AFR Services offers QuickClose Lien Protection Insurance* as an alternative to ordering a traditional title policy. This Life of Loan product gives home equity lenders the ability to close loans immediately while saving up to 40% on title costs.
QuickClose lien insurance insures your home equity loan or line's lien position against any liens, mortgages, encumbrances etc. that are not disclosed on the loan application or found on the credit report. Key features which will streamline the underwriting process include:
- Obtaining the full legal description
- Verifying and insuring correct title ownership in the property (eliminates waiting on title/property reports)
- Recording your mortgage document
- Calculating and paying the recording fee
All equity loans are covered for the lien position as underwritten by the lender (Includes first, second or third position equity loans). Other benefits include:
- Life of Loan Coverage
- Pay only for loans that close
- Credit Endorsement - Our program additionally insures the lender for any mis-coded items on the credit report (Credit accounts that are secured interests on the property such as mortgages or equity loans that are not designated as such on the report).
- Gap Endorsement - Insurance coverage under our program is bound effective with the signing of the closing documents.
- All equity loans and lines up to $500,000 are covered.
Please contact an AFR Services marketing representative for pricing and to learn more about this time and cost saving program!
* This product is not available in Texas and California