CFI ProServices Inc., Portland, Ore., has unveiled a title insurance product designed to protect bankers from home equity loan risks.
Developed in conjunction with Chicago Title Insurance Co., the product, called Home Equity Loan Policy or Help, will work with CFI's Laser Pro lending software to help ensure compliance with federal and state requirements.
"Home equity lenders regularly face credit insurance issues," said Matthew Chapman, chief executive of CFI. "We believed we could provide our customers with an alternative to the time-consuming and expensive process of searching a title,"
Lenders are issued a master policy by Chicago Title. The policy has a loss limit of $1 million per year; the maximum annual liability for all policies under the CFI program is $25 million.