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: SA2007017
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: SA2007017
Dear Associates:
The following lender/broker has announced that it will no longer be accepting new loan submissions and will be returning any loan files that have not already been approved:
BNC Mortgage LLC
BNC Mortgage LLC has the below listed corporate office address as well as other branch offices throughout the United States:
1901 Main Street
Irvine, CA 92614
A copy of a press release from BNC Mortgage LLC may be viewed at:
http://www.bncmortgage.com/pcindex.htm
Effective immediately, all policy issuing agents are instructed not to accept any orders or close any transactions involving BNC Mortgage LLC 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 lender/broker closures or bankruptcies, 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