5 Things Every CMBA Member Should Know

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A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and owners from many of the pitfalls that are inherent in the business of originating loans secured by real property and obtaining ownership of real property. This article shall explain five things that every CMBA member should know about title insurance.

Preliminary Reports -

A policy of title insurance is generally preceded by a preliminary report. A preliminary report is not a guarantee of the state of title. Instead, a preliminary report is an “offer[] to issue a title policy subject to the stated exceptions. . . [and] shall constitute a statement of the terms and conditions upon which the issuer is willing to issue its title policy.”

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Topics:  Mortgages, Title Insurance

Published In: General Business Updates, Finance & Banking Updates, Insurance Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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