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DOBI Approves New, Revised Forms
The New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] has gained the approval of the Department of Banking and Insurance [“DOBI”] for the use of certain new and revised forms, effective June 15, 2011. Such approval is required under the Title Insurance Act, N.J.S.A. 17:46B-1 et seq., whenever a rate or charge is sought in connection with the issuance of a proposed policy or endorsement form, or if the form varies the coverage provided by an existing, previously-approved form. N.J.S.A. 17:46B-42; -54.
The changes reflected by the revised forms are largely technical, rather than substantive, in nature. For example, the ALTA Homeowner’s Policy (1998) is now dated February 3, 2010, and the ALTA Expanded Coverage Residential Loan Policy (2001) is now dated July 26, 2010). The foregoing are both known as so-called “enhanced coverage” policies, but the scope of coverage afforded thereby remains largely intact. ALTA Endorsements Nos. 10-06 (mortgage assignment), 10.1-06 (mortgage assignment – policy date-down ), 14.2 (Future Advance – Letter of Credit) 14.3 (Reverse Annuity – Federal) and 28 (Easement – Damage or Enforced Removal), as well as Assignment of Mortgage – Updated Policy (a non-ALTA endorsement) have also undergone changes which have no substantive effect on coverage and do not affect pricing.

On the other hand, the existing Interest Rate Exchange (or “Swap”) Endorsement, a non-ALTA form, has been withdrawn and replaced by two (2) new ALTA endorsements: Nos. 29-06 (Interest Rate Swap – Direct Obligation) and 29.1-06 (Interest Rate Swap – Additional Interest). This has been accompanied by a change in rate; the charge for each is now a sum equivalent to 5% of the premium for the loan policy to which the endorsement will be attached.

Similarly, the existing Shared Appreciation Endorsement, a non-ALTA form, has been withdrawn and replaced with a new ALTA endorsement -- No. 30 (Shared Appreciation – One-to-Four Family) and a new non-ALTA version – Shared Appreciation (Non-Residential). The text of the latter is the same as the former, except that the one-to-four family restriction has been removed, so that it may be used in connection with commercial transactions. The charge for each is a sum equivalent to 5% of the premium for the loan policy to which the endorsement will be attached.

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