CLTA Assignment Endorsement Guideline 104

Explanation:

Provides the assignee of a mortgage or a deed of trust insured under an ALTA Loan Policy with assurances concerning (a) the validity of the assignment to evidence the transfer of the entire beneficial interest to the named assignee (b) subsisting real property tax or assessment liens (c) matters affecting the validity or priority of the insured mortgage or deed of trust lien; and (d) federal tax liens or bankruptcy proceedings affecting title to the estate or interest covered by the policy.

Underwriting Requirements:

DO NOT ISSUE THIS ENDORSEMENT(S) IF THERE ARE MULTIPLE BENEFICIARIES UNLESS YOU SECURE THE APPROVAL OF A STEWART SENIOR UNDERWRITER.

(1) This endorsement should not be used for coverage of collateral assignments of a deed of trust or mortgage.
(2) The following elements are required before issuing this endorsement:
(a) The original note and deed of trust must be produced in order to ascertain that no conflicting endorsements are shown. If the original note is not furnished for examination or it is not properly endorsed to the assignee, the CLTA 104.8 Endorsement should be used;
(b) A general index search of the assignor and all intervening assignors for federal tax liens, bankruptcies, incompetencies, etc.;
(c) A tax and assessment search;
(d) A search for reconveyances, modifications, inconsistent assignments, mechanic's liens, and all matters affecting the validity or priority of the lien of the deed of trust or mortgage;
(e) A name search of the property owner; and
(f) An investigation into all record matters that may be disclosed by an inspection.

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):

CLTA Assignment of Mortgage Endorsement (06-03-05) 104