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The Seller must obtain an endorsement (CLTA 107.5 or its equal) that states that the property improvements are insured the same as the land, for properties in the following states:
The criteria below must be incorporated in the title insurance policy for mortgage loans covering each unit in a condominium or PUD project.
The Seller must obtain a title waiver from PennyMac before the mortgage loan closes for title exceptions that are not specifically permitted in the Non-Delegated Seller Guide.
Short form policies/mortgagee’s certificates of title insurance, issued in combination with master title insurance policies, are acceptable for loans purchased by PennyMac if the:
If a mortgage loan is not covered by a master title insurance policy which insures against loss due to survey-related matters, a plat or improvement survey must be provided to PennyMac.
For conventional mortgage loans, the following exceptions to the title insurance policy or to the attorney's opinion of title are acceptable:
PennyMac requires a final title commitment or binder or title policy to be provided with each loan offered for purchase. In escrow states, PennyMac may accept preliminary title commitments as long ...