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Changes to the 2024 TIRSA Rate Manual Review Series

The links provided below are the recordings from our class regarding the TIRSA Rate Manual updates/changes going into effect on 10/1/2024. This course was offered over a 3 day period, with each day consisting of a 2 hour presentation. The presentation provides detailed information regarding the updates to the new TIRSA Rate Manual, as well as a comprehensive review of the new/updates Endorsements. Please Note: the presentations are provided for Information Purposes only – credit will not be provided.

DISCLAIMER: Please be advised that this video is intended to provide general information to Stewart Title’s licensed policy issuing offices and is believed accurate as of the date of its presentation. Its application may not be suitable to your specific application as the facts and circumstances of each transaction are unique and may require additional consideration not contemplated by the general nature of this presentation. The application of this information will necessarily become less accurate with time and as it is supplemented or replaced by new and/or alternative information that cannot be incorporated into this presentation. You are solely responsible for confirming the accuracy of any information prior to using or relying on it. Any use of it is done so at your own risk. Stewart Title provides no warranties expressed or implied as to the accuracy and/or suitability of this information and is not responsible for any resulting losses.

Please click here to view and download materials.

Changes to the 2024 TIRSA Rate Manual Review – Day 1

Click here for the full video > https://youtu.be/UCs-MerwG6k

Time - Topic
0:00 – Introduction
3:55 – Mandatory Announcements
7:47 – Thank You to Team STIC Contributing and Collaborating
10:08 – Changes to Rate Manual and Rate Neutrality
12:22 – List of Endorsements that Have Been Removed and Added
21:00 – Prohibition Against Affirmative Coverage
28:27 – Section 1: Definitions
31:14 – Definition of Residential Real Property
33:06 – Section 2: Rules
35:00 – Extra Charges
36:44 – Discussion of the Giants season and the word “Telegraph”
39:00 – Survey Rules
41:10 – Section 3: Zones
42:14 – Section 4: Coinsurance
42:37 – Section 5: Minimum Charges for Owner’s Policies
44:12 – Section 6: Minimum Insurance for Leasehold Owner’s Policies
45:32 – Section 7: Simultaneous Issue of Owner’s Policies
47:36 – Section 8: Minimum Insurance: Loan Policy; Leasehold Loan Policy
48:43 – Section 9: Minimum Insurance for Construction Mortgage and Construction Conversion
57:06 – Section 10: Simultaneous Issue of Owner’s, Loan or Construction Mortgage Policies
59:31 – Section 11: New York City Development Rights
1:00:36 – Section 12: Mortgage Refinance Transaction and Subordinate Mortgages
1:03:52 – Sections 12A and 12B: Additional Discount on Residential Refinances
1:05:20 – Section 13: Mortgage and Construction Mortgage Modification
1:06:36 – Section 14: Simultaneous Issue of Two or More Loan Policies (Aggregation)
1:07:05 – Section 15: Collateral Mortgages
1:08:32 – Section 16: Reverse Mortgages
1:09:00 – Section 17: Owner’s Policy to Foreclosing Lender or to Lender by Deed in Lieu
1:09:35 – Section 18: Entity Purchase and Non-Imputation
1:10:00 – Section 19: Mezzanine Financing Insurance
1:10:45 – Section 20: TIRSA Owner’s Extended Protection Policy for Residential Real Property
1:11:32 – Section 21: Contract Vendee; Section 22: Option; Section 23: Zoning
1:12:26 – Section 24: Mortgage Foreclosure Guarantee; Section 25: Recorded Document Certificate and Application
1:12:36 – Section 26: Notice of Availability
1:14:33 – Section 27: ALTA 35 Series of Mineral Endorsements; Section 28: ALTA 28 Series of Endorsements
1:15:00 – Section 29: Usury Endorsements
1:16:02 – Section 30: ALTA 9 Series of Endorsements
1:16:37 – Section 31: ALTA 36 Series of Endorsements
1:17:04 – Section 32: General Endorsement
1:18:02 – Section 33: Endorsements
1:22:50 – Section 34: Continuation of Coverage
1:24:17 – Rates (Changes Are Rate Neutral)
1:25:56 – Starting the Review of the Endorsement Manual
1:26:53 – Standard New York Endorsements
1:27:35 – File the BLA before recording the mortgage; file the amended BLA within 10 days of execution.
1:29:29 – Access Endorsement
1:31:11 – Additional Interest Endorsement
1:33:22 – Aggregation Endorsements
1:34:53 – ALTA 23.1-06 and ALTA 23-06 Coinsurance Endorsements
1:36:14 – Condominium Endorsement
1:40:00 – Construction Loan Endorsement
1:42:44 – ALTA 19 Series Endorsements: Contiguity
1:50:16 – TIRSA Contract Vendee Endorsement
1:51:42 – Cooperative Endorsements

Changes to the 2024 TIRSA Rate Manual Review – Day 2

Click here for the full video > https://youtu.be/q7xvxPkNYhM

Time – Topic
0:00 – Introduction and Mandatory Announcements
3:05 – Q&A from Day 1 Questions
5:14 – Construction Financing, the 10 Day Rule, and Filing the BLA/Amended BLA
7:45 – Why the Contiguity Endorsement?
16:21 – ALTA 28 Endorsement Series
57:38 – ALTA 36 Endorsement Series
1:19:18 – Environmental Protection Lien Endorsements
1:19:55 – ALTA 20-06 First Loss Endorsement
1:21:20 – General Endorsement (Revision Post-Webinar: We need a survey to give party wall coverage.)
1:29:27 – TIRSA Identified Exception and Identified Risk Coverage Endorsement
1:34:08 – Increase in Amount of Insurance Endorsement
1:35:15 – Joint and Several Liability Endorsement
1:36:00 – ALTA 13-06 Leasehold Owner’s Endorsement and ALTA 13.1-06 Leasehold Loan Endorsement
1:36:35 – Manufactured Housing Unit Endorsement
1:37:40 – TIRSA Market Value Endorsement for Owner’s Policy for 1-4 family, Owner Occupied Dwellings
1:40:38 – TIRSA Mezzanine and Mezzanine Assignment of Proceeds Endorsements
1:47:53 – ALTA 35 Endorsement Series

Changes to the 2024 TIRSA Rate Manual Review – Day 3

Click here for the full video > https://youtu.be/TxLXlRDYJwU

Time - Topic
0:00 – Introduction and Mandatory Announcements
3:15 – Q&A from Day 2 Questions
3:33 – Material Modifications to Building Loans
7:10 – ALTA 28.1 and Boundary Line Agreements
9:01 – Enforced Removal and Loss Under the Policy
11:45 – ALTA 28.3 Available Only for Commercial Real Property
12:43 – ALTA 28.3 is not Construction E&O Coverage
10:16 – Certification of Surveys
14:47 – Modifying Exception for Rights of Tenants or Persons in Possession to say Tenants Only and Using General Endorsement for Rights of First Refusal
16:05 – Insuring Over Ancient Mortgages and the Identified Risk Endorsement
20:57 – Mortgage Recording Tax Endorsement
22:18 – New York City Development Rights Endorsement
23:41 – TIRSA Non-Imputation Endorsements
29:49 – ALTA 46-06 Option Endorsement
30:35 – TIRSA Partial Release of Mortgaged Premises
30:50 – TIRSA Planned Unit Development Endorsement
31:05 – TIRSA Revolving Credit Endorsements
32:52 – Residential Mortgage Endorsement
43:08 – ALTA 9 Endorsement Series
1:13:57 – TIRSA Reverse Mortgage Endorsement
1:14:10 – ALTA 25-06 and 25.1-06 Same as Survey Endorsements
1:16:00 – TIRSA Successor in Ownership of Indebtedness Insured Mortgage Endorsement
1:16:30 – TIRSA Interest Rate Swap Agreement Additional Interest – Defined Amount Endorsement
1:18:47 – ALTA 40-06 Tax Credit Endorsements
1:22:00 – ALTA 18-06 Single Tax Parcel Endorsement and ALTA 18.2-06 Multiple Tax Parcel Endorsement
1:22:31 – ALTA 48 Tribal Waivers and Consents Endorsement
1:24:00 – ALTA 27-06 Usury Endorsement
1:25:18 – ALTA 6-06 Variable Rate Mortgage Endorsements
1:26:25 – Waiver of Arbitration Endorsement
1:27:20 – Zoning Endorsement
1:36:22 – Policy Review
1:51:40 – Concluding Remarks