Benefits to lenders

With a First Title policy, lenders are backed by the financial strength and stability of one of the world’s leading title insurance companies.

A First Title policy ensures you have a valid and enforceable interest in the mortgage and the real estate it secures. By eliminating the need for most searches and enquiries traditionally carried out by a solicitor, lenders can gain an unprecedented level of security, coupled with greater processing speed and bottom-line savings. Other benefits include:

  • an affordable premium, payable once at the time of settlement
  • coverage for identity and title fraud
  • a reduction in the amount of due diligence you need to undertake in the mortgage transaction (such as searches and enquiries)
  • indemnity that the mortgage will be valid and enforceable (may complement lenders mortgage insurance)
  • if the security property does not have good title, or if any of the mortgages are challenged, lenders are insured for all legal defence costs
  • insures the security and the indebtedness for the life of the mortgage; benefits are automatically assigned to subsequent owners (securitisation)
  • access to no-fault insurance
  • coverage against exceptions to indefeasibility.

Claims experience

First Title’s experienced in-house legal and underwriting teams have a long track record of dealing with lenders’ claims. With fraud and invalidity of mortgage claims on the rise, it is comforting to know that First Title has the know-how to manage these complex claims.