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Bulletin: MU2024001

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Bulletin: MU2024001

Bulletin Document
V 1
Date: April 04, 2024
To: All Colorado, Illinois, Iowa, Massachusetts, Mississippi, Oklahoma, and Tennessee Issuing Offices
RE: RATES AND/OR FORMS UPDATE - New and Revised ALTA Forms - Effective April 2, 2024

Dear Associates:

The American Land Title Association (ALTA) recently adopted new/revised forms, effective April 2, 2024. The new/revised policies and endorsements are below.

The new/revised forms are available on Virtual Underwriter in the New ALTA 2021-2022 Forms Page.

REVISED ALTA POLICIES AND ENDORSEMENTS

ALTA Short Form Expanded Coverage Residential Loan Policies (Assessment Priority and Current Assessments versions) [2021]: The revised version enables incorporation of the appropriate state statutes directly by incorporating ALTA Endorsement 8.1 (Environmental Protection Lien).

ALTA Endorsement 3.3 (Zoning - Completed Improvement - Non-Conforming Use) [2021]: This revision is designed to address coverage for a permitted non-conforming improvement, coverage for specified zoning classification, and to allow for the checkbox selection of the specific zoning matters that will be covered if removal or alteration results, rather than automatic inclusion of a blanket list of covered zoning matters.

ALTA Endorsement 42 (Commercial Lender Group) [2021]: The revision includes a new defined term “Obligor.”

NEW ALTA ENDORSEMENTS

ALTA Endorsement 10.2 (Collateral Assignment) and ALTA Endorsement 10.3 (Collateral Assignment and Date Down): The new Endorsements 10.2 and 10.3 are designed to address collateral assignments of an Insured Mortgage. 

TECHNICAL CORRECTIONS

ALTA Endorsements 14.0, 14.1, 14.2, 14.3: The language regarding “Advances” was clarified by replacing two semi-colons with commas to clarify that the application of the interest is not limited only to amounts expended to prevent deterioration of the property, but to all advances.

If requested by the customer, the new/revised ALTA forms are immediately available for use in Colorado, Illinois, Iowa, Massachusetts, Mississippi, Oklahoma, and Tennessee. In those states where form and/or rate filings are required, we will distribute subsequent state-specific bulletins as these forms become available.

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.

These forms have been provided to third-party title production system (TPS) vendors. Please contact your TPS vendor or account services representative to have the new/revised forms implemented in your system.

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