Guideline: ALTA Junior Loan Policy Endorsement JR 2 (Revolving Credit/Variable Rate) 1996
Explanation:This form endorses the Junior Loan Policy to provide insurance as to revolving credit and variable rate provisions in the insured's mortgage.
Underwriting Requirements:You may issue this Endorsement when you issue the Endorsement JR 1, if you describe the insured's mortgage in the JR 1. If your state law requires that the mortgage contain specific language (such as a heading) in order to secure future advance, verify that the mortgage contains the required language. You do not need to attach this Endorsement to the Junior Loan Policy or to Endorsement JR 1 unless the insured requires that this Endorsement be attached; you may simply mark the Box C of Endorsement JR 1.
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):