Approved Changes to 2021 ALTA Policy & Commitment Forms

Written by SoftPro | 10/14/21 2:54 PM

On July 30th, 2021, the ALTA Forms Committee announced the publication of the 2021 ALTA Forms Collection containing the ALTA 2021 Commitment, Policy Forms, and Endorsements. Updates, additions, and changes were made to align with legal, regulatory, and social justice considerations. Here's what you need to know about the new ALTA Forms Collection.

Effective Date:

The approved forms have an effective date of 7/1/2021.
The 2006 versions of the updated forms will be decertified as of 12/31/2022. Decertification does not prohibit the use of the 2006 ALTA forms.
Underwriter specific 2021 ALTA forms - SoftPro customers should obtain guidance directly from their underwriter as to what is approved for use in their state. Adoption time frames will vary between states and underwriters. Forms will be developed when requested by the underwriter.

Affected Forms:

The following new or revised policies were adopted by ALTA, effective 7/1/2021:

2021 ALTA Owner's Policy
2021 ALTA Loan Policy
2021 ALTA Short Form Residential Loan Policy – Assessments Priority
2021 ALTA Short Form Residential Loan Policy – Current Assessments
2021 ALTA Homeowner’s Policy
2021 ALTA Expanded Coverage Residential Loan Policy – Assessments Priority
2021 ALTA Expanded Coverage Residential Loan Policy - Current Assessments
2021 ALTA Short Form Expanded Coverage Residential Loan Policy – Assessments Priority
2021 ALTA Short Form Expanded Coverage Residential Loan Policy - Current Assessments

The following new or revised commitments were adopted by ALTA, effective 7/1/2021:

2021 ALTA Commitment for Title Insurance
2021 ALTA Short Form Commitment for Title Insurance

The following new or revised endorsements were adopted by ALTA, effective 7/1/2021, and may be issued with the 2021 ALTA Owner's Policy and the 2021 ALTA Loan Policy, if applicable:

ALTA 3 ALTA 6.2 ALTA 11.2 ALTA 27

ALTA 3.1 ALTA 7.1 ALTA 12 ALTA 28.1

ALTA 3.2 ALTA 7.2 ALTA 12.1 ALTA 30

ALTA 3.3 ALTA 8.1 ALTA 14 ALTA 30.1

ALTA 3.4 ALTA 10 ALTA 14.1 ALTA 32

ALTA 4 ALTA 10.1 ALTA 14.2 ALTA 32.1

ALTA 4.1 ALTA 11 ALTA 14.3 ALTA 32.2

ALTA 6 ALTA 11.1 ALTA 26 ALTA 34.1

**The 2006 version of these endorsements must be issued with the 2006 ALTA Owner's Policy and the 2006 ALTA Loan Policy**

Comparison charts highlighting the differences between the 2006 ALTA forms and the new/updated 2021 ALTA forms can be found here: 2006 v 2021 ALTA Forms Comparison Charts

As part of our Saved You a Seat webinar series, we hosted an in-depth discussion about the new ALTA Forms Collection with experts from the ALTA Forms Committee. They covered how new forms get adopted, who does the work, which the 2006 Policies have been revised, what changed in the Policies, and so much more.

Watch a recording of Saved You a Seat Episode 30: Review of the New ALTA Policy Forms:

View full post