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Bulletin: MI2023002

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Bulletin: MI2023002

Bulletin Document
V 5
Date: February 13, 2023
To: All Michigan Issuing Offices
RE: RATES AND/OR FORMS UPDATE - Stewart Title Guaranty Michigan Residential Rate Manual

Dear Associates:

Please be advised that the Michigan Insurance Bureau has approved the new Stewart Title Guaranty Residential Rate Manual with an effective date of February 24, 2023. (The Rate Manual is attached hereto.) The revisions made are as follows:

  1. Rate increases as to general products.
  2. Removal of the Recent Transfers Reduced Charge rate provision (a/k/a the “reissue credit”).
  3. Clarification that the Master Policy rate for unimproved residential properties, which properties qualify for the Master Rate, is contained in the Commercial Rate Manual.
  4. Addition of the new ALTA Forms released in 2021 and 2022: ALTA 34.1, ALTA 47 Series, ALTA 48, ALTA JR 2, ALTA Short Form Residential Limited Coverage Junior Loan Policy, STG 2021 ALTA Homeowner’s Endorsement, STG Amendment of Covered Risk 10, STG Deletion of PACA-PSA Exclusion, and STG Post Policy Forgery Endorsement.

Forms approved in this filing:

  • ALTA Short Form Residential Limited Coverage Junior Loan Policy (4-2-22)
  • ALTA Residential Limited Coverage Junior Loan Policy (4-2-22)
  • ALTA Residential Limited Coverage Mortgage Modification Policy (4-2-22)
  • ALTA Endorsement JR 1 (4-2-22)
  • ALTA Endorsement JR 2 (4-2-22)
  • ALTA 23.1 Coinsurance Multiple Policies (5-12-22)
  • ALTA 48 Tribal Waivers Endorsement (4-2-22)

Agents and Offices are directed to contact PropertyInfo Customer Care or your title production software vendor to advise them of the new rates and forms and the effective date of February 24, 2023, for implementation.

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.

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