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.
Bulletin: KS2009001
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Bulletin: KS2009001
Dear Associates:
The Kansas Supreme Court has held that MERS® (Mortgage Electronic Registration Systems, Inc.) does not qualify for protection under the Due Process Clause of either the United States or the Kansas Constitutions because it does not possess a tangible interest in a mortgage. Landmark National Bank v Kesler, No. 98,489, Supreme Court of Kansas, 2009 Kan. LEXIS 834.
To insure a conveyance subsequent to a foreclosure, you must verify that the plaintiff in the foreclosure proceeding was the lender of record. If the foreclosing lender was not the lender of record, you should require a recorded assignment to the foreclosing lender.
If you have questions relating to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None