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The Closing Protection Letter (CPL) is a crucial document in real estate transactions, providing protection to lenders against potential fraud or mishandling of funds by the title company or its agents. This letter ensures that the lender is covered in case of any losses that may occur due to the failure of the title company to comply with its commitments.
CPLs are typically used when a lender requires assurance that the funds they have disbursed will be handled correctly and that they will receive the title insurance for the property being financed. The significance of this document lies in its ability to facilitate trust between the lender, the title company, and the borrower, ultimately minimizing the risks associated with real estate transactions.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Closing Protection Letter. Please refer to the table below for detailed information.
