- November 28, 2001
- All Issuing Offices in Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
- Short Form Residential Loan Policy
Please consider using the Short Form Residential Loan Policy. It is available
in your state, and it can increase your bottom line and enhance your customer
relationships. In this period of refinances, it can be one of your best tools
to increase efficiency.
The Short Form Residential Loan Policy is able to satisfy two of the most complaints that our customers make:
1. It takes too long to get title policies after closing.
2. The title policies contain errors.
The Short Form Residential Loan Policy can be issued and delivered immediately after closing and disbursement. You do not have to wait for return of the recorded mortgage.
You should, of course, continue to promptly file the mortgage.
The Short Form Residential Loan Policy also reduces errors: Schedule B is standardized,
you do not have to type or add a legal description, and you do not have to attach
We have found that many lenders who are educated about the Short Form Residential
Loan Policy will enthusiastically accept it. Examples of lenders who commonly
accept the Short Form Residential Loan Policy include Bank of America, World
Savings, Travelers, Countrywide, Chase and Wells Fargo.
We recommend that you educate your customers about the Short Form Residential
Loan Policy, and issue it whenever possible.
AIM and AFW in most states already have the format for the Short Form Mortgagee policy. If you do not have those forms you may contact your Regional Automation Controller for help.
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.