Adjusting the Hold Open Policy Premium

For Pennsylvania transactions only.

cc rey
6 steps
14 seconds

Qualia

A policy may be held open for up to 1 year from the date the Insured acquires the property. If the Insured finances the property during that one-year period, the lender’s policy is eligible for the **simultaneous issue rate**, as though the financing occurred at the time of purchase. This allows the Insured to avoid paying the lender’s policy premium from dollar one.

Note: The buyer's request to hold the policy open must be made in writing at the time of sale and saved in the file.

Click **Adjust Rates**

Enter the hold open premium amount in the **Policy Actual Premium** field. If you haven't already done so, calculate the hold open premium [here](https://holdopen.deployuto.com/)

Click the below field to open the drop-down menu.

Choose **Allowed Discount**

Click **Save**

Note: The underwriter remittance will automatically update once you adjust the hold open premium amount as described above.

Once saved, the adjusted premium will show on the settlement statement.

IMPORTANT: - Endorsements and CPLs are additional charges. - Percentage-based endorsements are calculated off the full policy premium, the higher of the owner policy premium or the loan policy premium at the sale rate, not off the hold open premium collected at closing.