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I just recieved the commintment for title insurance today and I noticed a few extra fees. Can someone help me explain what they are?
Owner's policy- 923.00
Loan policy- 100.00
Endorsements- 150.00
what is the loan policy and the endorsements mean?
The loan policy protects the lender and is probably a required condition as part of the financing. The endorsements are for protection of unforeseen circumstances that may affect the future ability to sell the property that is not covered in a standard policy.
In the fees summary I recieved from my LO it states $400 for the lenders title insurance, so it going to change now to $100?
Probably not then -- you would probably be better served by calling the company and getting a clear definition -- the costs and fees are regulated by the state and do vary from state to state.