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Comparison of Lender Title Policies |
Policies and Products
Product Offered
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Coverage Provided
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Uses And Restrictions
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Cost
(For $250,000 Loan)
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| ALTA 2006 Loan policy |
Full coverage insures lien position, insures against record and off-record matters |
Best for purchase $ and refinance of 1st position liens, and for construction loans |
$700 refinance or purchase $; $1326 for construction or cash equity loans (sliding scale) |
| ALTA Standard Loan policy |
Insures lien position, coverage against recorded matters only |
Commonly used for seller-financing and 2nd/equity loans; not recommended for construction or 1st loans |
$884 (equity/2nd loan only); $50 if combined with property purchase – residential)
(sliding scale) |
| Junior/Limited Loan policy |
Coverage limited to “apparent owner”, insures against “enforceable” liens |
Can be used for any position loan on residential property only; limit $250,000 (LLP); $500,000 (JLP) |
$125 up to 250K flat fee |
| Limited search |
No title insurance coverage – report only – commonly used for HELOC loans |
Residential property only; shows apparent owner and D/T’s & Agreements last 10 years only |
$75 and up |
| LTAA #10 Modification/Bringdown |
Insures priority of subsequent advances/term modifications of existing loans |
Best if lender prefers to modify existing note rather than creating a new 2nd lien |
Call for pricing |
| LTAA #21 Modification/Bringdown |
Similar to #10 but must be used if legal description has changed |
Best if lender prefers to modify existing note rather than creating a new 2nd lien |
Call for pricing |
| LTAA #7 |
Increases insured liability amount on existing policies |
Usually used in conjunction with modification endorsement when additional money is advanced |
Call for pricing |
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