STG Prior Mortgage Endorsement Guideline 1
Explanation:This endorsement insures against any instrument in Schedule B that could extinguish the lien (e.g., a prior mortgage assessment lien set forth in covenants, forfeiture provision in restrictions, or prohibitions on assignments in leases).
Underwriting Requirements:(1) A Senior Underwriter must approve issuance of the endorsement.
(2) There must be no prior liens or forfeiture provisions excepted in Schedule B or prohibitions on encumbrance or assignment in an insured lease.
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):