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New Endorsement Forms Adopted

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, effective May 1, 2015. The following changes have been approved.

Form Manual Revisions; New Endorsement Forms Adopted.

ALTA End’t No. 36.7-06 (Energy Project – Fee Estate – Owner’s Policy) (NJRB 5-166)

ALTA End’t No. 36.8-06 (Energy Project – Fee Estate – Loan Policy) (NJRB 5-167)

ALTA End’t No 45-06 (Pari Passu Mortgage) (NJRB 5- 168)

Rate Manual Revisions; New Sections Added.

New §10.99 discusses ALTA End’t No. 36.7-06 (Energy Project – Fee Estate – Owner’s Policy) (NJRB 5- 166), which, along with previously-approved endorsements in the ALTA 36 series, is issued in connection with energy projects.

New §10.100 discusses ALTA End’t No. 36.8-06 (Energy Project – Fee Estate – Loan Policy) (NJRB 5-167), which, along with previously-approved endorsements in the ALTA 36 series, is issued in connection with energy projects.

New §10.101 discusses ALTA End’t No 45-06 (Pari Passu Mortgage) (NJRB 5-168), which is used when a loan policy insuring a pari passu mortgage is issued. Mortgages are said to be pari passu (a Latin phrase meaning “by equal step”) when they enjoy equal priority, notwithstanding the order in which they are recorded. Pari passu status may be established by a document known as an inter-creditor agreement.

The charge for the issuance of each of the three (3) endorsements discussed above is a sum equivalent to 10% of the premium (with a minimum charge of $100.00). As noted above, the changes to the Rate and Form Manuals are effective on May 1, 2015. 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.

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