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.
Special Alert: NL000083
Search the Database
Before closing a transaction, all issuing offices must search the names of the parties to the transaction, including the seller, buyer/borrower, payoff lender and new lender, using the Special Alerts database. Go to the Special Alerts database to search for specific names, entities and properties.
Special Alert: NL000083
Dear Associates:
Attached is a policy reminder notice that Stewart Title Guaranty Company has received from United Lending Group ("United"). This notice sets out strict guidelines for closing transactions involving United as a lender with regard to:
1.) adherence to written closing instructions;
2.) changes to written closing instructions;
3.) remittance of payoff checks;
4.) remittance of final HUD 1 Statements; and,
5.) timely disbursement of funds.
Please forward a copy of this notice to all of your Escrow Officers. If you have any questions regarding compliance with these instructions, please contact Donna M. DelMonte, Senior Vice President Mortgage Banking Operations, United Lending Group, Inc., 3351 Michelson Drive, Suite 100, Irvine, California, 92612, Telephone (949) 477-8400.
Your cooperation is appreciated.
EXHIBIT A (Text version of original attachment)
UNITED LENDING GROUP Monday, November 15, 1999
STEWART TITLE GUARANTY COMPANY
1980 Post Oak Blvd.,Suite 710
Houston, TX 77056
To whom it may concern,
In efforts to maintain the required closing practices of United Lending Group's Mortgage Banking division we have found it necessary to send the following policy reminder notice. This letter serves the purpose of instructing our Closing Agents that United Lending Group requires your company to perform closings in the following manner.
- Instructions regarding loan proceeds must be taken directly from
the Instructions to Escrow. Your closing agent must sign all Instructions
to Escrow. These instructions will give the accurate payoffs that need to
be paid
by the loan proceeds. These instructions must be followed exactly no deviations
are allowed by any parties including unauthorized ULG employees written
or verbal.
- Under no circumstances are payoffs to be changed from the ?Instructions
to Escrow? unless authorized by the following ULG employees,
Ken Smith, Chief Credit Officer
Donna DelMonte, SVP Mortgage Banking Operations - All payoff checks must be forwarded to the Payee and borrowers
should only be receiving proceeds due to them per the written Instructions
to Escrow.
- Final HUD 1 statements must be accompanied with copies of the
checks and faxed within 48 hrs. from the date of disbursement.
- Funds must be disbursed immediately and the DOT/Mortgage sent for recording.
United Lending Group values our relationship and this letter serves to inform your company how we expect closings to be conducted. I appreciate your company's cooperation in regards to this matter. Should you need any additional information, please feel free to call me at (949) 477-8885.
Failure to comply with these instructions could result in claims against your E&O Policy.
Sincerely,
(Signature on original document)
Donna M. DelMonte SVP Mortgage Banking Operations United Lending Group, Inc.
Acknowledged:___________________________
Date:________________________________ Please immediately fax back to (949) 477-8871.
Corporate Offices · 3351 Michelson Drive, Suite 100 · Irvine, CA 92612 · (949) 477-8400
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None