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: OK000001
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Bulletin: OK000001
Dear Associates:
This Bulletin supplements the Bulletin dated August 31, 1993, designated "MU000011" only to the limited extent indicated below.
When issuing either the Residential Loan Certificate to a Master Residential Loan Policy or the Short Form Residential Loan Policy, you must always attach an Addendum to which you must add the following:
"Schedule B, Exception From Coverage and Affirmative Assurance No. 4 is amended to read as follows: "Any lease, grant, exception or reservation of minerals or mineral rights appearing in the public records."
The above procedure is required so that these policies conform to the bulletins issued by the Oklahoma Insurance Commissioner which provide that title insurance coverage for surface damage due to the exercise of mineral rights is outside the scope of title insurance.
Please refer to Bulletin MU000011 for instructions on using the Addendum for any other special exceptions, as well as general instructions for using these policy forms.
If you have any questions about this Bulletin, please contact an underwriting attorney in the National Legal Department.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None