An insurance policy, which protects the interest of the lender against claims, and losses that may arise if the title is unmarketable or defective.
Premium paid to the title insurance company to insure that you are the legal owner of the property, there are no liens or encumbrances on your property that effect the transaction, there are no legal claims or pending legal claims against the property, and there are no tax liens on the property.
the mortgage lender is as concerned as the buyer with the quality of the title because the property being conveyed acts as security for the new mortgage loan. The lender's title insurance policy insures that the lender has a valid mortgage lien on the property. The lender's title insurance, however, does not protect the new buyer of the property. Although the land is the same, the interests of the buyer and the lender are very different.
A policy of Title Insurance which covers the interest of a lender on a mortgage registered on title to a property.
Insurance paid for by the borrower, that protects the lender against claims against the property that were not discovered during the title examination.
A Title Insurance policy covering the lender for the loan amount. The coverage declines as the loan is paid down and when the loan is paid off, there is no further coverage.
An insurance policy covering a lender for the loan amount, whereby the coverage declines in amount as the loan is paid off, to the point where there coverage ends when the loan is paid completely