STG Guaranty Endorsement Guideline 1
Explanation:This endorsement is a form of future advance or revolving credit endorsement: it insures priority of future advances covered by the guaranty and secured by the mortgage.
Underwriting Requirements:(1) A Senior Underwriter must approve issuance of this endorsement.
(2) A review must be made of the mortgage, loan agreement and guaranty to verify that the mortgage adequately discloses the secured obligation (and any provision for future advances).
(3) State law applicable to future advances (see Revolving Credit discussion in Underwriting Manual) must be considered.
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):