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: MI2010004
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Bulletin: MI2010004
Dear Associates:
Please remember that Stewart Title Guaranty Company, as well as all Underwriters in the State of Michigan, file an all-inclusive rate for title insurance. This means that all searching/abstracting or examination fees are included in the filed rate. You may not bill or charge a separate fee for this exercise.
However, as contained in both the residential (Chapter XVII) and commercial (Chapter XI) rate manuals, you are authorized to charge a "work fee" at a rate of $200.00 an hour for examination of more than one chain of title, unusual complexity and/or an unusual amount of preparation time.
Make sure that any additional charges that fall within the above-described category are billed under a "work fee" charge and not as a search or exam fee.
This Bulletin relates solely to Michigan.
If you have any questions relating to this or other bulletins, please contact your local underwriting personnel or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None