AR Underwriting Summary

Search/Exam

• Minimum Search Requirements Arkansas Law requires a minimum 30 year search. Arkansas Code 23-103-408
• Plant or other search restrictions No but abstractors are licensed
• Additional Requirements for REO Searches N/A
• Foreclosure Checklist N/a
• Special Searches Required (Code, HOA, Utilities)? None
• Survey Requirements
  • Purchase – No for platted residential
  • Refinance – No

UPL

The commitment and final policy must be issued by a Licensed Title Insurance Agency and signed by a Licensed Title Insurance Agent. There is no requirement for attorney involvement in keeping with Act 684 of 2007 and its associated rules.

Who May Serve As Trustee On Deed Of Trust

Both Deeds of Trust and Mortgages are used. A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas. A duly licensed Trust Company. An agency or authority of the State of Arkansas. ACA § 118-50-102. An underwriter or title agent cannot be a trustee unless they qualify with the above.

Time Limitations

• US Judgment Liens 20 years
• State Court Judgment Liens 10 years
• Federal Tax Liens 10 years (+ 30 days)
• State Tax Liens 10 years
• Estate Tax Lien 10 years
• State Inheritance Tax Liens 20 years
• Mechanics Liens 120 days
• Financing Statements 5 years
• Mortgages
• HOA Liens
• Condominium assessments
• Child Support Liens