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Closing Protection Letter

In today’s uncertain financial climate lenders are often times asking you to provide them with a closing protection letter from your title company. This is nothing to be alarmed about, in fact it is a common request.

Closing protection letters are indemnity agreements that protect a lender from defects to title caused by the fraud or negligence of the settlement agent.

CPLs are important to lenders because they provide vital protection to financial institutions that purchase mortgages in the secondary loan market. Secondary lenders do not have agents at the closing table and do not have an opportunity to oversee the closing process.

The typical CPL promises to reimburse the holder for loss associated with defects in the validity, enforceability, and priority of the title or lien at issue arising from a settlement agent’s theft, fraud, negligence, or failure to comply with closing instructions.

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    Closing Protection Letter | Marie Jo Atkins San Diego North County Inland

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