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: SA2007008
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: SA2007008
On August 1, 2007, you received a bulletin from Stewart Legal Services (SA2007007) stating that you may experience a problem in receiving funds from the following lenders/brokers:
American Brokers Conduit
American Home Mortgage Investment Corp.
American Brokers Conduit/American Home Mortgage Investment Corp. has the below listed corporate office address as well as other branch offices throughout theUnited States:
538 BroadHollow Road
Melville, NY 11747
On August 6, 2007, American Home Mortgage announced that it had filed Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. A complete copy of the press release from American Home Mortgage may be viewed at:
http://phx.corporate-ir.net/phoenix.zhtml?c=68091&p=irol-newsArticle&ID=1036891&highlight
Effective immediately, all policy issuing agents are instructed not to accept any orders or close any transactions (including payoffs) involving American Home Mortgage, American Brokers Conduit, or any other American Home Mortgage Investment Corporation entity 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
For additional guidelines regarding lenders/brokers in bankruptcy, please continue to refer to Stewart Legal Services bulletin SLS00368 which was released on May 8, 2007.
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