- November 08, 2005
- All Issuing Offices in Texas
- New Forms and Rules; Commissioner's Order for 2004 Hearing
The Commissioner adopted new Forms and Rules effective
This Policy has been amended to refer to new endorsements. The Adjustable Mortgage Loan Endorsement (T-33) has been revised; it is now the Variable Rate Mortgage Endorsement (T-33). The Policy also refers to the Variable Rate Mortgage - Negative Amortization Endorsement (T-33.1) and the Condominium Endorsement (T-28).
This Form shall be issued on and after
We encourage you to issue the Short Form Policy. It is accepted by Fannie Mae, Freddie Mac, and Ginnie Mae. Use of the Short Form speeds delivery, reduces errors and post-closing corrections, and reduces review time.
Variable Rate Mortgage Endorsement (T-33) and Variable Rate Mortgage - Negative Amortization Endorsement (T-33.1) (Exhibit 2)
These Endorsements to the Mortgagee Policy replace the Adjustable Mortgage Loan Endorsement (T-33), commencing
First Loss Endorsement (T-14) (Exhibit 3)
This revised Endorsement to the Mortgagee Policy is effective
Verification of Services Rendered (T-00) (Exhibit 4)
This form has been substantially rewritten. The modified form is effective
Completion Endorsement (T-3) (Exhibit 5)
Upon completion of improvements involving an Owner Policy or a Mortgagee Policy that contains the P-8 exceptions (for completion of improvements), the Completion Endorsement set forth in Endorsement Instruction II may be issued by using Endorsement T-3. Procedural Rule P-8 and the Endorsement Instruction II are modified effective
Assignment of Rents/Leases Endorsement (T-27) (Exhibit 6)
This Endorsement to the Mortgagee Policy may not be issued until a Rate is adopted. The Assignment of Rents/Leases Endorsement (T-27) may be issued simultaneously with the Mortgagee Policy, covering commercial land. Procedural Rule P-60 provides that the Endorsement may not be issued on residential real property. To issue the Endorsement, determine that the Assignment of Rents or Leases was properly executed by the mortgagor, and that all prior recorded assignments of rents or leases have been released or shown in Schedule B.
Condominium Endorsement (T-28) (Exhibit 7)
This Endorsement to the Mortgagee Policy may not be issued until a Rate is adopted. Procedural Rule P-9(b)(15) provides that the Condominium Endorsement (T-28) may be issued simultaneously with the Mortgagee Policy covering residential real property. The Endorsement may not be issued on commercial land and may not be issued if the Planned Unit Development Endorsement (T-17) is issued.
Mortgagee Title Policy Binder on Interim Construction Loan (Binder) (P-16)
Procedural Rule P-16 has been amended effective
Master Indemnity Agreement (T-29)
Amended Procedural Rule P-11(b)(1) and (c), which is effective
Procedural rule P-53 has been amended effective
Limited Pre-Foreclosure Policy (T-98)
The form number for the Limited Pre-Foreclosure Policy is changed to T-98. The form number for the Limited Pre-Foreclosure Policy Down Date Endorsement is changed to T-99. These changes are effective
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual:
- T-00 TX Verification of Services Rendered
- T-14 TX First Loss Endorsement
- T-27 TX Assignment of Rents/Leases Endorsement
- T-28 TX Condominium Endorsement
- T-2R TX Short Form Residential Loan Policy of Title Insurance and Addendum
- T-33 TX Variable Rate Mortgage Endorsement
- T-33.1 TX Variable Rate Mortgage- Negative Amortization Endorsement