Bulletin: NY000408

Recent amendments to the Real Estate Settlement Procedures Act, the Truth in Lending Act and new federal laws have required our lender customers to change internal procedures related to the issuance of disclosure statements, scheduling of closings, fixing of closing costs and other matters. These laws as well as lender internal procedures affect us. We recommend a complete reading of the new RESPA rules and other federal changes.

We recommend advising your closing desk to advise your clients, were appropriate, as follows:

"In providing closing cost estimates based on information which our insured, our customers and/or the loan originators provide us, _____________________ endeavors to follow federal and state regulations and internal lender procedures applying to all transactions including, but not limited to, Truth in Lending, RESPA, Housing and Economic Recovery Act of 2009 and any internal procedures of our lender customers.

Please note that we provide our estimates, as stated, based on the information we receive from the parties and usually without having been provided final documentation to be used at closing. Should there be a "change in circumstances" as defined in RESPA rules, __________reserves the right as allowed under the RESPA rules to revise our estimated closing costs at any time and we reserve the right to charge a fee for re-scheduling the closing should it be adjourned on short notice."

For further information on the changes in RESPA, please see Stewart Bulletin SLS2009002 dated February 2/3/09 "RESPA Reform 2009 - NEW HUD-1, NEW HUD-1A, Average Cost Pricing, and Required Use" which is available at www.vuwriter.com.