Bulletin: NJ2023007

Dear Associates:

New Jersey has approved the use of the 2021 ALTA forms, effective November 1, 2023. The impact of this approval is that many of the forms currently in use are being withdrawn as of November 1, 2023, and replaced with the ALTA 2021 forms. See below for a listing of the forms that have been withdrawn, and the corresponding new forms. 

In addition, note that many endorsements have been revised, but not all of them. The revised endorsements have been renumbered to delete the “-06” designation. The endorsements that were not revised will still carry the “-06” designation.

The NJ Rate Manual, which was last updated on December 1, 2021, has also been updated effective on November 1, 2023. The current rates and charges have not changed with the new 2021 forms. The new Rate Manual reflects the new numbers for the commitment, policies, and endorsements, and incorporates some new sections corresponding to new policies and endorsements, as follows:

• Section 4.12: ALTA Residential Limited Coverage Junior Loan Policy (NJRB 5-25) and ALTA Short Form Residential Limited Coverage Junior Loan Policy (NJRB 5-26) – provides the underwriting charge for the issuance of this new policy and limits the availability of this coverage to no more than $250,000.00.
• Section 10.111: ALTA 34.1 Identified Exception & Identified Risk Coverage Endorsement (NJRB 5-184) – this endorsement is available for owner or loan policies and allows for coverage of a specified risk as identified in the endorsement. The charge for this endorsement is $25.00 unless the risk involves special risks or unusual hazards in which case the charge will be commensurate with the undertaking as per Section 3.1.5.
• Section 10.112: New Jersey Solar Endorsement (NJRB 5-185) – this endorsement insures against loss or damage sustained by the Insured in the event the Solar Contract results in the invalidity, unenforceability, or lack of priority of the lien of the Insured Mortgage. This endorsement is only available for loan policies. The charge for this endorsement is $50.00.
• Section 10.113: ALTA JR 1 Endorsement (NJRB 5-187) – this endorsement is only available with the ALTA Residential Limited Coverage Junior Loan Policy or the ALTA Short Form Residential Limited Coverage Junior Loan Policy. The charge for this endorsement is $50.00.
• Section 10.114: ALTA JR 2 Endorsement (NJRB 5-188) – this endorsement is only available with the ALTA Residential Limited Coverage Junior Loan Policy or the ALTA Short Form Residential Limited Coverage Junior Loan Policy and can only be issued if the Loan Policy has been endorsed with an ALTA JR 1 Endorsement. The charge for this endorsement is $25.00.
• Section 10.115: ALTA 48 Endorsement (NJRB 5-186) – this endorsement may be affixed to owner or loan policies, and applies to the Native American Tribe named in the endorsement. There is no charge for this endorsement.

The new forms approved as part of the 2021 forms include the following:

Policies:

2-25 2021 Residential Limited Coverage Junior Loan Policy
2-26 2021 Short Form Residential Limited Coverage Junior Loan Policy

Endorsements:

5-184 / ALTA 34.1 Identified Exception & Identified Risk Coverage 11/1/2023
5-185 New Jersey Solar Endorsement 11/1/2023
5-186 / ALTA 48 Tribal Waivers and Consents 11/1/2023
5-187 / ALTA JR1 11/1/2023
5-188 / ALTA JR2 Future Advance 11/1/2023

Please remember to contact PropertyInfo Customer Care or your title production software provider to incorporate these new forms into your system, and be sure to download the updated version of the forms from your software provider.

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

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