Bulletin: GA2024003

Dear Associates:

Stewart Title Guaranty Company (STGC) has published a new All-Inclusive Schedule of Charges for Use in the State of Georgia effective July 8, 2024. An electronic version of the rate book can be found here for your convenience.

The rates in the new Schedule of Charges effective July 8, 2024, are the rates that all Issuing Offices are required to charge the consumer and upon which Issuing Offices must remit. Therefore, the quotation of rates and the premium charged for policies of title insurance sold by STGC and our Issuing Offices shall be based only upon our "All Inclusive Schedule of Charges for Use in the State of Georgia" and any additional rates for endorsements. Any other rates must be separate and distinct from premium charges in a transaction. There should be no confusion by the party charged with paying the premium that the premium relates only to those rates for the title insurance policies.

Effective July 8, 2024, STGC rates in Georgia will be revised to reflect the following changes:

RESIDENTIAL RATE CHANGES:

A.  Increased standard owner’s title policy rates as follows:

• $0 to $100,000—from $4.70 per thousand to $5.65 per thousand,
• Over $100,000 to $500,000, add—from $4.15 per thousand to $4.95 per thousand,
• Over $500,000, add—from $3.40 per thousand to $4.05 per thousand.

B.  Revised pricing for Enhanced Owner’s Policies from 120% of the price of a standard owner’s policy to:

• $0 to $100,000—$6.80 per thousand,
• Over $100,000 to $500,000, add—$5.65 per thousand,
• Over $500,000, add—$4.60 per thousand,
• Minimum charge $200.00.

C.  Increased standard Loan Policy and Short Form Loan Policy rates as follows:

• $0 to $100,000—from $3.40 per thousand to $4.00 per thousand,
• Over $100,000 to $500,000, add—from $2.85 per thousand to $3.30 per thousand,
• Over $500,000, add—from $2.50 per thousand to $2.95 per thousand.

D.  Revised pricing for Expanded Short Form and Long Form Residential Policies from 110% of the cost of the standard loan policy and short form residential policy to:

• $0 to $100,000—$4.85 per thousand,
• Over $100,000 to $500,000, add—$4.00 per thousand,
• Over $500,000, add—$3.70 per thousand.

E.  Simplified wording concerning the calculation of simultaneously issued owner's and loan policies.

F.  Revised pricing for a second mortgage policy issued simultaneously with an Owner’s Title Policy and First Loan Policy to require the premium for the second mortgage loan policy to be calculated at the applicable basic or expanded coverage loan policy rate rather than a simultaneous issue rate.

G.  Increased pricing for an endorsement to an existing policy issued in conjunction with an extension, date down, or modification of an existing loan policy for policies modified within two years of the policy date from 25% of the premium based upon current charges on the unpaid principal balance amount to 50% of the premium based upon current charges on the unpaid principal balance amount. Increased minimum charge for a date down or modification endorsement from $100.00 to $250.00.

H.  Added a section to indicate the premium for ALTA Limited Pre-Foreclosure Policies shall be calculated at the basic schedule of charges for loan policies with a minimum charge of $200.00.

I.  Added instructions for the rounding of all rates up to the next dollar after all other calculations have been determined.

COMMERCIAL RATE CHANGES:

A.  Increased rates for liability amounts over $2 million and up to $5 million from $1.95 per thousand to $2.10 per thousand.

B.  Added language requiring the collection of a $200.00 simultaneous issue fee for each simultaneously issued policy when an Owner’s Title Policy and multiple loan policies are issued simultaneously.

C.  Increased pricing for an extension, date down, or modification of an existing loan policy for policies modified within two years of the policy date from 25% of the premium based upon current charges on the unpaid principal balance amount to 50% of the premium based upon current charges on the unpaid principal balance amount.

D.  Added instructions for the rounding of all rates up to the next dollar after all other calculations have been determined.

Agents must remit the percentage of the total title charges (policy premium and any rates charged for endorsements) to STGC in accordance with their underwriting contract. Additionally, STGC must pay premium tax on both the portion retained by the agent as well as the premium actually remitted to STGC (see O.C.G.A. 33-8-2 and O.C.G.A. 33-8-8-4), so it is critical that the correct title charges are used to calculate the amount of the premium remitted to STGC.

As a reminder, be sure to contact your third-party software provider or the Stewart Customer Care Center (888-526-3282) if you do not use a third-party software provider to get the new rates implemented into your system.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For online viewing of this and other bulletins, please log onto www.vuwriter.com.