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: MI2020008
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Bulletin: MI2020008
Dear Associates:
Please be advised that on August 26, 2020, the State of Michigan approved Stewart Title’s updated Residential and Commercial Rate Manuals for an effective date of August 31, 2020.
Please review the entirety of both Manuals but please note the following changes in the Residential Rate Manual: In Paragraph A of the General Provisions, the Manual now applies to any improved residential (one-to-four family) property or unimproved property intended for residential use. [Note: The $1 Million Dollar limitation was removed.]
Paragraph B, Schedule of Charges for Policies has been modified in each of the tiers for Owner’s Policies, Homeowner’s Policies, and Michigan Department of Transportation Charges. Paragraph B. 4, Recent Transfers Reduced Charge, has been modified from 60 months to 24 months. Paragraph B. 5 has been modified to further define the types of transactions which qualify for the new construction credit. Paragraph B has also been modified in each of the tiers for Loan Policies, Expanded Coverage Residential Loan Policies, Residential Limited Coverage Junior Loan Policies and Residential Limited Coverage Mortgage Modification Policies. In Paragraph B. 15, The Michigan Mortgage Modification Guarantee charge has been modified to charge a flat fee. Please review Paragraph C. as to all the ALTA Endorsements and Michigan Specific Endorsements for changes in the charges.
Also please note the following changes in the Commercial Rate Manual: In Paragraph A, General Provisions, the Commercial Manual now applies to commercial risks or vacant land intended for commercial purposes and no longer applies to vacant properties intended for residential use over $1 Million. The only other section that has been modified is Paragraph C, Endorsements. The list of Endorsement charges now matches those of the Residential Rate Manual.
Please disseminate this Bulletin and the Manuals to all appropriate personnel and notify all software vendors as appropriate. Please be advised that Stewart Title has notified AIM+, RamQuest, SoftPro, Resware and Qualia such that they will have our new rates available on the effective date. Stewart Title will also have its Rate Calculator updated for use on the effective date.
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:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None