Please be advised that the following form has been approved for use in Montana by the office of the Commissioner of Insurance effective February 9, 2016.
The ALTA Residential Limited Coverage Mortgage Modification Policy (12-01-14) insures against loss or damage sustained by the Insured by reason of: (1) the invalidity or nonenforceability of the lien of the Insured’s Mortgage upon the Title at Date of Policy as a result of a covered mortgage modification; and (2) The loss of priority of the lien of the Insured’s Mortgage, at Date of Policy, over any defects in or liens or encumbrances on the Title as a result of a covered mortgage modification.
This is a new product that has been developed and designed by the American Land Title Association in order to establish an ALTA standard policy product, which will give lenders a uniform title product that provides the assurances that the validity, priority and enforceability of the original mortgage has not been diminished or lost by reason of the mortgage modification.
The ALTA Residential Limited Coverage Mortgage Policy may be issued in connection with a modification of a mortgage by an institutional lender covering one-to-four residential real property or condominiums. The charge for the ALTA Residential Limited Coverage Mortgage Policy shall be $150. The rate shall not include any charges for separate services, including abstracting or search services, or recording, that are provided to institutional lenders.
You must contact Property Info Customer Care or your title production software vendor for implementation of the form in your system.