Bulletin: NJ2017002

Date:
May 18, 2017
To:
All New Jersey Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revised Rate Manual

Dear Associates:

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:

  1. Section 10.65 ALTA 18.1-06 - Multiple Tax Parcel Endorsement (NJRB 5-172) 
  2. Section 10.93 ALTA Endorsement 23.1.06 Co-Insurance - Multiple Policies (NJRB 5-173)  

If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.

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:
ALTA Endorsement 18.1-06 (Multiple Tax Parcel - Easements) Technical Correction 12-01-16
 
ALTA Endorsement 23.1-06 (Co-Insurance - Multiple Policies) (08-01-16)