Bulletin: NJ2016008

Date:
November 23, 2016
To:
All New Jersey Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Rate Manual Changes: Endorsement Revisions

Dear Associates:

Changes have been made to the New Jersey Rate Manual effective January 1, 2017. All of these changes are revisions to existing endorsements as referenced below; the pricing for these forms has not changed.  

Endorsement 10.1-06 (Assignment and Date Down) NJRB 5-102: Section 2. B. is amended to include, "affecting the Title" in relation to tax liens or assessments. 

Endorsement 14-06 (Future Advance - Priority) New Jersey Variation NJRB 5-107: This change amends section 1. (a) to provide a further definition of "Agreement" as a "Line of Credit" as "defined in N.J.S.A 46:9-81. 

Endorsement 14.2-06 (Future Advance - Letter of Credit) New Jersey Variation NJRB 5-109 and Endorsement 14.3-06 (Future Advance - Reverse Mortgage) NJRB 5-110: These endorsements were amended to further define "Agreement" as a Line of Credit as set out in N.J.S.A 46:9-8.1.

Endorsement 29.1-06 (Interest Rate Swap Endorsement - Additional Interest) NJRB 5-130:Along with technical corrections, section 3(b) was revised to include the following language "stay, rejection or" in addition to the avoidance of the lien.

Endorsement 29.3-06 (Interest Rate Swap Endorsement - Additional Interest - Defined Amount) NJRB 5-136: Technical changes along with the substitution of the following language in section 3(b): "payment of additional interest" in place of "Swap Obligation".

New Jersey Contract Vendee’s Endorsement: NJRB 5-162: Section 2(a) has been expanded to include the recordation of a "short form or memorandum thereof".

The following endorsements have technical changes only:

Endorsement 29-06 (Interest Rate Swap Endorsement - Direct Obligation) NJRB 5-129

Endorsement 29.2.-06 (Interest Rate Swap Endorsement - Direct Obligation - Defined Amount) NJRB 5-135

The following endorsements all have been amended to add an exception for flooding under various sections as referenced below:

Endorsement 9.7-06 (Restrictions, Encroachments, Minerals - Land Under Development - Loan Policy) NJRB 5-139: Section 5(d)  

Endorsement 35-06 (Minerals and Other Subsurface Substances - Buildings) NJRB 5-143:Section 4(a)

Endorsement 35.1-06 (Minerals and Other Subsurface Substances - Improvements) NJRB 5-144: Section 4(a)

Endorsement 35.2-06 (Minerals and Other Subsurface Substances - Described Improvements) NJRB 5-145: Section 4(a)

Endorsement 35.3-06 (Minerals and Other Subsurface Substances - Land Under Development) NJRB 5-146: Section 4(a)

Endorsement 36.6-06 (Energy Project - Encroachments) NJRB 5-153: Section 4 

Endorsement 9.10-06 (Restrictions, Encroachments, Minerals - Current Violations - Loan Policy) NJRB 5-157: Section 5(d) in addition to technical changes. 

Pricing for all endorsements as approved by the New Jersey Department of Banking and Insurance [NJDOBI] is set forth in the Rate Manual.

As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.

Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
ALTA Endorsement 10.1-06 (Assignment and Date Down)
 
ALTA Endorsement 29-06 (Interest Rate Swap Endorsement - Direct Obligation) (02-03-10) Technical Corrections (04-02-14; 08-01-16)
 
ALTA Endorsement 29.1-06 (Interest Rate Swap Endorsement - Additional Interest) (02-03-10) Technical Corrections (04-02-14; 08-01-16)
 
ALTA Endorsement 29.2-06 (Interest Rate Swap Endorsement - Direct Obligation - Defined Amount) (08-01-11) Technical Corrections (04-02-14)(08-01-16)
 
ALTA Endorsement 29.3-06 (Interest Rate Swap Endorsement - Additional Interest - Defined Amount) (08-01-11) Technical Corrections (04-02-14; 08-01-16)
 
ALTA Endorsement 35-06 (Minerals and Other Subsurface Substances - Buildings) (04-02-12) Technical Correction 08-01-16
 
ALTA Endorsement 35.1-06 (Minerals and Other Subsurface Substances - Improvements) (04-02-12) Technical Correction 08-01-16
 
ALTA Endorsement 35.2-06 (Minerals and Other Subsurface Substances - Described Improvements) (04-02-12) Technical Correction 08-01-16
 
ALTA Endorsement 35.3-06 (Minerals and Other Subsurface Substances - Land Under Development) (04-02-12) Technical Correction 08-01-16
 
ALTA Endorsement 36.6-06 (Energy Project - Encroachments) (04-02-12) Technical Correction 08-01-16
 
NJRB 5-107 - NJ ALTA Endorsement 14-06 Future Advance - Priority (NJ last revised 03/02/2012)
 
NJRB 5-109 - NJ ALTA Endorsement 14.2-06 Future Advance - Letter of Credit (NJ last revised 03/02/2012)
 
NJRB 5-110 - NJ ALTA Endorsement 14.3-06 Future Advance - Reverse Mortgage (NJ last revised 04/01/2013)
 
NJRB 5-139 – NJ ALTA Endorsement 9.7-06 Restrictions, Encroachments, Minerals – Land Under Development – Loan Policy NJ Variation ( NJ Last revised 4/15/2014)
 
NJRB 5-157 – NJ ALTA Endorsement 9.10-06 Restrictions, Encroachments, Minerals – Current Violations – Loan Policy (New Jersey Variation) (NJ adopted 4/15/2014)
 
NJRB 5-162 New Jersey Contract Vendee’s Endorsement (NJ adopted 10/01/2014)