Bulletin: NJ2016008

Dear Associates:

Changes have been made to the New Jersey Rate Manual effective January 1, 2017. All of these changes are revisions to existing endorsements as referenced below; the pricing for these forms has not changed.  

Endorsement 10.1-06 (Assignment and Date Down) NJRB 5-102: Section 2. B. is amended to include, "affecting the Title" in relation to tax liens or assessments. 

Endorsement 14-06 (Future Advance - Priority) New Jersey Variation NJRB 5-107: This change amends section 1. (a) to provide a further definition of "Agreement" as a "Line of Credit" as "defined in N.J.S.A 46:9-81. 

Endorsement 14.2-06 (Future Advance - Letter of Credit) New Jersey Variation NJRB 5-109 and Endorsement 14.3-06 (Future Advance - Reverse Mortgage) NJRB 5-110: These endorsements were amended to further define "Agreement" as a Line of Credit as set out in N.J.S.A 46:9-8.1.

Endorsement 29.1-06 (Interest Rate Swap Endorsement - Additional Interest) NJRB 5-130:Along with technical corrections, section 3(b) was revised to include the following language "stay, rejection or" in addition to the avoidance of the lien.

Endorsement 29.3-06 (Interest Rate Swap Endorsement - Additional Interest - Defined Amount) NJRB 5-136: Technical changes along with the substitution of the following language in section 3(b): "payment of additional interest" in place of "Swap Obligation".

New Jersey Contract Vendee’s Endorsement: NJRB 5-162: Section 2(a) has been expanded to include the recordation of a "short form or memorandum thereof".

The following endorsements have technical changes only:

Endorsement 29-06 (Interest Rate Swap Endorsement - Direct Obligation) NJRB 5-129

Endorsement 29.2.-06 (Interest Rate Swap Endorsement - Direct Obligation - Defined Amount) NJRB 5-135

The following endorsements all have been amended to add an exception for flooding under various sections as referenced below:

Endorsement 9.7-06 (Restrictions, Encroachments, Minerals - Land Under Development - Loan Policy) NJRB 5-139: Section 5(d)  

Endorsement 35-06 (Minerals and Other Subsurface Substances - Buildings) NJRB 5-143:Section 4(a)

Endorsement 35.1-06 (Minerals and Other Subsurface Substances - Improvements) NJRB 5-144: Section 4(a)

Endorsement 35.2-06 (Minerals and Other Subsurface Substances - Described Improvements) NJRB 5-145: Section 4(a)

Endorsement 35.3-06 (Minerals and Other Subsurface Substances - Land Under Development) NJRB 5-146: Section 4(a)

Endorsement 36.6-06 (Energy Project - Encroachments) NJRB 5-153: Section 4 

Endorsement 9.10-06 (Restrictions, Encroachments, Minerals - Current Violations - Loan Policy) NJRB 5-157: Section 5(d) in addition to technical changes. 

Pricing for all endorsements as approved by the New Jersey Department of Banking and Insurance [NJDOBI] is set forth in the Rate Manual.

As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.

Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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