NM Leasehold Loan Endorsement Guideline 21

Explanation:

The Leasehold Loan Endorsement (NM 21, ALTA 13.1) may be attached to a Loan Policy (NM 2) to convert the standard NM Loan Policy into a Leasehold Loan Policy.

 

Underwriting Requirements:

We require the following:

1. A Leasehold Loan Endorsement (NM 21) shall be attached to a standard Loan Policy (NM 2) insuring a leasehold interest.

2. Leasehold Loan Policies shall be issued to insure a loan on a leasehold owner's interest in the amount of the loan.

3. Unless otherwise specifically stated, a Leasehold Loan Policy shall contain the standard exceptions, be subject to the same premium rates and be subject to deletion of the same standard exceptions in the same manner as a standard Loan Policy.

4. No additional premium shall be charged for the Leasehold Loan Endorsement.

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):

None