NM Endorsement to Residential Limited Coverage Junior Loan Policy Guideline 47
Explanation:(Revolving Credit/Variable Rate to Residential Limited Coverage Junior Loan Policy)
Underwriting Requirements:This form endorses the Junior Loan Policy to provide insurance as to revolving credit and variable rate provisions in the insured's mortgage.
You may issue this Endorsement when you issue the Endorsement NM 46 (JR 1), if you describe the insured's mortgage in the NM 46 (JR 1). The mortgage must state the maximum amount of debt for future advance. You do not need to attach this Endorsement to the Junior Loan Policy or to Endorsement NM 46 (JR 1) unless the insured requires that this Endorsement be attached; you may simply mark the Box C of Endorsement NM 46 (JR 1).
The premium for this endorsement is $25.00.
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