200.61—Title.
(a)
Marketable title to the project must be vested in the mortgagor as of the date the mortgage is filed for record.
(b)
Title evidence for the Commissioner's examination shall include a lender's title insurance policy, which title policy provides survey coverage based on a survey acceptable to the title company and the Commissioner; or as the Commissioner may otherwise require, in accordance with terms, conditions and standards established by the Commissioner.
(c)
Endorsement of the credit instrument for insurance shall evidence the acceptability of title evidence.