Security Title Endorsement Guide

SWAP ENDORSEMENT (INTEREST RATE EXCHANGE AGREEMENT SECURED BY INSURED MORTGAGE)

ALTA 29-06 (02-03-10) ALTA 29.1-06 (02-03-10) ALTA 29.2-06 (08-01-11) ALTA 29.3-06 (08-01-11)

Lenders occasionally request that the Loan Policy insure amounts which are described in an

Interest Rate Exchange Agreement or Swap Agreement, the terms of which are contained in or

referenced in the Insured Mortgage. Such agreements obligate the mortgagor for damages the

lender may suffer under swap transactions it enters into on the borrower’s behalf in order to

achieve a favorable interest rate. If the borrower defaults on its loan, the lender becomes obligated

itself under the swap loan for amounts known as breakage fees. This endorsement is designed to

provide additional coverage for these amounts. These amounts are contingent and would accrue

as an obligation of the borrower post-policy.

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