STG Foreign Currency Endorsement Guideline 1
Explanation:This endorsement insures against invalidity or unenforceability of the mortgage because it secures debt stated in a foreign currency.
Underwriting Requirements:(1) A Senior Underwriter must approve issuance of this endorsement.
(2) State law must not prohibit a mortgage that refers to foreign currency.
(3) The mortgage must state the current exchange rate for the debt.
(4) The amount of insurance must be stated in U.S. dollars.
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):