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Title Talk Newsletters
NJLTIRB Rate & Form Manuals Amended – January 1, 2013

The New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] has recently received approval of the Department of Banking & Insurance [“DOBI”] for certain changes to the Rate and Form Manuals. These revisions became effective on January 1, 2013. The following changes have been approved.

Form Manual Revisions: Existing Endorsement Forms Revised.

  • ALTA End’t No. 25-06 (Land Same as Survey) (NJ Variation) (NJRB-5-125)
  • ALTA End’t No. 25.1-06 (Land Same as Portion of Survey) (NJ Variation) (NJRB 5-126)
  • Secondary Mortgage Market End’t (NJRB 5-32)
  • Waiver of Arbitration End’t (NJRB 5-128)

The revisions to endorsements are technical in nature and do not require any change in underwriting practice before issuing same. ALTA End’ts Nos. 25-06 and 25.1-06 have been amended to confirm that only those errors or inaccuracies in the survey which do not affect title are excepted from coverage. (The coverage is thus harmonized with the Survey Endorsement.) The Secondary Mortgage Market Endorsement has been amended to confirm that the same is to be issued only in connection with a policy insuring a loan secured by a mortgage encumbering a one-to-four family residence. The Waiver of Arbitration Endorsement has been amended to delete reference to the ALTA Residential Owner’s Policy (1987), which policy was previously withdrawn by NJLTIRB.

Form Manual Revisions: Existing Endorsement Form Withdrawn.

  • Non-Residential Shared Appreciation Mortgage End’t (NJRB 5-132) is withdrawn.

Form Manual Revisions: New Endorse- ment Form Adopted.

  • ALTA End’t No. 30.1-06 (Commercial Participation Interest) (NJRB 5-154) is adopted.

As the new end’t form (ALTA No. 30.1-06) provides substantially the same coverage as the withdrawn form (Non-Residential Shared Appreciation Mortgage End’t), the same underwriting procedures are followed when issuing this endorsement.

Rate Manual Revisions; Existing Sections Revised.

  • §10.12. “Secondary Mortgage Market End’t”. This section is amended to confirm that the endorsement is only to be issued when insuring a mortgage loan secured by a lien on a one-to-four family residence.
  • §10.67. “Waiver of Arbitration End’t”. This section is amended to delete a reference to the ALTA Residential Owner’s Policy (1987), which has now been withdrawn.
  • §10.71. “ALTA End’t No. 30.1-06; Commercial Participation Interest End’t”. This section is amended to reflect the withdrawal of the Non-Residential Shared Appreciation Mortgage End’t and its replacement by ALTA End’t No. 30.1-06 (Commercial Participation Interest End’t).

As noted above, the changes to the Rate and Form Manuals became effective on Jan. 1, 2013. This applies to applications for title insurance received on or after that date. Commitments and policies based on applications received before that date are unaffected. Rates, charges and forms are strictly regulated by the New Jersey Department of Banking and Insurance [DOBI], and that contents of the Rate Manual and the Form Manual have been approved by DOBI.

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