ENDORSEMENT
―C. Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45)
(1) A Company may issue one or more Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsements (T-45) within one year after issuance by that Company of the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44). A
Company may not issue a Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) more than one year after issuance of the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44).
(2) A Company may delete Paragraph B from the Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) if that paragraph is not applicable at the time of the issuance of the Endorsement.
(3) If the amount of the extension of credit secured by the insured‘s mortgage exceeds the amount of insurance previously stated in the Texas Residential Limited Coverage Junior
Mortgagee Policy (T-44), the amount of insurance shall be increased by noting that change as a Paragraph D in the Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45), subject to payment of the applicable premium as provided in Rule R-27.
The Paragraph D shall read as follows: ‗D. The amount of insurance of the Policy is hereby amended to be $_______.‘ ‖
“E. Procedures Applicable to Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) and Texas Residential Limited Coverage Junior
Mortgagee Policy Down Date Endorsement (T-45) and Texas Residential Limited Coverage Junior Mortgagee Policy Home Equity Line of Credit/Variable Rate Endorsement (T-46) and Texas Residential Limited Coverage Junior Mortgagee Policy Additional Coverage Endorsement
© 2011 Fidelity National Title Group, Inc. 168 Updated Feb. 2012
(1) A Company may not issue a Commitment for Title Insurance prior to or in connection with the issuance of the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) or Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) or Texas Residential Limited Coverage Junior Mortgagee Policy Home Equity Line of
Credit/Variable Rate Endorsement (T-46) or Texas Residential Limited Coverage Junior Mortgagee Policy Additional Coverage Endorsement.
(2) No proforma or specimen Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) Combined Schedule or Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) or Texas Residential Limited Coverage Junior Mortgagee Policy Home Equity Line of Credit/Variable Rate Endorsement (T-46) or Texas Residential Limited Coverage Junior Mortgagee Policy Additional Coverage Endorsement may be issued.
(3) A T-3 Correction Endorsement may be issued to delete errors or erroneous exceptions contained in Paragraph 2 of the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) Combined Schedule or Paragraph A of the Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45). The requirements of Section 2, Paragraph IV, of the Basic Manual, entitled ‗Correction of Policy or Binder‘ shall apply to a Correction Endorsement for a Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) Combined Schedule or Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) or Texas Residential Limited Coverage Junior Mortgagee Policy Home Equity Line of Credit/Variable Rate Endorsement (T-46) or Texas Residential Limited Coverage Junior Mortgagee Policy Additional Coverage Endorsement.
(4) The Company may not provide Express Insurance (pursuant to P-39), or coverage or endorsements applicable to a Mortgagee Title Policy of Title Insurance (T-2) or Interim binder (T-13).
(5) The agent portion of the premium for the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) or Texas Residential Limited Coverage Junior Mortgagee Policy Down Date Endorsement (T-45) or Texas Residential Limited Coverage Junior Mortgagee Policy Home Equity Line of Credit/Variable Rate Endorsement (T-46) or Texas Residential Limited Coverage Junior Mortgagee Policy Additional Coverage Endorsement shall be retained by and paid to only the title insurance agent in the county where the land described in the policy or Endorsements is located if such title insurance agent performs either the: (i) title search; (ii) title examination; or (iii) issuance of the policy or Endorsements.‖
4. UNDERWRITING REQUIREMENTS:
This Endorsement can only be issued with Regional Underwriting approval.
a. The endorsement may only be issued to the Texas Residential Limited Coverage Junior Mortgagee Policy;
b. May only be issued within 1 year after the issuance of the Texas Residential Limited Coverage Junior Mortgagee Policy;
c. Obtain a title down search through the requested date for the endorsement;
d. You may not issue a commitment or pro forma endorsement in connection with the issuance of the endorsement;
e. If the amount of the extension of credit secured by the mortgage exceeds the original amount previously stated in the Texas Residential Limited Coverage
Junior Mortgagee Policy, obtain written evidence from the lender of the amount of advances made to date; and
f. You may not provide Procedural Rule P-39 express coverage as to any coverage provided in the endorsement.
5. RATE RULE: R-27(c) - $50.00
―c. When a Texas Residential Limited Coverage Junior Mortgagee Policy (Form T-44) has been issued and a Texas Residential Limited Coverage Junior Mortgagee Policy Down Date
Endorsement (Form T-45) is issued in accordance with Rule P-46.C, the premium for such endorsement shall be $50.00.‖
6. COMPLETING THE FORM:
Insert the following information into the endorsement form T-45:
a. Loan Policy Number;
b. Date of the endorsement;
c. Paragraph A(1) Insert any matter appearing of record after the date of the Residential Limited Coverage Junior Mortgagee Policy (T-44) or prior downdate (T-45) that purports to vest title in the property. If none, delete the word ―except‖;
d. Paragraph A(2)- Insert any home equity mortgage appearing of record after the date of the Residential Limited Coverage Junior Mortgagee Policy 44) or prior downdate (T-45). If none, delete the word ―except‖;
e. Paragraph A(3)- Insert any monetary liens (other than home equity mortgage(s) listed under paragraph A(2) appearing of record after the date of the Residential Limited Coverage Junior Mortgagee Policy (T-44) or prior downdate (T-45) that purports to vest title in the property. If none, delete the word ―except‖;
f. Insert the description of the insured mortgage referred to in the T-44 if the endorsement is issued after the closing and funding of the insured lender‘s home equity lien. NOTE:
If the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44) and
endorsement are issued prior to the closing and funding of the insured lender‘s home equity lien, paragraph B of the endorsement would be deleted because a specific home equity lien is not being insured; and
g. If the amount of the extension of credit secured by the mortgage exceeds the amount of insurance previously stated in the Texas Residential Limited Coverage Junior Mortgagee Policy (T-44), the amount of insurance shall be increased by noting that change as a Paragraph D:
"D. The amount of insurance of the Policy is hereby amended to be $_______.”
© 2011 Fidelity National Title Group, Inc. 170 Updated Feb. 2012
RESIDENTIAL LIMITED COVERAGE JUNIOR MORTGAGE POLICY HOME EQUITY