LA ALTA Endorsement 11 (Modification)

Organizational Guidelines

LA ALTA Endorsement 11 (Modification)

Guideline Document
V 1


This endorsement is to be issued for a mortgagee's policy in connection with a modification of the insured mortgage and provides specific assurances to the lender as provided in the endorsement.

Underwriting Requirements:

The underwriting requirements are as follows:

  1. You must search the public records from the Date of Policy of the mortgage and you must secure a name search of the mortgagors and successors in ownership.

  2. Require joinder in the modification by the current owners of the estate or interest in the land and require proof of authority by those signing on behalf of the current owners.

  3. If the mortgage covers a lease, require a current estoppel and consent by the lessor.

  4. If the policy reflects a mortgage or other lien in Schedule B, Part II (as subordinate), require new subordination by the lienholder or except under paragraph 2 of the Endorsement.

  5. If your search reflects new intervening matters such as mortgages, liens, covenants or servitudes, require subordinations or except under paragraph 2 of the Endorsement.

  6. If your search reflects a notice of bankruptcy by the owner, require a final nonappealable order authorizing the modification.

  7. If your search reflects a partial release, reconveyance or discharge of the mortgage, except under paragraph 2 of the Endorsement. If your search reflects a full release, reconveyance or discharge, do not issue this Endorsement.

  8. If your search reflects that the record mortgage holder is not the current lender on the modification, require that an assignment from that holder be recorded.

  9. Secure a current tax and assessment search. Except under paragraph 2 of the Endorsement to unpaid taxes and assessments.

  10. Verify the parties in possession. If the Loan Policy does not contain an adequate exception, add an exception to those rights in paragraph 2 of the Endorsement.

  11. Require a current survey, unless our survey guidelines do not require a survey, or unless you except to survey matters arising subsequent to Date of Policy.

  12. Record the modification.

Charge: $0.50 per thousand of the unpaid balance of the mortgage, with a minimum premium of $125.

Any revision to this form requires approval of a Stewart Title Guaranty Company underwriter. 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