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What is a Mortgage Title Insurance Commitment and why is it required?

April 26, 2017commitment Insurance mortgage title

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What is a Mortgage Title Insurance Commitment and why is it required?

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It contains information regarding the real property and a list of the title insurance company’s requirements to insure the transaction. It also lists any exceptions to the title to the property which must be addressed prior to loan closing in order to be eliminated or insured over by the Mortgage Insurance Title Policy. CEF uses this Commitment to prepare the documents needed for the loan closing and to meet the requirements necessary for the title insurance company to issue a Mortgage Title Insurance Policy after the loan closing.