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Home > Underwriting > TIRSA Rules > SECTION 17 - MORTGAGE ASSUMPTION

SECTION 17 - MORTGAGE ASSUMPTION

  1. When a previously insured mortgage is assumed by a successor in title to the owner of the fee or leasehold estate named in the original policy, and none of the terms of the mortgage are being modified except the assumption of the mortgage by the new owner, the charge for an endorsement or policy reflecting the assumption shall be thirty percent (30%) of the loan rate based on the outstanding principal balance of the loan.

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