- May 18, 2017
- All New Jersey Issuing Offices
- RATES AND/OR FORMS UPDATE - Revised Rate Manual
Changes have been made to the New Jersey Rate Manual which the NJ Department of Banking and Insurance has approved for use in New Jersey effective May 23, 2017:
Article 4 Schedule of Rates: Section 4.11 was added to read:
ALTA Residential Limited Coverage Mortgage Modification Policy
Whenever the ALTA Residential Limited Coverage Mortgage Modification Policy is issued, the underwriting charge for this policy shall be based upon the following rates:
Policy Liability Underwriting Charge
$0 - $1,000,000.00…………………………………..$125
$1,000,001 - $1,500,000.00………………………..$250
$1,500,001 - $2,000,000.00………………………..$350
For each $500,000 of Policy Liability or fraction thereof above $2,000,000 up to $20,000,000 add $100 to the Underwriting Charge.
In addition to the Underwriting Charge, the Examination Charge and charges for searches may be imposed at the discretion of the Insurer or Title Insurance Agent, but the same shall not exceed the charges as set forth in Article 5.
Article 10 Endorsements: Two new ALTA Endorsements have been added:
- Section 10.65 ALTA 18.1-06 - Multiple Tax Parcel Endorsement (NJRB 5-172)
- Section 10.93 ALTA Endorsement 23.1.06 Co-Insurance - Multiple Policies (NJRB 5-173)
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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.
- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual: