Title insurance provides protection against loss due to defects in the chain of title.
Mortgagee policies protect the lender and owner's policies protect the purchaser. Even if you have an attorney do a thorough title search, there are some defects which are impossible to discern. For example, there may be a forged signature in the chain of title, or an estate may not have been properly probated, perhaps neglecting to include an heir. The short answer is no. The lender is only concerned that there are no liens against the property which may have priority over the lender's mortgage.