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Home > Underwriting > TIRSA Rules > SECTION 31

SECTION 31 - TIRSA JUNIOR LOAN POLICY

  1. A TIRSA Junior Loan Policy or a TIRSA Short Form Junior Loan Policy may be issued in connection with a mortgage secured by residential real property in an amount not to exceed $150,000.00.

    1. The premium to be collected for a TIRSA Junior Loan Policy or a TIRSA Short Form Junior Loan Policy with a face amount of insurance of $100,000.00 or less shall be $200.00.

    2. The premium to be collected for a TIRSA Junior Loan Policy or a TIRSA Short Form Junior Loan Policy with a face amount of insurance of over $100,000.00 shall be $225.00.

    3. The premiums specified in (A)(1) and (2) above do NOT include attendance at closing, recording of documents and/or other administrative services.

  2. The TIRSA Junior Loan Policy Endorsement 1 may be issued only with the TIRSA Junior Loan Policy or the TIRSA Short Form Junior Loan Policy. The premium shall be as set forth in Section 25(D).

  3. The TIRSA Junior Loan Policy Endorsement 2 shall be issued with each TIRSA Junior Loan Policy or TIRSA Short Form Junior Loan Policy. There shall be no charge for this endorsement See Section 25(A).

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