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: SA2007010
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: SA2007010
Dear Associates:
We have been alerted that you may experience a problem in receiving funds from the following lenders/brokers:
First Magnus Financial Corporation
First Magnus Financial Corporation has the below listed corporate office address as well as other branch offices throughout the United States:
First Magnus Financial Corporation
603 North Wilmot Road
Tucson Arizona 85711
Effective immediately, all policy issuing agents are instructed not to accept any orders or close any transactions involving the above 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
If you have transactions which have closed and are pending disbursement, disbursements can only be made on collected funds and you must verify the receipt of the funds prior to making any disbursements.
For additional guidelines regarding lenders/brokers that have been the subject of closing alert bulletins, 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:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None