NM Assignment of Mortgage Endorsement Guideline 24
This Assignment of Mortgage Endorsement (NM 24) may be attached to a Loan Policy to insure that the transfer of a mortgage by an assignment is valid to the transferee of the insured mortgage and the secured note is enforceable by the transferee, provided that the note has been property endorsed and delivered to the transferee.
Underwriting Requirements:We require the following:
(1) The assignment of the insured mortgage must be recorded.
(2) You must determine that there are no inconsistent assignments of record. The record must reflect an assignment from the record holder or beneficiary of the mortgage.
(3) The name of the transferee should be inserted in paragraph 1 of the endorsement.
(4) The assignment must be described in paragraph 2(a).
(5) Title must be examined to determine the existence of any full or partial release, reconveyance, or discharge of the insured mortgage, or any modification thereof. Any such matter must be shown in paragraph 2(b) of the endorsement.
(6) The endorsement premium is $25.00 if issued within 6 months of date of policy or last assignment endorsement; $65.00 if issued more than 6 months from date of policy or last assignment endorsement.
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):