CLTA 107.5 Endorsement
The Correspondent 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:
Condominiums and PUD Projects
The criteria below must be incorporated in the title insurance policy for mortgage loans covering each unit in a condominium or PUD project.
Request for Additional Title Waivers
The Correspondent must obtain a title waiver from Pennymac before the mortgage loan closes for title exceptions that are not specifically permitted in the Guide.
Short Form Title Insurance Policy
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.
Title Exceptions for Conventional Loans
For conventional mortgage loans, the following exceptions to the title insurance policy or to the attorney's opinion of title are acceptable: