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Title Talk Newsletters
NJLTIRB Rate & Form Manuals Amended – April 1, 2013
The New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] has recently received approval of the Department of Banking & Insurance [“DOBI”] for certain changes to the Rate and Form Manuals. These revisions became effective on April 1, 2013. The following changes have been approved. (Note that the abbreviations LP = Loan Policy; OP = Owner’s Policy.)
Form Manual Revisions; Existing Policy Form Revised.
?ALTA Short Form Residential Loan Policy (NJ Variation) (NJRB 2-15)
Form Manual Revisions; Existing Endorsement Forms Revised.
ALTA End’t No. 3.2-06 (Zoning – Land Under Dev’t) (NJRB 5-137)
ALTA End’t No.9-06 (Restrictions, etc. – LP*) (NJ Variation) (NJRB-5-95)
ALTA End’t No. 9.8-06 (Covenants, etc. – Land Under Dev’t – OP) (NJ-Variation) (NJRB 5-140)
ALTA End’t No. 14.3-06 (Future Advance – Reverse Mtge) (NJRB 5-110)
Secondary Mortgage Market End’t (NJRB 5-32)
The revisions to the policy form and endorsements are technical in nature and do not require any change in underwriting practice before issuing same.
Form Manual Revisions; New Endorsement Form Adopted.
ALTA End’t No. 37-06 (Ass’t of Rents and Leases) (NJRB 5-155) is adopted.
Rate Manual Revisions; Existing Section Revised.
?       §10.71. “ALTA 30.1-06. Comm’l Participation Interest End’t”. – This section has been amended to add the ALTA endorsement number to the section heading.
Rate Manual Revisions; New Section Added.
?§10.90. “ALTA 37-06. Ass’t of Rents or Leases Endorsement”. This is a new section which discusses a newly-approved endorsement form. This endorsement provides coverage in the event that (a) there is a defect in the execution of an assignment of leases delivered in connection with the insured mortgage; or (b) there exist of record prior assignments of leases (unless excepted in Schedule B). There is a 5% premium surcharge for the issuance of the endorsement, subject to a $100.00 minimum charge. Note that the endorsement is not intended to insure the validity or enforceability of the assignment of leases. Although neither the text of the form nor Rate Manual §10.90 specifically so states, the endorsement is intended to be issued in connection with a loan policy only.
      As noted above, the changes to the Rate and Form Manuals are effective on April 1, 2013. This applies to applications for title insurance received on or after that date. Commitments and policies based on applications received before that date are unaffected. Rates, charges and forms are strictly regulated by the New Jersey Department of Banking and Insurance [DOBI], and that contents of the Rate Manual and the Form Manual have been approved by DOBI.
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