Bulletin: NY000713

As all are aware, on October 1, 2024, New York State adopted an amended Rate Manual, which includes the 2021 Policy forms, and several new or revised Endorsements.

In general, you should be verifying that any issued Policy and Endorsement forms are identical to the filed forms.  However, with respect to the Aggregation Endorsements (formerly titled the “Cluster Endorsement”), they are labeled in the TIRSA Rate Manual as the

• ALTA 12 AGGREGATION ENDORSEMENT – LOAN POLICY
  
• ALTA 12.1 AGGREGATION ENDORSEMENT – STATE LIMITS – LOAN POLICY

This labeling is somewhat of a misnomer, as the following paragraph was added to both versions of the Endorsement as filed, varying it from the standard ALTA form:

Notwithstanding anything stated herein to the contrary, the amount of the principal mortgage indebtedness enforceable in New York shall not be greater than the amount upon which mortgage recording tax pursuant to Article 11 of the Tax Law is paid on each of the sites within the State of New York listed above.

Please be advised that the use of a standard, national ALTA 12 or 12.1 generated from your TPS platform, and not specifically the one promulgated in the TIRSA Rate Manual, will result in issuance of the incorrect Endorsement.

If you have any questions regarding the above, please get in touch with the Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.

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