Virtual Underwriter

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Bulletin: NL000047

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Bulletin: NL000047

Bulletin Document
V 3
Date: March 28, 1995
To: All Issuing Agents
RE: Date of Policy and Endorsements

Dear Associates:

We have received several complaints from lenders that investors are rejecting loans which have title policies dated subsequent to the recording date of the mortgage instrument. Our underwriting guidelines, Underwriting Manual, Section 4.00, Date and Time of Policy state that the date of policy shall be not later than the date of the recording of the mortgage instrument. If a request is made that a policy be dated at a time subsequent to recording date, you can do so, so long as the title is searched to that date. Please conform your policy preparation procedures to these guidelines.

Lenders have also pointed out that they received endorsements dated other than the proper policy date. Endorsements requested in conjunction with a specific transaction are to be dated the same date as the policy.

Should you have any questions, please call Stewart Underwriting Personnel.

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.

References