Non-Imputation
Insures that the Company will not deny
liability to the insured by reason of knowledge imputed to it
through a partner, shareholder, or member by operation of law.
Requirements: Issued with an Owner's policy insuring the
interest of a person or entity purchasing an interest in a
corporation, partnership or other entity which owns real
property. The amount of insurance may not be less than the value
of the real property apportioned to the purchaser's percentage
interest in the entity. Affidavits of the persons whose
knowledge is in question and indemnities in support thereof are
required (Owner's Policy). |
|
Option
Insures the validity and enforceability
of an option to purchase.
Requirements: The option or memorandum of option must be
recorded (Owner's policy). |
|
Partial Release of Mortgaged Premises
Affords assurances that a previously
insured mortgage remains a valid and enforceable lien
notwithstanding the release of part of the mortgaged premises
and that the priority of the insured mortgage is not affected
thereby.
Requirements: Review of Release and existing policy (Loan
Policy). |
|
Planned Unit Development
Affords assurances against outstanding
common charges and assessments, rights of first refusal to
purchase, and against the consequences of either an encroachment
of a unit or a violation of restrictive covenants.
Requirements: Provide any required waiver of a right of
first refusal and consent to mortgage. Confirm that there are no
outstanding common charges or assessments. (Owner's and Loan
Policies). |
|
Residential Mortgage
Affords assurances in connection with
recorded covenants and restrictions, easements and rights of
way.
Requirements: Mortgage must encumber one-to-four family
residential property. An updated, certified survey is to be
reviewed in conjunction with recorded easements and restrictive
covenants (Loan Policy). |
|
Reverse Mortgage
Insures the priority and enforceability
of the lien of a Reverse Mortgage as security for the payment of
principal indebtedness, shared appreciation, and accrued but
unpaid or compound interest. Provide a means to determine policy
liability in the event of a loss.
Requirements: Compliance with Real Property Law Sections
280 or 280-a. Mortgage recording tax exemption affidavit must be
provided (Loan Policy). |
|
Revolving Credit (RCE-1) - Residential
Revolving Credit Endorsement
Assures that a credit line mortgage will
not, except as to matters noted in each endorsement, lose lien
priority as loan proceeds are advanced and readvanced, so long
as the insured lender has no actual knowledge of the sale or
transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens.
RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed
after the aggregate amount of advances exceeds the face amount
of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and
Real Property Law Section 281. To issue RCE-1, and to comply
with the Tax Law, the mortgage must encumber a one-to-six
family, owner-occupied residential property. To issue RCE-3, the
mortgage must be for a term of no more than three years and not
be a building loan mortgage (Loan Policy). |
|
Revolving Credit (RCE-2) - Commercial
Revolving Credit Endorsement for Commercial Credit Line
Mortgages Which Secure a Maximum Principal Indebtedness of Less
Than $3,000,000
Assures that a credit line mortgage will
not, except as to matters noted in each endorsement, lose lien
priority as loan proceeds are advanced and readvanced, so long
as the insured lender has no actual knowledge of the sale or
transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens.
RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed
after the aggregate amount of advances exceeds the face amount
of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and
Real Property Law Section 281. To issue RCE-1, and to comply
with the Tax Law, the mortgage must encumber a one-to-six
family, owner-occupied residential property. To issue RCE-3, the
mortgage must be for a term of no more than three years and not
be a building loan mortgage (Loan Policy). |
|
Revolving Credit (RCE-3) - Commercial
Revolving Credit Endorsement (Limited Term Special Coverage) for
Commercial Credit Line Mortgages Which Secure a Maximum
Principal Indebtedness of Less than $3,000,000
Assures that a credit line mortgage will
not, except as to matters noted in each endorsement, lose lien
priority as loan proceeds are advanced and readvanced, so long
as the insured lender has no actual knowledge of the sale or
transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens.
RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed
after the aggregate amount of advances exceeds the face amount
of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and
Real Property Law Section 281. To issue RCE-1, and to comply
with the Tax Law, the mortgage must encumber a one-to-six
family, owner-occupied residential property. To issue RCE-3, the
mortgage must be for a term of no more than three years and not
be a building loan mortgage (Loan Policy). |
|
Revolving Credit (RCE-4) - Commercial
Revolving Credit Endorsement for Commercial Credit Line
Mortgages Which Secure a Maximum Principal Indebtedness of
$3,000,000 or More
Assures that a credit line mortgage will
not, except as to matters noted in each endorsement, lose lien
priority as loan proceeds are advanced and readvanced, so long
as the insured lender has no actual knowledge of the sale or
transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens.
RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed
after the aggregate amount of advances exceeds the face amount
of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and
Real Property Law Section 281. To issue RCE-1, and to comply
with the Tax Law, the mortgage must encumber a one-to-six
family, owner-occupied residential property. To issue RCE-3, the
mortgage must be for a term of no more than three years and not
be a building loan mortgage (Loan Policy). |
|
Standard New York - Loan Policy
Affords coverage against unfiled
mechanics liens and against liens and encumbrances filed or
recorded after Date of Policy and prior to recording of the
insured instruments. ("Gap" coverage).
Requirements: The insured deed or mortgage must contain a
Section 13 Lien Law clause (Owner's and Loan Policies). |
|
Standard New York - Owners Policy
Affords coverage against unfiled
mechanics liens and against liens and encumbrances filed or
recorded after Date of Policy and prior to recording of the
insured instruments. ("Gap" coverage).
Requirements: The insured deed or mortgage must contain a
Section 13 Lien Law clause (Owner's and Loan Policies). |
|
Successor in Ownership of Indebtedness
Affords the benefits of the policy as of
its original date to the purported assignee of an insured
mortgage.
Requirements: None (Loan Policy). |
|
Survey
Loan Policy
One To Four Family
Insures against loss or damage by any
violation, variation, encroachment or adverse circumstance that
would have been disclosed by an accurate survey.
Requirements: Land must be used as a one-to-four family
residence. A survey affidavit is required (Loan Policy). |
|
Swap
Insures the validity, enforceability and
priority of additional interest under an Interest Rate Exchange
Agreement secured by the insured mortgage.
Requirements: The mortgage must secure amounts under an
Interest Rate Exchange Agreement defined as "additional
interest" (Loan Policy). |
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