Construction escrows that were in progress on September 1, 2023, must be updated by having the parties (the owner, lender, general contractor, and Advocus) execute the Change of Name Amendment to Construction Escrow Agreement (Advocus form 4288). For Wisconsin construction loan escrows, the Change of Name Amendment to Construction Loan Escrow Disbursement Agreement (Advocus form 4291) must be executed by the parties (the owner, lender, general contractor, and Advocus).

Once the Amendment has been executed by all parties, the Change of Name – Policy Endorsement (ADV Endorsement Form 2193-POL) must be issued on the construction loan policy, and thereafter, the ALTA 33-06 Disbursement Endorsement (ADV Endorsement Form 2129-06) must be issued for each subsequent disbursement from the escrow. For Wisconsin construction loan escrows, the modified ALTA 33-06 Disbursement Endorsement (Wisconsin) (ADV Endorsement form 229-06-WI) must be issued for each subsequent disbursement.

Note: The above procedures do not apply for construction loan escrow agreements executed using the Advocus forms nor do the above endorsements need to be issued if the loan policy was issued using Advocus policy forms.