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.
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Bulletins by State or Territory
Bulletins by Country
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Please find attached the recent correspondence from the Farm Credit Bank of Texas regarding the Farm Credit Bank's requirements for mineral exceptions in policies issued in Alabama, Louisiana and Mississippi. Stewart Title Guaranty Company has no objection to showing outstanding mineral interests on loan policies issued to the Farm Credit Bank of Texas as outlined in the attached letter.
Should you have any questions, please do not hesitate to call either your state manager or the home office in Houston.
Following was typed on Farm Credit Bank of Texas letterhead, P.O. Box 15919, Austin, Texas 78761, phone 512/465-0400
December 14, 1989
Mr. Glenn Clements
State Manager - Louisiana
Stewart Title Guaranty Company
P.O. Box 2029
Houston, Texas 77252
Re: Mineral Examinations for New Loans in Alabama, Louisiana & Mississippi
Dear Mr. Clements:
The Farm Credit Bank of Texas has begun mortgage lending operations in Alabama, Louisiana and Mississippi. Stewart Title Guaranty Company is now on our list of approved Title Insurance Companies and your title agents in these states may have provided us with Loan Policies during the past several months.
In an effort to reduce the expense to our borrowers and to reduce closing times, we have modified our requirements pertaining to minerals in Alabama, Louisiana and Mississippi.
Our new policy will allow a general exception in Loan Policies for "All oil, gas and mineral reservations, exceptions or severances recorded prior to January 1, 1930" but we require that specific exceptions for such reservations and leases recorded from January 1, 1930 to the current record date be shown on Schedule B, Section II of the title commitment.
We would greatly appreciate your assistance in advising your title agents of this change in Farm Credit Bank policy. Please feel free to call me if you have any questions about the change. We hope that it will result in more and larger loans in the affected states.
Very truly yours,
(Signed)
Kyle Pankonien
Deputy General Counsel
KP/gf
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual:
- Forms: