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TIRSA Endorsements
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Variable Rate Mortgage - Negative Amortization

Description
ALTA Endorsement 6 insures against loss of priority by reason of changes in the rate of interest on the principal indebtedness secured by the insured mortgage. The Fixed Rate Conversion endorsement also insures against loss of priority by reason of provisions in the mortgage which permit the borrower to convert to a fixed rate. The Negative Amortization endorsement also insures against loss of priority by reason of the capitalization of interest.
Requirements
The mortgage must provide for changes in the interest rate. For the Negative Amortization endorsement to be issued, mortgage recording tax is to be paid on a maximum stated principal amount of indebtedness including the amount of interest that may be capitalized, and a mortgage recording tax affidavit is required (Loan Policies).
Premium

Endorsement is $25.00. For negative amortization, the policy premium is computed on an amount inclusive of secured, capitalized interest.
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