- July 02, 2018
- All New Jersey Issuing Offices
- RATES AND/OR FORMS UPDATE - Revised NJ Rate Manual and Forms
Technical changes have been made to the New Jersey Rate Manual effective July 1, 2018. None of the changes affect existing rates or charges nor have any new forms or endorsements been approved. All of the current non-substantive changes are reviewed below. Please take the opportunity to familiarize yourself with the updated Rate Manual, which the Department of Banking and Insurance has approved for use in New Jersey as of July 1, 2018. Our New Jersey issuing offices should replace your existing Rate Manual with the updated Manual available by clicking the link above.
The revisions to the New Jersey Rate Manual and Forms are as follows:
NJRB 2-16 - ALTA Loan Policy (New Jersey Variation):
Revision to Schedule A, Paragraph 6 to (A) reflect the current name of several of the Endorsements that have had name changes; (B) to add reference Endorsements 14.3-06 and 18-06; (C) add reference to NJ Rating Bureau Forms 5-32, 5-37 and 5-164; and (D) eliminate reference to ALTA Endorsement 22-06.
Revision to Schedule B, Exceptions from Coverage has been revised to read as follows:
“Notwithstanding any provision of the policy to the contrary, any encroachment, encumbrance, violation, variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land.”
NJRB 2-17 - ALTA Expanded Coverage Residential Loan Policy - Current Assessments (New Jersey Variation)
1. Technical Revision: First page, the word “Blank” has been replaced with a blank space.
2. Technical Revision: The word “Form” has been replaced with the word “Endorsement’ in six (6) places following Paragraph 28.
3. Technical Revision: The name of ALTA Endorsements 4.1-06 and 5.1-06 has been revised to reflect that each deals with “Current Assessments”.
Schedule B, Part 1, Exceptions from Coverage, Item #1 now reads:
“The following state statutes, references to which are made part of the ALTA ENDORSEMENT 8.1-06 (Environmental Protection Lien - New Jersey Variation) incorporated into this policy: N.J.S.A 58:10-23.11 et seq.”
NJRB 2-19 - ALTA Short Form Residential Loan Policy - Current Violations (New Jersey Variation)
1. Technical Revision: The language “included its reverse side” has been removed and the phrase “or endorsements are” and Endorsements attached” have been added.
In the section of incorporation by reference of endorsements, the following revisions have been made:
a) The phrase “adopted by the American Land Title Association” has been eliminated.
b) The designation that the endorsements deal with Current Assessments has been added to ALTA Endorsements 4.1-06 and 5.1-06.
c) The designation that the endorsement deals with a variable rate mortgage has been added to ALTA Endorsements 6-06 and 6.2-06.
d) The designation that the endorsement is a New Jersey Variation has been add been added to ALTA Endorsements 8.1-06, 14-06 and 14.3-06.
e) Reference to ALTA Endorsement 22-06 and 30-06 have been eliminated.
f) Reference to ALTA Endorsement 18-06 (Single Tax Parcel) has been added.
g) Reference to NJRB 5-32, 5-33, 5-37, 5-164 has been added.
The concluding Paragraph of Schedule A, has now added a reference that the American Land Title Association Loan Policy (06-17-06), is New Jersey VariationNJRB 2-16 when used in New Jersey.
NJRB 3-09 - ALTA Commitment for Title Insurance
1. Technical Revision: Schedule A has been amended to reflect the Issuing Office’s ALTA Registry ID.
2. Technical Revision: The word “The” has been added to Schedule A at the beginning of Section 4 and the words “ to the ___________ estate or interest in the Land” has been removed.
NJRB 5-92 ALTA Endorsement 6.2-06 (Variable Rate - Negative Amortization)
1. Technical Revision: The words Insured Mortgage has now been capitalized in two places in Paragraph 2.
2. Technical Revision: The word “Date:” has been removed above the signatory signs.
NJRB 5-128 - Waiver of Arbitration Endorsement (Owner’s or Loan Policy)
1. Technical Revision: The words “Current Assessments” have been added to the reference to the Loan Policy in sentence (a).
NJRB 6-07 ALTA Closing Protection Letter - Single Transaction (Warehouse Lender)
1. Technical Revision: Conditions and Exclusions 2(f) has been revised to reference that same is also a New Jersey Variation.
Section 4.8 of the Rate Manual has been revised:
The last sentences now read: NO additional charge will be made with the enhanced coverage loan policy for coverage normally given by these endorsements. Other charges and endorsements will be billed as specified in the Rate Manual.
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