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What is a closing protection letter?
A Closing Protection Letter (CPL) is a contract between a lender and a title insurance underwriter in which the underwriter assumes liability for actual losses caused by a closing agent’s act of fraud, negligence, or incompetence. When Did Closing Protection Letters...
What is a closing agent?
A Closing Agent, in some states known as a Settlement Agent, is a professional who is trained in real estate transactions and legal compliance. The agent coordinates the accurate and compliant closing of real estate transactions. The closing or settlement takes place...
Why go to same title agent when refinancing?
Loan refinances are often touted as a simple and low-cost way to access the equity in your home or to lower payments or interest rates. Refinancing your home can be advantageous to your budget and long-term financial help. While not as complex as the initial purchase...
Is title insurance transferable?
To properly answer this question it is necessary to first clarify between two distinct types of title insurance: Lender’s Title Insurance and Owner’s Title Insurance. A lender's policy is required by most banks and mortgage companies to protect their interest in your...
What Do I Bring To a Closing?
Closing day. Whether you’re the buyer or seller, it’s a big day! You are either becoming the owner of a property, or you are surrendering ownership in return (ideally) for financial gain. Perhaps your transaction went smoothly, or perhaps there were bumps in the road,...
Title Insurance vs Property & Casualty Insurance
When purchasing a home, there are different types of insurance involved in the buying process. The terms can be confusing, and buyers may not realize that they need different policies to protect against unique situations. While securing homeowner’s insurance seems a...
What Are The Top Questions To Ask A Mortgage Lender?
Purchasing a home, whether it’s your first home or your tenth, always involves important decisions at the beginning of the home buying process such as qualifying for a mortgage loan. Selecting the right lender can have a significant impact on your home buying process....
What is an example of a title insurance claim?
You may be aware that there is such a thing a Title Insurance. However, if you have never purchased property you may not know what it covers. Even during the process of purchasing a home, buyers may decline an Owner’s Tittle Insurance property because they think it’s...
Loan Commitment Letter vs Pre-Approval Letter
In competitive buyer’s markets where houses for sale are few and far between and homes for sale typically receive multiple offers, buyer’s need to position their offers with as much strength as possible. This may include offering fast closing dates, making offers...
What is a Loan Commitment Letter?
A Loan Commitment Letter, also known as a Mortgage Commitment Letter or Mortgage Loan Commitment Letter is a written and signed document from the lender or mortgage company that states the listed borrowers have been approved for the loan by an underwriter. That’s the...
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