Equiguard is available to FirstClose customers nationwide and is designed to streamline the closing process for all 2nd mortgage products. In addition to saving over half the cost of a title search, Equiguard also saves time and effort used to clear up discrepancies found in a search. With Equiguard, old mechanic liens, tax liens and other items that may be found on a title search do not delay the closing of the loan. Loans close faster, with less effort and with the added benefit of insuring a 2nd place lien position.
Equiguard is not offered in all states. Please check with our sales staff for availability in your area.
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Key Equiguard Advantages• Minimum FICO score requirement of 500 up to 100% LTV. If FICO is greater than 680, LTV can increase to 110%.
• Coverage is written through an AM Best A rated insurance carrier with a multi billion dollar funding pool.
• Replaces the title search process in your Home Equity Lending Programs.
• Coverage limits are $350,000 for any 2nd lien position loan. Aggregate limit of $2,000,000 per lender.
• Instantaneous product – no waiting for data to be returned.
• Equiguard costs less than half the price of a title search.
• Equiguard covers all losses due to a superior lien a title search would discover.
• Equiguard works for all 2nd lien position loans. The policy will also cover loans with no 1st lien.
• Equiguard is used for funded loans only; there are no charges for loans that do not close.
• The coverage is in blanket format with loans reported monthly.
• Borrower simply executes the Mortgagors Affidavit of Ownership and Good Title for Lenders records.
• No Deductible to lender or borrower.
