The charge for the new policy is $660 ($992 minus $332), plus $99 (10% of the basic premium for the T-42 endorsement), plus $149 (15% of the basic premium for the T-42.1 endorsement, if issued), plus any other endorsement charges. The credit available under R-8 (40% of the unpaid balance) is $332. The Basic Premium for a $100,000 policy is $992. The remaining balance of loan proceeds will be disbursed to the borrower. $80,000 will be used to pay the unpaid balance on a prior purchase money mortgage covered by a Mortgagee Policy issued 1 year, and three months ago. Then add the costs for other endorsements and coverages, such as the tax coverage and Environmental Protection Lien Endorsement.Įxample: The New Home Equity Loan will be a cash out refinance for $100,000. 15 for the T-42.1 Endorsement (if issued) you add those results to the rate for the Mortgagee Policy based on the credit, if any, available under R-8. You then calculate the rate for the T-42 (and T-42.1, if issued) by multiplying the Basic Rate (without consideration of the credit available under R-8) for the new Mortgagee Policy by. You must continue to apply Rate Rule R-8 (refinance rate) if the Home Equity Mortgage is a 'cash out refinance' that pays off a prior mortgage covered by a Mortgagee Policy issued within the last 7 years. If both the Endorsement T-42 and T-42.1 are issued, the additional charge for both endorsements is 25% (10% for T-42 and 15% for T-42.1) of the Basic Rate for the Mortgagee Policy. This rule provides that the rate for the Supplemental Coverage Equity Loan Mortgage Endorsement will be 15% of the Basic Rate for the Mortgagee Policy. 12, 1998, there is no additional charge for this endorsement. This rule provides that the rate for the Equity Loan Mortgage Endorsement (T-42) will be 10% of the Basic Rate for the Mortgagee Policy. The Commissioner adopted a new rate rule R-28. These orders adopt a rate for the existing Equity Loan Mortgage Endorsement (T-42) and adopt a rate, a procedural rule and a form for the Supplemental Coverage Equity Loan Mortgage Endorsement (T-42.1). The Commissioner has entered two orders relating to Home Equity Coverage.

This bulletin has been partially replaced by TX2017009.

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