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Michigan Mortgage Title Company

Michigan Title Company plays a very important part of the real estate and mortgage finance business. They work with all parties to eliminate risks prior to completing any subject real estate property transaction. Michigan title insurance companies have many functions in each transaction. One is to eliminate risk, provide a clean title on every business deal. Make sure all taxes are paid to date, all outstanding liens are paid off. Also a very important function is the closing service to all parties involved without any influence from any one party. As an ARM length transaction the buyers and mortgage lenders need the reassurance of knowing the seller or borrower is telling the truth about what they own. Title insurance eliminates most financial and legal risks that accompany even the simplest real estate transactions.

Michigan Title Insurance Company purpose is to protect against loss if a covered deficiency is found in your title. When you buy a home, their is title on the property giving you full legal ownership, name of any liens that you have authorized to borrow against the property, mineral rights, parcel number, legal description of the property, tax information. Sometimes there is a hidden mistake in a prior deed, will, mortgage, etc., that may give someone else a valid legal claim against your property. This is where the title insurance goes into effect. Some things that are not covered are future restrictions, easement, right of way, and other legal obligations noted in the deed or in the public records.

Provide the original Preliminary Title Report. There must be original documentation in the loan file to show that all exceptions listed have been cleared, and that all liens have been paid off or frozen, as required in this manual and as indicated in the Underwriting Certification.

Note: The final Title Policy when issued must show the insured as Correspondent, its successors and assigns, and must otherwise comply with the requirements of the Guide. Also, the final Title Policy must include the following endorsements, as applicable, when issued:

• Environmental Protection Lien Endorsement, for all loans,
• Variable (Adjustable) Rate Endorsement, for all ARM loans;
• Condominium Endorsement, for loans secured by a condominium unit.
• Planned Unit Development Endorsement, for loan secured by a property in a PUD.

Note: Provide a copy of the survey with the Appraisal Report in the Funding Package delivered to us if any of the following are true.

Any portion of the property is located in a special flood hazard area, or, the final Title Policy will have survey related exceptions such as those relating to easements, boundaries or building restriction lines and an ALTA 9 title policy endorsement (or CLTA 116) will not be provided (Restrictions, Encroachment, and Minerals Endorsement).

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