Bulletin: AZ2017001

Date:
March 16, 2017
To:
All Arizona Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - TITLE INSURANCE RATE UPDATE - Arizona

Dear Associates:

The following will outline the recent revisions to the Schedule of Title Insurance Rates, Manual of Classifications and Rules and Plans Relating Thereto for Title Insurance in the State of Arizona. Revisions to the rate manual submitted were designed to be most competitive with other major title insurance underwriters operating in Arizona

Please be advised that the following Rates have been approved for use in Arizona by the Arizona Department of Insurance effective April 9, 2017:

On Page 14, Section 207-E (Refinancing of Existing Mortgages). This section has been added for use in the State of Arizona.

Rates

E. For Stewart independent title agents, the following rates will apply:

1. Standard Form: Fifty Percent (50%) of the applicable insurance rate. (Minimum: $356.00)

2. ALTA Form:

Amount of Insurance            Rate*

Up to $250,000 ....................... $430
$250,001 to $500,000.............. $580
$500,001 to $750,000.............. $730
$750,001 to $1,000,000........... $880
Over $1,000,000...................... Fifty Percent (50%) of the applicable insurance rate based on the new loan amount.

*These rates are inclusive of the following customary endorsements: ALTA 4, ALTA 4.1, ALTA 5, ALTA 5.1, ALTA 6, ALTA 6.2, and ALTA 8.1.

3. This paragraph (E) does NOT apply to construction loans. Please refer to paragraphs A, B, or C above.

4. No additional discounts are permitted.

Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes 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

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None