Any revision to this form requires approval of a Stewart Title Guaranty Company underwriter. 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.
T-33.1 Guideline - TX Variable Rate Mortgage-Negative Amoritzation Endorsement
Organizational Guidelines
T-33.1 Guideline - TX Variable Rate Mortgage-Negative Amoritzation Endorsement
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Explanation:
The Variable Rate Mortgage - Negative Amortization Endorsement (T-33.1) insures against invalidity, unenforceability or loss of priority of the lien of the insured mortgage by reason of provisions for changes in the rate of interest, interest on interest or the addition of unpaid interest to the principal balance. This endorsement does not increase the face amount of the Policy.
Please also see P-9b(6) and R-11d as applicable to endorsement T-33.1.
Underwriting Requirements:
The Variable Rate Mortgage -Negative Amortization Endorsement (T-33.1) may be issued if the mortgage or mortgage rider refers to the negative amortization provisions. Do not issue the T-33.1 on commercial transactions without underwriter consent if you know that the lender receives appreciation, contingent interest or a portion of cash flow.
- This guideline applies to the following form(s):