Overview
Endorsements are attachments to a title insurance policy that provide additional coverage.
Once completed, the Endorsement documents are uploaded to Synergy (consumer purpose) or Abrigo (business purpose). If all documents are wet signed, send to loan servicing in the designated bag.
If you need additional assistance with Abrigo, please contact _Abrigo Help.
Note: Loan Servicing is responsible for payment to Hayward Title for all HELOCs that included PIR’s or Limited Title Policies from Hayward. Lenders should only disburse funds directly to Hayward in a HELOC closing when a Full Title Policy has been ordered. Other, non-HELOC use of Hayward Title should be treated as with any other title agent, and lender will disburse funds for services directly.
Consequences
Documentation maybe prepared incorrectly if names are not identical to the way Borrower took title to the property. The lien position may be in jeopardy if exceptions are not cleared prior to closing.
When are Endorsements required?
Florida Form 9
Extends Coverage on:
- Covenants, conditions and restrictions
- Encroachments
- Rights of others to use the surface of the land for mineral development
- Must have a survey
ARM-Variable Rate (6.1)
Protects against provisions providing for interest rate changes.
Mobile Home (7)
- Includes manufactured or mobile home in the policy coverage.
- Expands the definition of "land" to include the manufactured or mobile home as real property.
Revolving Credit
Insures against loss of priority on a revolving credit.
Modification
Insures the modified mortgage retains its priority.
Condo (4.1)
- Ensures the condominium is created in accordance with local laws
- There are no charges or assessments due and unpaid at Date of Policy
Environmental (8.1)
Protection against any environmental protection liens recorded in the public records or created pursuant to certain state statutes.
Survey
Ensures the land described in the policy is the same as that on the survey.
PUD - Planned Unit Development (5.1)
- Ensures the development was created in accordance with local laws.
- Ensures against loss or damage due to violations of restrictive covenants.
- Ensures there are no charges or assessments, which are due and unpaid at Date of Policy.
Mortgagee's Title Commitment / Policy
A Title Commitment is a promise from a title insurance company to issue a title insurance policy on a particular piece of real estate once stated conditions have been met.
The commitment must specify:
- The exact terms and conditions that have to be satisfied in order for the title policy to be issued.
- An effective date.
- Present ownership interest(s)
- Present exceptions to title.
- A statement of the standard exceptions to title that the proposed policy will not ensure against.
- The amount of the insurance policy to be issued.
- Identify the Lender
- A stated requirement that the named insured must act in good faith.
A Title Insurance Policy is issued in connection with a real estate transaction to protect the insured against certain risks in connection with the ownership of real estate or making a loan against real estate.
PIR – (FL) or Certificate of Title/Title Opinion (AL/GA)
A title search to determine and verify ownership and encumbrance information regarding a piece of property on the date the search is performed.
Limited Title Policy - HELOC ONLY
A limited title insurance policy can be ordered from Hayward Title Group in connection with a HELOC between $100,001 and $250,000 ONLY. The research required on a limited policy is less extensive and does not go as far back in history as a full Mortgagee’s Title Policy.