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Second Mortgage Protection

First Lien refinances, second mortgage and home equity loans have proven to be a steady form of lending for financial institutions. The use of our alternative lien protection products eliminates owners and encumbrance (O&E) reports and courthouse searches.

Second mortgage protection insures the lender against any unknown liens that could move your institution out of planned lien position (ie. Tax Liens). Coverage responds when the borrower defaults and the value of your mortgage holder’s interest is reduced to less than the outstanding mortgage balance due to:

  • Discovery of a previously unknown interest
  • Discovery of certain errors or omissions that affect lien position which occurred during the loan origination process

Qualifications Guidelines & Eligible Properties

  • Home Equity/Second Mortgage/Home Improvement Loans up to $350,000 loan amounts
  • Refinance First Mortgages up to $350,000 loan amounts
  • Loan-to-value not to exceed 100% (110% for credit score of 680 or greater)
  • Loan must be submitted for recording within twenty one (21) days of loan closing
  • Residential properties only used as primary residence or second home
  • Property must be located in the United States
  • Per loan cost between $50 – $60

Benefits of Second Mortgage Protection

  • Saves you time – provides a competitive edge
  • Reduces your costs – customer typically pays the cost
  • Guarantees your title position – security

Give us a call or fill out the form on this page to learn more about second mortgage insurance.

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