We talk a lot about endorsements that can be added to an owner’s title insurance policy, but there are also many endorsements that can be added to a lender’s title policy. In this article, we are going to discuss the mortgage modification endorsements for lender’s title insurance policies.
Mortgage Modification Endorsements
This endorsement insures the insured lender that a particular recorded mortgage amendment does not affect the priority of the mortgage, except for additional matters stated in the endorsement. The ALTA 11.1 also discloses matters that are subordinate to the Insured Mortgage but recorded between the original Policy date and the date of the endorsement. This coverage under these endorsements is less than provided by a Datedown Endorsement, in that it does not extend all coverage under the policy to a current date.
Mortgage Modification with Additional Insurance
This Endorsement is used when a mortgage modification is recorded and the amount of coverage is increased. It provides specific coverage against loss in the event the Insured mortgage is deemed invalid or unenforceable as a result of the modification OR if the mortgage does not have priority over matters not excepted in the original policy or detailed in the exception.
Trusted Commercial Real Estate Professionals
Commercial Partners Title Company consists of escrow agents, title closers, underwriters, and more experts who can help you through all the minute details of your next commercial transaction. We can perform a title search, underwrite an owner’s title insurance policy, and prepare all of your documents for closing. Contact our team of experts today to learn more about our capabilities and how we can help you with your next transaction. You can find us at our offices in downtown Minneapolis. We work with clients throughout the state of Minnesota and around the United States.