What are exceptions and/or requirements on commitments?
The exceptions on a Limited Title Policy are basically the liens and/or judgments that show of record. On a limited policy these items do not need to be taken care of on behalf of the underwriter because the policy has already been issued with them on it. However, they do need to be taken care of to ensure the lien position you need. The requirements on a Full Alta Commitment are items that may or may not need to be taken care of to ensure the lien position you need when the final policy is issued. Whatever items remain after a certain period of time after the loan has been closed will then be shown as exceptions to the final policy.
