Stewart Mortgage Information Introduces the eQuick(SM) Policy for Junior Lien Mortgage Loans
October 13, 2004
HOUSTON, /PRNewswire-FirstCall/ -- Stewart Mortgage Information (SMI) announces the Stewart Master Residential Junior Loan Policy known as eQuick(SM), designed to provide lenders with a lower-cost ALTA title insurance product providing limited coverage for junior lien mortgage loans.
"As the refinance market has fallen off, lenders continue to push their home equity and second lien loan products to generate new business," said Kevin Gugenheim, SMI president and chief operating officer. "Their dilemma has been whether to pay first-lien title coverage rates or go uncovered with traditional uninsured title products. Our new eQuick Policy offers a significantly lower-cost title insurance solution for those junior lien loans and it is generated electronically to provide more efficient customer service."
SMI will issue the eQuick policy in those states where it has been approved by the state Department of Insurance and according to the following qualifying criteria and loan parameters:
- Primary residence one-to-four units and second homes one unit
- No commercial or multi-family properties
- Fee simple property ownership
- Property size 25 acres or less
- Maximum loan amount $500,000 -- total line of credit for HELOCs not to exceed $500,000
- Available for second liens, both closed-end and HELOC
- Maximum CLTV is 100 percent
Source: Stewart Mortgage Information