THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: LA000007
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Bulletin: LA000007
Dear Associates:
When we first presented the new rate for Insured Closing Protection Coverage, many of the companies thought they still had coverage under their old Insured Closing Letters. However, the old form was withdrawn when the new form was approved; the old form is still in effect for orders placed prior to August 1, 2004.
Some brokers were telling the title company that they did not need this protection. In order to protect Stewart Title Guaranty and our agents, we decided to have the compliance office of the lender directly make the coverage decision.
Attached is the Acknowledgment of Offer and Informed Decision Form which has been approved by the Louisiana Department of Insurance. If a lender declines Insured Closing Coverage have them sign this form. It allows us to have record in the file that the lender specifically declined the coverage in the event of a loss.
Thank you for your business and please call me at 1-800-209-4675 x4 if you have any questions.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None