Bulletin: MU000006

Date:
March 03, 1993
To:
All Issuing Offices in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
RE:
New Guidelines - Residential Refi's
Dear Associates:

Past underwriting guidelines have required the production of a prior survey and the execution of an owner's affidavit in order to give survey coverage to a lender on a residential refinance.

Now, Stewart Title Guaranty will be willing to give survey coverage to lenders who request an ALTA loan policy without requiring a prior survey.

All that is required is a copy of the prior loan policy or owner's policy with survey coverage. Stewart Title Guaranty will rely on the Schedule B for any necessary survey exceptions. Of course, if your title work discloses equity loans or improvement loan you will want to inquire as to what was done in order to add necessary exceptions. The owner/borrower should execute an affidavit. Please see form referenced at the end of this bulletin.

Grab a major portion of the new refi business in your market by aggressively marketing the cost savings to banks, mortgage companies and other lenders.

If you issue a Master Policy certificate or a Short Form Policy you don't even need an old policy. Do make sure to do your search and examination of the title.

If you have any questions, call us now.

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:
11.28 Loan Policies
Exceptions Manual:
Extended Coverage
Forms:
STG Affidavit - Owners 1993