What is title insurance and why is it needed?
Title insurance is typically a large portion of your closing costs on a mortgage. So what is it? Title insurance is a contractual obligation that protects against losses that occur when title to a property is not free and clear of defects. Typical defects include outstanding liens, lawsuits, flawed public records, fraud, forgery, back taxes, […]
What is an automated underwriting system?
To understand what an Automated Underwriting System or AUS is you first need to understand what underwriting is. Underwriting is the process of verifying information about your employment, income, assets, debts and credit history to determine if you can afford to pay back a mortgage loan that you’re applying for. Automated mortgage underwriting is the […]