Bulletin: NY000435

Section 15 ("Owner's Policy to Foreclosing Lender") of the Title Insurance Rate Service Association, Inc. ("TIRSA") Rate Manual has been amended effective March 3, 2010.

Section 15, as revised, now reads as follows:

"An owner's policy issued to insure an insured lender, or its assignee or subsidiary, that is made within 5 years from the date of a loan policy, when the lender, or its assignee or subsidiary, has acquired title by a Referee's deed in foreclosure or conveyance in lieu of foreclosure of the insured mortgage shall not be issued in an amount less than the lesser of:

(i) the fair market value of the real property; or

(ii) the unpaid principal balance due on the previously insured mortgage.

The charge for such insurance shall be seventy percent (70%) of the owner's rate up to the unpaid principal balance due on the previously insured mortgage, plus the full owner's rate on any excess.

The provisions of this section do not apply to the issuance of the TIRSA Owner's Extended Protection Policy".

To access the TIRSA Rate Manual go to http://tirsa.org.