Non-Imputation
Insures that the Company will not deny liability to the insured by reason of knowledge imputed to it through a partner, shareholder, or member by operation of law.
Requirements: Issued with an Owner's policy insuring the interest of a person or entity purchasing an interest in a corporation, partnership or other entity which owns real property. The amount of insurance may not be less than the value of the real property apportioned to the purchaser's percentage interest in the entity. Affidavits of the persons whose knowledge is in question and indemnities in support thereof are required (Owner's Policy).
Option
Insures the validity and enforceability of an option to purchase.
Requirements: The option or memorandum of option must be recorded (Owner's policy).
Partial Release of Mortgaged Premises
Affords assurances that a previously insured mortgage remains a valid and enforceable lien notwithstanding the release of part of the mortgaged premises and that the priority of the insured mortgage is not affected thereby.
Requirements: Review of Release and existing policy (Loan Policy).
Planned Unit Development
Affords assurances against outstanding common charges and assessments, rights of first refusal to purchase, and against the consequences of either an encroachment of a unit or a violation of restrictive covenants.
Requirements: Provide any required waiver of a right of first refusal and consent to mortgage. Confirm that there are no outstanding common charges or assessments. (Owner's and Loan Policies).
Residential Mortgage
Affords assurances in connection with recorded covenants and restrictions, easements and rights of way.
Requirements: Mortgage must encumber one-to-four family residential property. An updated, certified survey is to be reviewed in conjunction with recorded easements and restrictive covenants (Loan Policy).
Reverse Mortgage
Insures the priority and enforceability of the lien of a Reverse Mortgage as security for the payment of principal indebtedness, shared appreciation, and accrued but unpaid or compound interest. Provide a means to determine policy liability in the event of a loss.
Requirements: Compliance with Real Property Law Sections 280 or 280-a. Mortgage recording tax exemption affidavit must be provided (Loan Policy).
Revolving Credit (RCE-1) - Residential Revolving Credit Endorsement
Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).
Revolving Credit (RCE-2) - Commercial Revolving Credit Endorsement for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of Less Than $3,000,000
Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).
Revolving Credit (RCE-3) - Commercial Revolving Credit Endorsement (Limited Term Special Coverage) for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of Less than $3,000,000
Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).
Revolving Credit (RCE-4) - Commercial Revolving Credit Endorsement for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of $3,000,000 or More
Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.
RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.
Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).
Standard New York - Loan Policy
Affords coverage against unfiled mechanics liens and against liens and encumbrances filed or recorded after Date of Policy and prior to recording of the insured instruments. ("Gap" coverage).
Requirements: The insured deed or mortgage must contain a Section 13 Lien Law clause (Owner's and Loan Policies).
Standard New York - Owners Policy
Affords coverage against unfiled mechanics liens and against liens and encumbrances filed or recorded after Date of Policy and prior to recording of the insured instruments. ("Gap" coverage).
Requirements: The insured deed or mortgage must contain a Section 13 Lien Law clause (Owner's and Loan Policies).
Successor in Ownership of Indebtedness
Affords the benefits of the policy as of its original date to the purported assignee of an insured mortgage.
Requirements: None (Loan Policy).
Survey Loan Policy One To Four Family
Insures against loss or damage by any violation, variation, encroachment or adverse circumstance that would have been disclosed by an accurate survey.
Requirements: Land must be used as a one-to-four family residence. A survey affidavit is required (Loan Policy).
Swap
Insures the validity, enforceability and priority of additional interest under an Interest Rate Exchange Agreement secured by the insured mortgage.
Requirements: The mortgage must secure amounts under an Interest Rate Exchange Agreement defined as "additional interest" (Loan Policy).