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Updated over 6 years ago on . Most recent reply
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Can private lenders get an ALTA title policy?
Do any escrow officers, title professionals or private lenders happen to know if a private lender can obtain an ALTA title policy (lender's policy)? I'm in the process of doing my first loan (as a private lender) and I've requested a lender's title policy (ALTA policy). However, the escrow officer at the title company handling the closing says she cannot issue ALTA policies to individual/private lenders and can only get CLTA policies (owner's policy).
Just wondering if that's standard or if perhaps that's a limitation of her title company (it's a major title company if it helps).
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that seems odd.. I have gotten ALTAs as a matter of routine. although we were a HML .. Maybe Tom knows.
I have had clients get ALTA buyers policies on big MF they paid cash for. they vested in their LLC..
- Jay Hinrichs
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