Page 45 - Guide to the Most Requested Commercial Title Insurance Endorsements eBook

ALTA Table of Contents Quick Reference Index

ENDORSEMENT 1 2 3 1 2 3 4 5 6

III. Title Tips:

a. If the mortgage modification adds new land as security for the loan, in addition
to issuing the ALTA 11 endorsement, a blank endorsement may be issued to
amend the legal description in Schedule A of the policy if permitted by state laws
and regulations. The new land will need to be searched and examined and
appropriate exceptions added to the policy. Depending on states laws and
regulations, a new policy may need to be issued.

b. The Modification of the Mortgage must be recorded in the public records where
the original mortgage is recorded.

c. None of the forms extend any kind of Creditors’ Rights coverage. The creditor's
rights exclusion, however, expressly applies only to allegations that the
modification transaction was a fraudulent transfer, a preferential transfer, or
warrants an equitable subordination of the mortgage.

8 NCS Commercial Endorsement Guide | oldrepublictitle.com/ncs 45