FL Construction Loan Update Endorsement Guideline 1
Explanation:This endorsement should be used when the insured, under a Mortgagee Title Insurance Policy, requests endorsements as additional disbursements are made. It provides coverage up to the new outstanding mortgage balance and sets forth what instruments affecting the insured property have been recorded since the last update. Finally, it insures the priority of the insured mortgage over those instruments except for those specifically listed.
Underwriting Requirements:It is necessary to update your title search and make a determination as to what instruments have been recorded which affect the title to the insured property and which of those items has priority over the insured mortgage. Please be on the lookout for a mortgage modification which causes the mortgage to lose priority.
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):