The American Land Title Association (ALTA) as voted unanimously to withdraw the so called “creditors’ rights” endorsement to title insurance policies that was commonly required by lenders to the delete exclusions from coverage affecting creditors.
This may slow down commercial closing as lenders, borrowers and title insurance work through the closing process as this endorsement is phased out of use.
Thanks to the Tough Times for Lenders blog for posting about this.
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