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Too Many Closing Protection Letter Requests?
Chicago Bull Volume 1, Edition 6 (Revised)
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| Printer-Friendly Version |
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| To: |
All Approved Attorneys |
| From: |
North Carolina Operations |
| Date: |
October 30, 2000 Revised Effective November 3, 2003 |
| Re: |
Closing Protection Letter |
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Chicago Title has come up with a way to decrease the number of times you have to request the issuance of a Closing Protection Letter. Your residential loan commitments will contain the following Note which incorporates the terms of the Closing Protection Letter into the commitment by reference:
NOTE: CLOSING PROTECTION LETTER - When closing of the transaction for which this commitment is issued is conducted by [NAME OF APPROVED ATTORNEY], the Company affords closing protection as described in the North Carolina Title Insurance Rating Bureau NCTIRB-01-2003 Closing Protection Letter, Filing PC064747 with the North Carolina Department of Insurance, to the Proposed Insured(s) identified in Schedule A of this Commitment. Said letter is incorporated herein in its entirety. Closing protection coverage is provided in an amount equal to the amount of coverage provided by the final policy issued hereunder in favor of said Insured(s). Note that under the terms of the Closing Protection Letter, a borrower in connection with a loan secured by a mortgage on a one-to-four family dwelling shall be protected as if the letter addressed to the lender were addressed to the borrower. In the event title insurance coverage is obtained from another title insurance company, then closing protection coverage is hereby rescinded. Claims under such letter shall be made promptly to the Company at the issuing office or its claims office at 171 North Clark Street, Chicago, Illinois 60601 along with a copy of this commitment.
We have been actively promoting this to lenders and getting a good response (significantly fewer requests for letters) where it has been used. We are happy for you to join in this effort. So pass the word along to your lenders and mortgage brokers to pass along to their investors. Have them call us with any questions they may have.
Your friends at Chicago Title are always looking for new ways, large and small, to make your closings smoother. Please contact us with any suggestions on how we can better help you help your clients!
E-MAIL ADDRESSES NEEDED! Would you like to receive legal news alerts (like Chicago Bulls and lender alerts) and quick access to new services (like the above) the fastest way possible? Please send us your e-mail address and you’ll be among the first to receive information! Just send an e-mail to chicagotitlenc@ctt.com and she will add you to the mailing list.
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