I am a Licensed Mortgage Banker with 40 years in the business. Recently, Lenders are requesting a Title Insurance Policy before they will issue
New JerseyWhat is the name of your state (only U.S. law)?
a commitment
. The problem with that is most New Jersey attorneys will not order title until they have a mortgage commitment. I agree with this, but how do I show any legal prededent to these lenders who insist they need this in order to render a credit decision. Also, the title company is not too happy to get a cancelation if the loan is not approved.New JerseyWhat is the name of your state (only U.S. law)?