Bulletin: LA2023001

Dear Associates:

The Louisiana Department of Insurance has approved changes to the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana which are effective August 1, 2023. These changes are in addition to the technical revisions to the 2021 Policies and limited endorsements that went into effect April 1, 2023. All changes are outlined below for your reference.

Changes effective August 1, 2023 -

Section 2 – PROVISIONS FOR POLICY RATES AND RULES

PR-5 RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICAITON POLICY - The ALTA Residential Limited Coverage Mortgage Modification Policy is a new policy available in Louisiana. The premium for this policy shall be $0.50 per thousand dollars of the unpaid balance of the mortgage, with a minimum premium of $125.

Section 4 – SCHEDULE OF RATES AND RULES FOR ENDORSEMENTS

ER-34.1 – Identified Exception & Identified Risk Coverage – This is a new endorsement for Louisiana available for both Loan and Owner’s Policies. The premium rate for this endorsement shall be determined by the Underwriter, with a minimum premium of $500.

ER 46 – Option – This is a new endorsement for Louisiana. The premium rate for this endorsement shall be 5% of the Original Premium of the Policy(ies) to which it is attached, with a minimum premium of $300.

Section 6 – SPECIMEN FORMS – 2021 POLICIES

The ALTA Residential Limited Coverage Mortgage Modification Policy – Modified LA (2021) is a new policy available in Louisiana based upon the ALTA version of the same policy but modified to remove “or lacks any signature” from the first paragraph on page 1, Conditions 17 “Class Action”, and 18 “Arbitration” in line with other Louisiana policies.

Section 10 – SPECIMEN FORMS – 2021 Endorsements

LATISSO 100 – Collateral Mortgage Endorsement – “For use with the 2006 or 2021 Policy Forms” was added to the endorsement header. Minor revisions were made to streamline the definitions of “Insured” and “Indebtedness.”

LATISSO 101 – Multiple Indebtedness Mortgage Endorsement - “For use with the 2006 or 2021 Policy Forms” was added to the endorsement header. Minor revisions were made to streamline the definitions of “Insured” and “Indebtedness.”

LATISSO 108 – Date Down – Loan Endorsement - Items 6(b) through 6(d) have been bracketed within this endorsement to allow for removal/deletion, with underwriter approval, in appropriate circumstances.

ALTA 34.1 – Identified Exception and Identified Risk Coverage Endorsement – This is a new endorsement for Louisiana and has been adopted in the ALTA proposed form.

ALTA 46 – Option Endorsement – This is a new endorsement for Louisiana and has been adopted in the ALTA proposed form.

Technical changes effective April 1, 2023 –

Section 6 - SPECIMEN FORMS - 2021 POLICIES

Technical revisions to the 2021 Policies listed below have been adopted in order to provide accurate and consistent references across policy forms. These Jackets will be made available in our Stewart Access system on April 1, 2023.

ALTA Expanded Coverage Residential Loan Policy - Modified LA - Assessments Priority [2021 v. 01.00 (07-01-2021)] (04/01/2023)

ALTA Short Form Expanded Coverage Residential Loan Policy - Modified LA - Assessments Priority [2021 v.01.00 (07-01-2021)] (04/01/2023)

ALTA Short Form Commitment for Title Insurance - Modified LA - for a Short Form Residential Loan Policy [2021 v. 01.00 (07-01-2021)] (04/01/2023)

ALTA Short Form Residential Loan Policy- Modified LA - Assessments Priority [2021 v.01.00 (07-01-2021)] (04/01/2023)

No modification of policy Schedules is required in conjunction with these form changes.

Rates applicable to each of the above policy types will be the same as the rates applicable to the prior versions of the policy types. Please refer to Section 2 - Provisions for Policy Rates and Rules of the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana.

Section 10 - SPECIMEN FORMS - 2021 SERIES ALTA ENDORSEMENTS

Technical revisions to select 2021 Endorsements as listed below have been adopted to correct prior grammatical errors.

ALTA Endorsement 10.1 Assignment and Date Down [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 32 Construction Loan [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies)] (10/01/2022)

ALTA Endorsement 32.2 Construction Loan-Insured's Direct Payment [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies] (10/01/2022)

Rates applicable to each of the above endorsements will be the same as the rates applicable to the prior versions of the endorsement. Please refer to Section 4 - Schedule of Rates and Rules for Endorsements of the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana.

We have been advised by the various title production software vendors that all ALTA endorsements are made available to users. Please contact your title production software support group for assistance with set up in your system. These Endorsements will be available in Word format on our www.stewart.com/louisiana site under the Underwriting Resources Menu, Endorsements option.

The updated Rate and Form Manual will be available at www.stewart.com/louisiana under the Rates menu option.

Questions relating to this or other bulletins may be directed to Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.

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