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Why does Saxon or any other lender require insurance coverage and confirmation of the policy?

April 26, 2017confirmation insurance coverage Lender policy require Saxon

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Why does Saxon or any other lender require insurance coverage and confirmation of the policy?

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• A. Borrowers are required to maintain insurance on their property so that the lender’s security interest is protected in the event the property is damaged or destroyed. These requirements are found in the security instrument/mortgage/deed of trust.