Pro – All Title Bureau licensees (Revised)

SUPERINTENDENT OF INSURANCE John G. Franchini 505-827-4299 NEW MEXICO OFFICE OF SUPERINTENDENT OF INSURANCE DEPUTY SUPERINTENDENT Robert Doucette 505-827-5832 FILED OCT 14 PM 1 20 OF INSURANCE SUPERINTENDENT N.M. OFFICE OF Bulletin 2016-023 October 14, 2016 TO: ALL TITLE BUREAU LICENSEES RE: Modification of Endorsement Form 80.2 THE FOLLOWING Bulletin is issued pursuant to NMSA 1978, Sections 59A-30-4 and 59A-30-6 and Sections 13.1.2.1 to 13.1.2.10 NMAC. The purpose of this Bulletin is to clarify computation of the premium for issuance of NM form 80.2 – Mortgage Modification Endorsement with Additional Amount of Insurance. 13.14.10.61(B) NMAC provides the premium for issuance of the NM form 80.2 as follows: When a mortgage with additional amount of insurance endorsement (NM form 80.2) is issued, the premium shall be sixty-five dollars ($65.00) plus an additional premium calculated by determining the difference between the charge for a loan policy in the amount of the current amount of insurance before the amount of insurance is increased, and the charge for a loan policy in the amount of the increased insurance utilizing the appropriate brackets in the schedule of basic premium rates in effect as of the date of the endorsement. The minimum combined charge for the NM form 80.2 endorsement is ninety dollars ($90.00) for each endorsement issued. The Office of the Superintendent of Insurance interprets the phrase “in the amount of the current amount of insurance” to mean the amount of the unpaid principal balance due to the lender before the advance is made. If you have questions regarding this Bulletin, please contact Otis Phillips, Bureau Chief, Title Insurance Bureau at 1-505-827-4930. ISSUED at Santa Fe, New Mexico on October 14, 2016. JOHN G. FRANCHINI Superintendent of Insurance Main Phone: 505-827-4601 Main Fax: 505-827-4734 Toll Free: 1-855-4-ASK-OSI Mailing Address: P.O. Box 1689 Santa Fe, NM 87504-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 g this Bulletin, please contact Otis Phillips, Bureau Chief, Title Insurance Bureau at 1-505-827-4930. ISSUED at Santa Fe, New Mexico on October 14, 2016. JOHN G. FRANCHINI Superintendent of Insurance Main Phone: 505-827-4601 Main Fax: 505-827-4734 Toll Free: 1-855-4-ASK-OSI Mailing Address: P.O. Box 1689 Santa Fe, NM 87504-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 Website: WWW.OSI.STATE.NM.US