Thanks to everyone that has repsponded to this thread.  Lots of good comments and thoughts.  I will say this.  With the evolution of the 2nd mortgage and the Equity Search (non-insured) it is customary under some agent/underwriter search standards to start with the current owner regardless of what type of instrument vests them.

For example the major underwriters in Ohio might call a Limited Lien Search a last deed forward search, which they would not use for title insurance (even on a refi).  The would require a 1 Owner Search (back to a WD for value) as the minimum search for issuance of title insurance.

It is CRAZY how many hybrid products there are on the market now.

Thanks again everyone!