Requirements for closing agents.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (d) (e) (1) The form of the owner's and lender's policies of title insurance (including required endorsements) to be used in closing agency loans are acceptable to the agency, and will contain only standard types of exceptions and exclusions approved in advance by the agency; (2) The title insurance company is licensed to do business in the state (if a license is required); and (3) The title insurance company is regulated by a State Insurance Commission, or similar regulator, or if not, the title insurance company submits copies of audited financial statements, or other approved financial statements satisfactory to the agency, which show that the company has the financial ability to cover losses arising out of its activities as a title insurance company and under any closing protection letters issued by the title insurance company. (4) Delay in providing services without justification may be a basis for not approving the company. (f) [Reserved] (g) (h) (i) (j) [Reserved]

official document · source cfr-2024 · id 7:§ 1927.54