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: NY000697
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Bulletin: NY000697
Note: This Bulletin has been replaced by NY000698 - Mr. Cooper Cyber Breach - UPDATE. Use it for reference only.
Stewart Title Insurance Company has been made aware of cyber security incident involving lender and servicer Mr. Cooper. Through various outlets, including its website (https://incident.mrcooperinfo.com/), Mr. Cooper has confirmed the cyber-attack. However, the information regarding scope, impact, and remedy from Mr. Cooper has been limited. Most importantly, Mr. Cooper has stated that it cannot process payments (and therefore mortgage payoffs) until the issue is resolved.
Effective immediately,
1. For transactions involving a payoff of a loan where Mr. Cooper is the payee, servicer or lender and you have a payoff letter issued October 31, 2023 or before you can rely on the payoff letter and send your payoff check (via overnight delivery) as instructed in the payoff letter.
If you do not have a Payoff from Mr. Cooper you should not close without Stewart Underwriter approval.
2. For transactions where Mr. Cooper is the insured lender you must have closing instructions and loan proceeds from Mr. Cooper authorizing you to close, fund and record the mortgage.
Additional guidance will be issued as more information is obtained.
In the event you have any questions regarding the above, please contact Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.
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