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: SLS00354
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: SLS00354
Dear Associates:
On March 9, 2007, Stewart Title Guaranty Company issued Closing Alert
Bulletin SLS00352 Regarding New Century Mortgage. Since that time, the
following message has been posted to New Century Mortgage's website
at:
https://lounge.newcentury.com/cms/pdfs/nc.com/closing_agent_letter.pdf
March 14, 2007
Dear Closing Agent:
As you have no doubt
heard, New Century Mortgage Corporation and Home123 Corporation are unable to
continue the origination or funding of mortgage loans at this
time.
Effective immediately, you are instructed to cancel all closings
for New Century loans. We are unable to fund any loans that are currently
awaiting closing. You are also instructed to return all funds that you may be
holding for such closings to the party or parties who delivered them to you.
Please also return all original documents to the respective party who delivered
them to you. We are simultaneously notifying all mortgage loan brokers who may
be assisting with these loans of our action.
Finally, if there are any
outstanding fees for your services, please send your invoice to:
New
Century Mortgage Corporation/Home123 Corporation
18400 Von Karman Avenue, Suite
1000
Irvine,
CA
92612
Attention: Compliance
Department
If you have any questions, you may call 800.224.2269 for
assistance.
We regret having to take this action, and we are hopeful that
our current situation can be corrected in the near future so that we can
continue to do business with you.
Thank you for your
understanding.
Sincerely,
Robert Champion
EVP,
Western Group Manager
Steve Lemon
EVP, Eastern Group
Manager
Effective immediately, all policy issuing agents are
instructed not to accept any orders or close any transactions involving the
above entities without the written approval of the Stewart Legal Services
representative listed below:
Mary Payne Thomas
Stewart Title Guaranty
Company
1980 Post Oak Blvd,
Suite
710
Houston,
Texas
77056
(800) 729-1902
Email:
mthomas@stewart.com
Please
contact the above representative immediately if you have any transactions
involving the above referenced entities.
For on-line viewing of this bulletin, log onto http://specialalerts.stewart.com/
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None