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: MN2023001
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Bulletin: MN2023001
Dear Associates:
Effective January 23, 2023, an updated Stewart Title Guaranty Company rate manual and new forms and endorsements have been approved for use by the Minnesota Department of Commerce. The revised rate manual is available here. Significant changes include:
- Section 13a: Increased the Simultaneous Issue Fee from $100 to $150.
- Section 12: Added clarifying language to the Developer/Subdivider and Initial Purchaser Policies section.
Please account for these rate changes in your systems.
Effective January 23, 2023, the Minnesota Department of Commerce approved the following form for filing:
Minnesota General Endorsement (1-3-23) - This endorsement must be included with every policy to amend the language so that it is in compliance with Minnesota statutes.
The American Land Title Association (ALTA) recently adopted new/revised policy and endorsement forms as indicated below (also approved for use by the Minnesota Department of Commerce effective January 23, 2023).
The new forms are available on Virtual Underwriter in the New ALTA 2021-2022 Forms Page.
ALTA POLICIES
(1) ALTA Short Form Residential Limited Coverage Junior Loan Policy 4-2-22
(2) ALTA Residential Limited Coverage Junior Loan Policy 4-2-22
(3) ALTA Residential Limited Coverage Mortgage Modification Policy 4-2-22
(4) ALTA Loan Policy of Title Insurance, Schedule A, BI, BII (7-1-21) - This form was originally filed and approved in 2021, but it did not include a Schedule A with item #6 (see attached form 9011). The version approved in this filing includes item #6 so that the option to incorporate a list of endorsements is now available.
ALTA ENDORSEMENTS
(4) ALTA 23.1 Coinsurance Multiple Policies 5-12-22
(5) ALTA Endorsement JR 1 4-2-22
(6) ALTA Endorsement JR 2 4-2-22
Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new forms implemented in your system.
As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in your state should be used, unless approved by a Stewart Title Guaranty Company underwriter.
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:
- ALTA Endorsement 23.1 (Co-Insurance - Multiple Policies) (5-12-22)
- ALTA JR 1 Endorsement (4-2-22)
- ALTA JR 2 Future Advance Endorsement (4-2-22)
- ALTA Residential Limited Coverage Junior Loan Policy with Arbitration (4-2-22)
- ALTA Residential Limited Coverage Mortgage Modification with Arbitration (4-2-22)
- ALTA Short Form Residential Limited Coverage Junior Loan Policy (4-2-22)
- MN ALTA Loan Policy of Title Insurance (07-01-2021) Schedule A
- Minnesota General Endorsement (1-3-23)