- January 20, 2006
- All Issuing Offices in Texas
- Reverse Mortgage Endorsement (T-43)
The Commissioner adopted an amended Reverse Mortgage Endorsement (T-43), that is effective January 20, 2006.
Section 50 of Article XVI was amended in November 2005 to authorize and establish requirements for line of credit advances under a reverse mortgages. The Reverse Mortgage Endorsement (T-43) has been amended to refer to these new requirements (at paragraph (v) of Section 50).
The underwriting requirements for Reverse Mortgages have not changed.
You may secure copies of the amended Reverse Mortgage Endorsement (T-43) from Stewart Forms and Information. A copy of the Endorsement also is available at http://www.tlta.com/T43Adopted.pdf.
You should begin issuing this revised endorsement immediately.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- TX000039 Reverse Mortgages; Constitutional Amendment (HJR 31; Proposition 8) (Effective January 1, 1998)
- TX000052 1999 Constitutional Amendments: Homestead; Reverse Mortgages; and Conversion of Separate Property
- TX000056 New Title Insurance Rules: Premium Split, Refinances and Reverse Mortgages
- TX000076 2005 Texas Legislation
- Underwriting Manual:
- Exceptions Manual: