These are endorsements, or extra coverage, on the loan policy. These are Pennsylvania filed endorsements. Number 100 covers the lender for issues related to unknown violations of restrictive covenants, conditions, etc. Number 300 covers the lender for unknown matters that might have been discovered by a current up to date survey of the premises. Number 900 covers the lender for environmental issues aka ALTA 8.1.
These are the most typical endorsements required by mortgage lenders in Pennsylvania and they each run $50.
5 comments:
Since these all cover the lender, then the lender should pay for them!
Good try, Anon, but you know the consumer always pays for anything and everything. ;)
Thanks for reading and I like the comment.
Is there an endorsement similiar to 300 that covers the buyer in the event of a boundry dispute?
Yes, Anon. In PA there is an endorsement 301 which offers the same coverage to an owner as the PA 300 offers to the mortgagee. The charge for the 301 endorsement is 20% of the applicable basic or reissue rate. The 301 endorsement requires underwriter approval and the underwriter will typically require an ALTA survey.
The ALTA survey is a higher standard survey and more expensive than those we typically see.
I like this website! Good info!
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