- March 17, 1993
- All Louisiana Issuing Offices
- Master Residential Loan Policy and Short Form Residential Loan Policy
You have received a previous Bulletin dated August 1, 1992, concerning the Master Residential Loan Policy and Short Form Residential Loan Policy.
That Bulletin states that issuance of the Master Policy or the Short Form Policy is limited to one-to-four residences in well established subdivisions that do not have a history of survey or encroachment problems.
If you receive a request to issue the Master Policy Certificate or Short Form Loan Policy based upon a metes and bounds description, verify:
1.The land has an improved one-to-four family residence.
2.The land does not exceed 5 acres.
3.You review a survey not more than 10 years old.
4.If the survey discloses any serious problems, make a suitable exception on the Addendum.
5.Examination of title must not reflect that improvements have been added since the date of said survey (e.g., by lien affidavits, mechanic's lien contract).
6.An Affidavit must be executed by the mortgagors. Please see referenced forms at the end of this bulletin.
If you are requested to issue without a survey on a metes and bounds description, please call our Agency Representative, District Manager, or underwriting personnel.
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:
- 11.28 Loan Policies
- Exceptions Manual: