My question:
Please comment on the section concerning the various discounted rates. I do not understand the limited categories of BASIC and REISSUE for short form policies.
It seems to me that the question of whether a long or short form was used is not related to the rate charged to the consumer. For instance, in PA the most popular Community Reinvestment Act program is a Pennsylvania Housing Finance Agency mortgage. ALL PHFA transactions are eligible for the Community Reinvestment Act rate which is 75% of basic, a deeper discount than reissue which is 90% of basic. PHFA requires that we use the ALTA short form, therefore all PHFA policies would not be included in the study data as having been properly discounted for the consumer. Does this make sense?
[FYI The extra charge of $100 for a short form is offset by the inclusion of the 100 & 300 endorsement coverage which runs $100 extra when using a long form.]
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