Bulletin: MD2018002

Dear Associates:

Stewart Title Guaranty Company has filed revised rates with the Maryland Insurance Administration which will become effective February 2, 2018. An electronic version of the rate book can be found here for your convenience.

The Revised Schedule of Charges contains a new fee for Closing Protection Letters

Paragraph 13:

A Closing Protection Letter (“CPL”) is available as an option to the parties of the transaction. The CPL may be issued only for real estate transactions where a title insurance policy or title insurance policies will be issued by or on behalf of Underwriter. This protection is apart and separate from the coverage provided under the title insurance policy. The election for a CPL must be made prior to or at the time of closing. The protection is available to the lender, purchaser, or lessee. A charge for the issuance of the CPL(s) shall be $30 per transaction, regardless of the number of CPLs issued for a single transaction. The entire amount of the CPL charge shall be remitted to Underwriter at closing for the additional risk it assumes when providing a CPL and shall not be subject to any commissions or splits. In the event of a second mortgage or HELOC by a lender other than the primary lender, an additional charge of $30 shall be remitted in its entirety to Underwriter.

Please remember to continue using the current rate manual for all transactions closing before February 2, 2018. 

Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new rates implemented in your 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.