FL Foreign Currency Endorsement Guideline 1
Explanation:The endorsement insures against loss due to the insured mortgage being deemed invalid or losing its priority because it contains provisions regarding a currency conversion rate between U.S. dollars and a stated foreign currency. It further provides that increases in the dollar amount of the indebtedness resulting from changes in currency valuations will not be considered to be created subsequent to the date of the policy. However, total liability under the policy may never exceed the face amount of the policy and the costs the Company is obligated to pay consistent with the terms and conditions of the policy.
Underwriting Requirements:The changes in the conversion rate must be calculated based upon a formula included in the insured mortgage. Further, like all other policies, the policy must contain the amount of coverage provided.
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):