NY TIRSA Successor in Ownership of Indebtedness Endorsement Guideline 1994
Explanation:Purpose Of Endorsement:
The 1992 ALTA Loan Policy already provides that the assignee is an insured, without the necessity of an endorsement. This endorsement satisfies the needs of the secondary market for a paper showing that the Company recognizes the assignee as having an insurable interest if the assignment is effective. To get anything more (i.e., bring the policy “up to date” or providing any coverage which might touch on the validity of the assignment), a search would have to be run and a “modification” rate imposed, in which case this endorsement would be unnecessary.
Underwriting Requirements:Requirements For Issuance:
(a) Assignee of mortgage asks for an endorsement reflecting the name of the assignee as the named insured under the policy;
(b) No search need be made, as the endorsement is made on the strength of the assignee’s request, and is invalid if there has been no assignment recorded.
Issued With The Following Policies:
Supplemental to a mortgage policy, but issued at a later date.
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):None