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When securing a mortgage, lenders require borrowers to obtain a lender’s title insurance policy, also known as a loan policy. This protects the lender in the event of property ownership claims.
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
In 1988, First American began to operate internationally with the opening of title insurance offices in Canada. International operations continued to expand from there onwards, and First American was the first title insurance provider in Mexico, Korea and Hong Kong, having the leading market share in Australia and England.
The average lender’s title insurance policy costs $350 for every $100,000 of the mortgage, ... and subsequently provides a quote for a title insurance policy based on the associated risks. In ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
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The Lender Services segment provided services to regional and national lending institutions, which complemented those offered in the company’s title insurance business. These services consisted primarily of real estate tax processing, flood certification services, mortgage credit reporting, default management services, and mortgage loan ...
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...