TP 584 Form has changed. The most significant changes are : A check box was added to the form for Grantor/Transferor … Continue reading
Mortgage Lender Insurance
PMI Mortgage Insurance
Who Needs It: Mortgage lenders.
What Is It: A mortgage lender’s policy protects the lender’s equity in the property, which is usually less than the full market value of the property. As the loan is paid off, the value of the policy declines to zero.
Who Pays For It? You as the borrower pay for the lenders title insurance policy, which is why you have a choice to select the title company you want to handle your investment. Some attorneys, realtors or lenders have business relationships with title companies and in some instances benefit financially when you have them choose your title agency. During this process, we recommend that you shop around for service based on industry knowledge and local market expertise.
Why It Matters: Your mortgage lender also has a great financial interest in the property you are buying. Just as you do, lenders rely on professionals to keep them safe from title problems. The mortgage/lender’s policy helps ensure that the lender will not suffer a financial loss due to any title claim.
Mortgage Lenders Need Protection Too – Learn How We Can Help
The SMPR Difference: In our fifty-years of experience, we have mastered every variation of title insurance. We offer flexible services that are tailored to fit your needs, regardless of lender or loan type. With four regional branches for convenient service, expedient closings, and local insights, we offer streamlined product delivery and expert guidance that only comes with a tradition of success and integrity. We have a highly skilled and experienced team in each office available to guide you and work through clearing matters throughout the transaction.