CLTA Assignment Endorsement Guideline 104.8

Explanation:

Provides the assignee of a mortgage or deed of trust insured under an ALTA Loan Policy with assurances concerning (a) with qualifications, the validity of the assignment to evidence the transfer of the entire beneficial interest to the named assured 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 specifically excludes impairment, loss or failure of title to the beneficial interest under the deed of trust as a result of either:
     (a) lack of possession of the original promissory note; or
     (b) the absence from the original note of a proper endorsement to the insured assignee.
(2) This endorsement is utilized in lieu of CLTA 104 Endorsement when Stewart Title Guaranty has not been furnished with the original note or the original note is not properly endorsed.
(3) The following elements are required before issuing this endorsement:
     (a) A general index search of the assignor and all intervening assignors for federal tax liens, bankruptcies, incompetencies, etc;
     (b) A tax and assessment search;
     (c) 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;
     (d) A name search of the property owner; and
     (e) 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) 104.8