Sec. 21. A company described in section 3 of this chapter that issues a title insurance policy shall perform or cause to be performed a title search for the real estate in conjunction with a mortgage secured by the real estate unless the mortgage meets all of the following requirements:
(1) The principal amount of the mortgage is not more than fifty thousand dollars ($50,000).
(2) The mortgage is subordinate to a prior mortgage where a title search was conducted and a title policy was issued.
(3) The mortgage is not a reverse mortgage.