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: WI2013002
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Bulletin: WI2013002
Dear Associates:
Please note that the Schedule of Charges for title insurance in Wisconsin has been revised. These changes will become effective on January 10, 2014.
The following Sections are modified: Section B, Item 3 for the Refinance Charge for Residential Loan Properties; Section B, Item 5 for the Residential Purchase Money Mortgage Charge; Section B, Item 7 for the ALTA Residential Limited Coverage Junior Loan Policy and; new Section B, Item 12 for Time Shares Charges. A summary of the Rate Manual updates:
- Page 3, Section (A), Item 2 - Residential and Non-residential - the definition was clarified.
- Pages 4-5, Section (B), Item 3 - Refinance Charge for Residential Loan Policies - charges for the first two tiers (ranges of charges) were modified. The third tier, over $500,000 was unchanged.
- Page 5, Section (B), Item 5 - Residential Purchase Money Mortgage Charge. The charge for insurance for a purchase money mortgage was modified from $250 to $275.00. The previous limitation for this section to apply only to certain designated counties was removed, so the same rate can now be used in all counties in Wisconsin.
- Page 5, Section (B), Item 7 - ALTA Residential Limited Coverage Junior Loan Policy. Change in structure and charges for the rates.
- Page 6, Section (B), Item 12 - Time Share Charge. This new provision allows a charge for premium for insurance on time-share properties. The flat charge of $275.00 will apply for policies up to the value of $30,000.00 or less. For insured values in excess of $30,000.00, the original charge applies.
Wisconsin Rate Manual (Click to View)
As a reminder, agents that use AFW and/or AIM+ should contact PropertyInfo Customer Care to get the new changes implemented in their AFW and/or AIM+ system.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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