITG will honor the Transaction Quotes generated in CAP prior to January 1, 2021 for Existing CAP Transactions.

If you anticipate a CERTIFICATE WITH NO COMMITMENT being issued on or after January 1, 2021 you must disclose the January 1, 2021 rates on the Loan Estimate and collect the appropriate premium on the Closing Disclosure at the time of closing.
New Flat Rate Premium: $175

  • By replacing the "CAP" system, ITG will be able to develop and maintain a next generation title production system.
  • The Qualia system brings the entire closing team (lenders, real estate agents, buyers, sellers, abstractors, attorneys, field issuers and closers) to one digital platform to increase understanding, transparency, and efficiency.
  • Participants gain access to individual Qualia platform deployments with full escrow functionality at no cost.

New Increased Flat Rate Coverage Maximum: $750,000 or Less

  • Streamlines pricing for 99.8% of all transactions, including lender and owner certificates.
  • Encourages owners to elect coverage by removing the deterrent of the additional and unexpected cost discovered at the closing table under the existing $1 per $1,000 over $500,000 threshold.
  • All Fannie Mae and Freddie Mac conforming loans become eligible for ITG’s flat rate premium. 
Please reference ITG's new Residential Rate Sheet located on the ITG Resource page for more information. Look for announcements coming soon regarding our fall participant conferences where we will provide more detailed training on the Qualia system.