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: UT000016
Bulletins by State or Territory
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Bulletin: UT000016
Dear Associates:
If you receive, as part of your closing package or instructions from a lender, a request to sign a form similar to the one attached hereto, do not sign it.
In the letter, the closing agent certifies to items that are outside the purview of an escrow agent or title insurer, such as the present and future exercise of mineral rights on an individual property and the acceptability of mineral reservations to others involved in real estate transactions. Making such representations could incur escrow liability for the agent and possibly expand the scope of coverage under the policy.
Please direct any questions to your local underwriting contact or to the National Legal Department of Stewart Title Guaranty Company.
Exhibit
XYZ Mortgage Company
2001 Any Street
Any City, Any State 000000
Date:
Borrower(s):
Property Address:
RE: MINING AND MINERAL RESERVATIONS
(Document is to be executed only if reservations or rights appear on the title)
Gentlemen:
With reference to the mining and mineral reservations on the title to the land which is to be mortgaged as part of the above referenced loan, we hereby certify that such rights are not currently being exercised nor is their exercise impending. We further certify that said rights are similar to those customarily acceptable to prudent lending institutions, informed buyers and leading attorneys in the community.
Very Truly Yours,
Closing Agent
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None