Formula For Figuring Rate Rule R-8 Credits
ADVERTISEMENT
1FORMULA FOR FIGURING RATE RULE R-8 CREDITS
(include in workpapers)
Amount of unpaid balance of existing lien
Credit Figured by Age of
or liens covered by Mortgagee Policy and to
Outstanding Policy (ies)
be renewed and extended within seven (7) years*.
40 - 35 - 30 - 25 - 20 - 15%
2, 3, 4, 5,
6, 7 years
Principal Only
Premium at Current Rates
Credits
$
=
$
(X)
% = $
$
=
$
(X)
% = $
$
=
$
(X)
% = $
$
=
$
(X)
% = $
Total Of All Credits:
($
)
Amount of new loan, but not less than
New Premium, but never less than Minimum
unpaid balance(s)
Basic Rate
Total of
Premium to
New Loan Amount
Full Premium Amount
All Credits
be Charged
$
=
$
less ($
) =
$
+ Special charges (if any)
+
Total Premium to be Charged:
$
*After seven (7) years from the date of the original debt, the basic rate shall apply.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business