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: SA2008035
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: SA2008035
Dear Associates:
Effective November 19, 2008, the Office of Thrift Supervision ("OTS") entered an Order to Cease and Desist against AmTrust Bank (Order No. CN 08-15) and a like Order against its holding company, AmTrust Financial (Order No. CN 08-16). Pursuant to the Order, AmTrust may not make any new loans or issue new lines of credit for land acquisition or development, or for speculative residential construction. The Order includes other conditions for extensions, refinancings, assumptions or modifications of existing loans.
All policy issuing agents are reminded not to close any transactions involving AmTrust, or any other lender, unless you are in receipt of immediately available funds.
Enforcement orders issued by the OTS against various financial institutions can be viewed on the OTS website by clicking the menu under Supervision and Legal on its home page and then clicking on Enforcement. The FDIC's enforcement orders can also be viewed on its website by clicking on Press on its home page and then clicking on FDIC Enforcement Decisions and Orders. The OTS and/or the FDIC have taken enforcement actions against many lesser known and smaller financial institutions. These sites should be checked as to lenders you are dealing with.
AmTrust Bank - OTS Order to Cease and Desist (Click to View)
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None