PA Truth-in-Lending Endorsement Guideline 401
Explanation:This endorsement is issued only in conjunction with a Loan Policy. The endorsement insures the lender against the effect of the termination of the lien by reason of the valid exercise of the right of rescission. The right of rescission may apply if (1) the lien is a security interest in the borrower's principal dwelling and (2) the loan is not a purchase money mortgage, and (3) the borrower is a natural person.
Underwriting Requirements:This endorsement may be issued if the property is not residential property or if the mortgagor-owner is a corporation, limited liability company, or partnership.
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