In a surprising shift from its current position, Fannie Mae is expected to roll out a pilot program this spring that waives title insurance requirements for certain loans sold to Fannie Mae, according to a recent report from Politico. While the specifics of the plan have not been announced, this pilot program comes on
A proposal pending in the Oregon Legislative Assembly would limit title insurers’ potential grounds for refusing to insure certain real property transactions involving cannabis. Specifically, HB 2806, presented by Reps. David Brock Smith and Gary Leif, would prohibit title insurers and their affiliates from refusing to close or insure real estate transactions solely because
As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food delivery services, and finally finding a mask that is comfortable, we are also thankful for the following:
In April, we posted about the significant protection afforded mortgage lenders and servicers as part of closing protection letters including recent judicial interpretations providing critical indemnity to lenders for “actual loss” in relation to closing instruction violations and fraud. Recently, we learned that title insurers are issuing a new version of the (Closing Protection
I recently participated in a webinar focusing on businesses and financial institutions who frequently buy and sell properties or make loans taking property as collateral. We discussed emerging issues in the world of title insurance, including recent interpretations of key terms and conditions in standard form lender’s policies, expanded indemnity due under closing protection letters
Mortgage lenders and servicers frequently consider potential indemnity due under finally issued lender’s title insurance policies and strive to submit timely claims when a covered defect arises. These same parties should also consider whether additional indemnity is due as part of a separately issued closing protection letter (CPL), also known as an “insured closing services