CLTA Assignment Endorsement Guideline 104.1

Explanation:

Provides the assignee of a mortgage or deed of trust insured under a CLTA Standard Coverage Policy or an ALTA Loan Policy with assurances concerning (a) the validity of the assignment to evidence the transfer of the entire beneficial interest of the named assignee; and (b) that no full or partial reconveyance, and no modification or subordination of the insured mortgage or deed of trust appears of record.

Underwriting Requirements:

DO NOT ISSUE THIS ENDORSEMENT(S) IF THERE ARE MULTIPLE BENEFICIARIES UNLESS YOU SECURE THE APPROVAL OF A STEWART SENIOR UNDERWRITER.

(1) This endorsement may not be utilized to insure a collateral assignment.
(2) The requirements for issuance of this endorsement are as follows:
(a) A review of the original note and deed of trust must be made in order to preclude conflicts between the record assignor and true owner of the note. If the original note is not furnished for examination purposes or if the note is not properly endorsed to the assignee, the CLTA 104.10 Endorsement should be used.
(b) A search for reconveyances, subordinations, modifications, etc. of the insured deed of trust or mortgage;
(c) A general index search of the assignor and all intervening assignors for federal tax liens, bankruptcies, incompetencies, etc..
(3) This endorsement may, when requested, and after a determination of the ownership of the estate or interest covered by the policy is made, be extended to show the current vesting of title based on an additional title search and the appropriate premium charges.