OLTA is a statewide trade association representing the title insurance and abstracting industry in Oklahoma. Founded in 1907 and proudly serving our membership through regulatory and legislative advocacy, continuing education and up-to-date information in keeping with our mission to enhance and protect the industry.
What is Title Insurance?
When you buy a home, you receive a title to the property, meaning you are now the full legal owner of that property. Title insurance for real estate provides protection against loss if a covered defect is found in the title to real property. You can purchase it for a one-time premium, paid in most cases at closing.
Title insurance usually covers four types of “hidden” risks: errors, liens, ownership claims, and invalid deeds. If a claim is made against your property, the title insurance company will negotiate with the other party to settle the claim, defend you in court if necessary, pay any incurred legal costs, and satisfy any covered claims. Having title insurance can save you time, money, even your home.
What’s Happening Now
Easier Mortgage Terms Seem to Be Catching On
Chicago Tribune | February 5, 2015
Mortgage lenders appear to be loosening their purse strings, largely as a result of major changes recently announced to government-based loan products.
Why New CFPB Closing Form Is Driving Lenders ‘Crazy’
National Mortgage News | February 5, 2015
New disclosure rules from the Consumer Financial Protection Bureau don’t go into effect until this summer, but lenders are already worried about compliance and fearing it may make the closing process far more difficult.