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Issuing Binders Without Closing Dates

An agency has had several requests from mortgage brokers and lawyers asking for binders showing the new mortgagee without having set closing dates on new loans. They insist that the binder and not an Evidence of Property Insurance form be provided before they will set a closing date. Do they have an insurable interest in the property and is a binder appropriate prior to closing??

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​127 South Peyton Street
Alexandria VA 22314
​phone: 800.221.7917
fax: 703.683.7556
email: info@iiaba.net

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