Guideline: ALTA Loan Policy 1992
A Loan Policy is issued to a lender making a loan secured by a mortgage on a parcel of land. The policy insures against the invalidity or unenforceability of the lien of the mortgage and against loss or damage should the priority of the mortgage be other than is shown in the policy. The policy designates the vested owner of the estate or interest insured and excepts to those defects, liens and encumbrances which in the judgment of the insurer should appear in the policy. The policy is not a report or abstract of title. Instead, the insured is indemnified against loss or damage should matters exist which are not shown in the policy.
The insuring provisions of the policy are broad. However, their coverage is limited by the Exceptions in Schedule B, the Exclusions and by the Schedule of Conditions and Stipulations contained in the policy.
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.