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Bulletin: LA2010005
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Bulletin: LA2010005
Dear Associates:
The Louisiana Department of Insurance has approved the following changes to the LATISSO Form filing for the endorsements referenced below. There are no changes to the Rate Rule for these endorsements.
These Form changes are effective August 1, 2010, and are as follows:
ALTA Endorsement 3.1-06 and 3.1C-06 (Zoning-Completed Structure) Revised 10/22/09
The ALTA revised Endorsements 3.1-06 and 3.1C-06 on 10/22/09. The revisions to the language clarify that the matters listed in paragraph 2 do relate to the continued use, removal, or alteration of the structure. The revisions do not make any substantive changes to the coverage otherwise embedded in the existing form.
Rate has not changed and remains:
Residential Transactions--ALTA Endorsement 3.1-06:
10% of Original Rate/$50 minimum charge
Commercial Transactions--ALTA Endorsement 3.1C-06:
15% of Original Rate/$50 minimum charge
ALTA Endorsement 4-06 (Condominium) Revised 02/03/10
The ALTA revised Endorsement 4-06 on 02/03/10. The revisions to the language are in Paragraph 4 and clarify that the endorsement insures priority of the lien of the Insured Mortgage over any lien for charges and assessments provided for in the existing condominium statutes and condominium documents. The revisions do not make any substantive changes to the coverage otherwise embedded in the existing form.
Rate has not changed and remains at $50.
ALTA Endorsement 5-06 (Planned Unit Development) Revised 02/03/10
The ALTA revised Endorsement 5-06 on 02/03/10. The revisions to the language are in Paragraph 2 and clarify that the endorsement insures priority of the lien of the insured mortgage over any lien for charges and assessments in favor of any association of homeowners that are provided for any existing document at Date of Policy. The revisions do not make any substantive changes to the coverage otherwise embedded in the existing form.
Rate has not changed and remains at $50.
ALTA Endorsement 10-06 (Assignment) Revised 02/03/10
The ALTA revised Endorsement 10-06 on 02/03/10. The revisions to the language clarify the endorsement by addition of the defined term "Assignee" and by addition of a creditors' rights exception that is consistent with the creditors' rights exclusion in the ALTA Loan Policy. The revisions do not make any substantive changes to the coverage otherwise embedded in the existing form.
Rate has not changed and remains at $50.
ALTA Endorsement 10.1-06 (Assignment and Date Down) Revised 02/03/10
The ALTA revised Endorsement 10.1-06 on 02/03/10. The revisions to the language clarify the endorsement by addition of the defined term "Assignee" and by addition of a creditors' rights exception that is consistent with the creditors' rights exclusion in the ALTA Loan Policy. The revisions do not make any substantive changes to the coverage otherwise embedded in the existing form.
Rate has not changed and remains at $100.
ALTA Endorsement 14-06 (Future Advance-Priority) Revised 10/22/09
The ALTA revised the Endorsement 14-06 on 10/22/09. The revisions to the language clarify the existing definitions, insuring provisions and exclusions. A new definition for changes in the rate of interest is also included. The revisions do not make any substantive changes.
Rate has not changed and remains at $100.
ALTA Endorsement 14.1-06 (Future Advance-Knowledge) Revised 10/22/09
The ALTA revised the Endorsement 14.1-06 on 10/22/09. The revisions to the language clarify the existing definitions, insuring provisions and exclusions. A new definition for changes in the rate of interest is also included. The revisions do not make any substantive changes.
Rate has not changed and remains at $100.
ALTA Endorsement 14.3-06 (Future Advance-Reverse Mortgage) Revised 10/22/09
The ALTA revised the Endorsement 14.2-06 on 10/22/09. The revisions to the language clarify the existing definitions, insuring provisions and exclusions. A new definition for changes in the rate of interest is also included. The revisions do not make any substantive changes.
Rate has not changed and remains at $100.
The Louisiana Rate and Form Manual has been updated to reflect the change in the Form for these endorsements. Please go to www.stgla.com for the updated manual and the revised forms in electronic format.
If you have questions relating to this bulletin, please contact Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- ALTA Endorsement 3.1-06 (Zoning-Completed Structure) (10-22-09)
- ALTA Endorsement 4-06 (Condominium - Assessments Priority) (2-3-10) TC 12-1-16
- ALTA Endorsement 5-06 (Planned Unit Development - Assessments Priority) (2-3-10) TC 12-1-16; 12-1-17
- ALTA Endorsement 10-06 (Assignment) (2-3-10)
- ALTA Endorsement 10.1-06 (Assignment and Date Down) (2-3-10) TC 8-1-16
- ALTA Endorsement 14-06 (Future Advance-Priority) (10-22-09)
- ALTA Endorsement 14.3-06 (Future Advance-Reverse Mortgage) (10-22-09)