Title Insurance Commitment Requirements
A current lender's title insurance commitment is required:
- naming the "Minnesota Housing Finance Agency, a public body corporate and politic of the State of Minnesota, its successors and/or assigns", as the proposed insured.
- in the amount of Minnesota Housing's proposed mortgage (if Minnesota Housing is providing multiple mortgage loans, then a title insurance commitment must be issued for each mortgage loan).
- showing all liens, encumbrances, restrictions and easements presently of record;
- providing all required endorsements for Minnesota Housing’s review:
- Copies of all liens, encumbrances, restrictions and easements (existing and proposed) that will remain of record after closing must be submitted and reviewed by Minnesota Housing for acceptability. Items determined to be acceptable may be required to be subordinate to Minnesota Housing's Loan Documents.
- Prior to closing the Title Company must be prepared to delete all standard exceptions (including tenants in possession) and provide mechanics lien and survey coverage.