The loan policy premium below must be calculated at the sale rate. Using the non-sale rate will produce the wrong figure and results in a rate deviation from the filed TIRBOP rate. This is a violation whether the file is overcharged or undercharged.
Check your figures. The owner policy premium paid exceeds the loan policy premium at the sale rate. No additional premium is due. Confirm the loan policy premium was calculated at the sale rate and that the owner policy premium entered is the amount actually paid on the acquisition file before issuing.
Hold open financing must occur within one year of the property’s acquisition to qualify for the simultaneous issue rate. Premiums are governed by the filed TIRBOP rate; charging any amount other than the filed rate is a rate deviation.