NM Multipurpose Endorsement Guideline 11

Explanation:

This endorsement may be used (1) to provide the coverage of any of the other New Mexico promulgated endorsements, (2) to modify promulgated forms when authorized or required by the regulations, (3) to correct errors in the forms, (4) or to endorse a loan policy to reflect the recording of an instrument affecting the insured mortgage and provide assurance that the recorded instrument does not change the Company's liability under the policy.

Rate: See Regulation 13 NMAC 14.10.17 and 13 NMAC 14.10.20.
Procedure: See Regulation 13 NMAC 14.8.8.

Underwriting Requirements:

(1) If using this endorsement as any of the other promulgated endorsement forms, then

(a) the exact language of the form must be typed or printed on this form, and any surplus language on this form must be deleted, and

(b) the form designation of the other endorsement must be typed or printed on the this endorsement, and

(c) the charge for the promulgated endorsement should be collected.

(2) If using this endorsement to insert, delete, or add to a promulgated form, then there must be exact compliance with the authorizing regulation.

(3) To correct errors in the information inserted in the spaces of a preprinted form (but not changing, altering, or waiving the terms thereof), use the following:

"This endorsement amends (commitment, policy or endorsement) numbered _____________ , dated ______________ to read as follows: (here insert language identifying the specific item being corrected and the specific correction information such as, 'The name of the insured is John Smith rather than James Smith.'or 'Item 3 of Schedule A is ABC Corporation rather than ABC, Inc.')."

(4) If an instrument is recorded which affects the insured mortgage, then the loan policy may be endorsed as follows:

"As to the above numbered loan policy, the Company will not claim that its liability for the payment of any loss or damage, under the terms and provisions of the policy, has been waived or surrendered by the Insured, or has been reduced by the Company, solely by reason of the execution of: (Here state whether renewal, extension, reinstatement or modification agreement, or partial release, release of additional collateral or release from personal liability, and then fully describe giving recording information.)

The assurance given by this Endorsement is subject to the following (None unless specifically set out here.)"

The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.

Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.

This guideline applies to the following form(s):

NM Form 11 Multipurpose Endorsement