Virtual Underwriter

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Bulletin: NY000677

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Bulletin: NY000677

Bulletin Document
V 2
Date: November 29, 2022
To: All New York State Agents, Office Counsel, and Managers
RE: UNDERWRITING – Foreclosure Sales

Dear Associates:

Given the lifting of the Covid related moratoriums and recent real estate market conditions, we are experiencing and anticipate an even greater number of foreclosure sales. As noted in our Annual Bulletin and our Foreclosure Bulletins, these transactions represent extraordinary risks which require High Liability Approval. As a reminder, attached are links to our relevant bulletins, high liability request form, our foreclosure certification and foreclosure checklist. The checklist is to aid in your review of the foreclosure action and the certification must accompany each high liability request along with copies of the foreclosure action, title report, survey and any other relevant documentation.

465 and 635 Insuring at or after Mortgage Foreclosure

510, 562; 563, 583 and 645 Over limits/High Liability/Special/Extra Hazardous Risks

As always, we thank you for your professional cooperation and partnership with Stewart Title and wish you all a happy, healthy and prosperous holiday season.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com. 

Forms: FC Certification; FC Checklist

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.

References