Products & Services

Residential Loan Protection Policy

Title Insurance for Residential Mortgage Lenders

First Title uses its Residential Loan Protection Policy (RLPP) to insure Australian and New Zealand home loans. The coverage of our RLPP allows lenders to proactively manage risk and design more efficient lending processes. These efficiencies not only deliver time and cost savings but can also facilitate higher rates of conversion of customers from loan applications.

First Title's RLPP

  • protects the Lender's interest in the mortgage and assures validity and enforceability of mortgage and correct priority;
  • insures actual loss up to 125% of the policy amount;
  • obliges First Title to provide the Lender with a legal defence at First Title's cost on an unlimited basis;
  • is available for refinances, purchases, clear title in personal, company and trust names as well as loan increases for properties that have a predominantly residential use;
  • insures Torrens, Strata, Old System, Limited and Qualified Titles;
  • Incurs a one time premium for life of loan.

Title Insurance Programmes for Lenders

Our title insured lender programmes are tailored to suit lenders' requirements, we currently offer:

  • a full service programme through our national service centre network;
  • a programme conducted through the lender's lawyer panel;
  • a Title Insurance only services to underwrite lenders' in-house mortgage documentation processing and settlement;
  • Portfolio Title Insurance on acquisition, sale or securitisation of a mortgage book.

First Title's RLPP is a no-fault policy and residential lenders who are title insured are reaping the benefits.

Benefits include:

  • reduces the amount of due diligence that the lender needs to undertake e.g. searches, inquiries, etc (transactional or portfolio);
  • provides an indemnity insurance policy that insures the lender that mortgages will be valid and enforceable and thereby complements Lenders Mortgage Insurance;
  • allows the transaction to be completed in a timely manner with the possibility of streamlining processing e.g. FASTRefi® Refinance mortgages in days not weeks;
  • insures the lender for all legal defence costs should any of the security properties not have good title or if any of the mortgages are challenged;
  • insures the security and the indebtedness for its life so benefits are automatically assigned to subsequent owners (e.g. securitisation);
  • provides coverage for identity and title fraud;
  • gives access to no-fault insurance; and
  • insures exceptions to the rule against indefeasibility.

Claims Experience

With increased fraud/invalidity of mortgages evident in the market, Title Insurance provides lenders and end investors with coverage greater than that attainable from professional indemnity and mortgage insurance.

Our live claims experience is proving up the value of our no fault Title Insurance policies. We have a demonstrated exceptional claims handling and claims paying record.

For further information see our Resource Centre. Alternatively, please contact our Customer Service Team on 1300 362 178 or click here to contact us.