Second Mortgage Lien Insurance
Second Mortgage Lien Insurance is used on First Lein Refinances, Second Mortgages and HELOC’s in place of a traditional Owners and Encumbrance (O&E) Report and Courthouse Searches.
Lien Insurance protection insures the lender against any unknown liens that could move your institution out of planned lien position (ie. Other unknown loans or Tax Liens).
Coverage responds when:
- Discovery of a previously unknown, undisclosed , intervening lien affects the status of the loan
- Loan must usually be in default before claim is paid.
Qualifications Guidelines & Eligible Properties
- Home Equity/Second Mortgage/Home Improvement Loans up to $500,000 loan amounts
- Refinance First Mortgages up to $500,000 loan amounts
- Loan-to-value not to exceed 100%
- Loan must be submitted for recording within twenty-one (21) days of loan closing
- One-to-four residence, townhome or condominium
- Property must be located in the United States
- Per loan cost between $55-$75
Benefits of Second Mortgage Protection
- Insure for your lien position
- Reduce your closing costs
- Save Time! No waiting for title search to come back
- GAP coverage –Insure against liens being recorded ahead of your position
- No expense for loans that do not close!
Call us at 800-348-4545 or fill out the form on this page to learn more about Second Mortgage Lien Insurance.