T-14 Guideline - TX First Loss Endorsement

Organizational Guidelines

T-14 Guideline - TX First Loss Endorsement

Guideline Document
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This endorsement is effective if the Collateral (any real and personal property that secures the loan) includes at least two parcels of land. This endorsement contains no threshold or deductible (such as the commonly used 10% deductible), other than impairment that diminishes the value of the Collateral below the Indebtedness. This endorsement also does not require the lender to pursue its remedies against the insured land. This endorsement acknowledges that the title insurer will not require maturity of the Indebtedness, pursuit of remedies against any of the Collateral (including the land), or pursuit of its remedies against any guaranty, bond or insurance policy.

Endorsement T-14 is issued with a T-2 Loan Policy. 

Underwriting Requirements:

We require the following:

1.    Verify the Indebtedness is secured by at least two tracts of land. We do not require that the Loan Policy insure all tracts.

2.    Issue only with a Loan Policy. This Endorsement is not designed for issuance with an Owner's Policy.

3.    This endorsement does not contain any blanks that must be completed.

4.    This endorsement may not be issued if any part of the land insured is residential real property. 

5.    See Procedural Rule P-9b11 and Rate Rule R-11.i.


For further guidance, refer to the applicable subsections in Section 11.04 of the National Underwriting Manual on Virtual Underwriter http://www.vuwriter.com/vumanuals.jsp?displaykey=UM00000208

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):