08.30.06
Mortgage Impairment News
The Michigan State Financial and Insurance Services Department has issued a bulletin stating that “any insurance policy or product purporting to offer coverage related to possible liens against or defects in real estate title or purporting to cover any other risk identified in the Insurance Code definition of title insurance is classified as title insurance, regardless of the name under which the policy or product is marketed to consumers.”
And so the battle goes on, state by state, to retain the system of title insurance that has worked so well to protect both lenders and owners.