- April 29, 1999
- All New Mexico Issuing Agents
- New Rules and Rates Effective in 1999
The Superintendent adopted changes to endorsements and rates pursuant to the 1998 Annual Hearing. The changes to endorsements were effective February 15, 1999. The changes to rates are effective May 1, 1999.
Arbitration Deletion: Multifamily Loans
The title insurer may now waive its right to demand arbitration under the Loan Policy (NM 2) by an endorsement to the Loan Policy or by a note in Schedule B. The title insurer may waive its right only if the land is composed of five or more family dwelling units. The title insurer may not waive its right to arbitrate on the Owner's Policy. [13 NMAC 220.127.116.11]
You may add the following to the NM Form 11 (Multipurpose Endorsement) or insert it in Schedule B of the Loan Policy, if the lender requests the change in writing.
"The Company hereby waives its right to demand arbitration pursuant to Section 13 of the Conditions and Stipulations."
The transaction code for reporting this endorsement or change is 66.
There is no charge for this endorsement.
NM 50 (ALTA 9) (revised 10/17/98) Restrictions, Encroachments, and Minerals
The Superintendent approved the substitution of the revised ALTA Endorsement 9. This revised endorsement does not make any substantive changes to the New Mexico Form 50. You may secure this revised form from Stewart Forms and Supply at 800-729-1901.
The premium for this endorsement remains 10% of the full basic premium rate. [13 NMAC 14.10.34]
Our guideline for issuance of this endorsement are in Exhibit 1.
Unpatented Mining Claims, etc. - Standard Exception 7
Standard Exception Number 7 is "Unpatented mining claims, reservations or exceptions in patents or in acts authorizing the issuance thereof, water rights, claims or title to water."
You may modify this exception by deleting "Unpatented mining claims, reservations or exceptions in patents or in acts authorizing the issuance thereof." Do not delete "Water rights, claims or title to water." Standard Exception 7 (mining claims and water) may be deleted, except for "water rights, claims or title to water" if: (1) you review the patent and except to matters in the patent; and , (2) the land is within the city limit, or is residential real property (one-to-four family), or is improved residential or commercial land of 5 acres or less. Otherwise, please call our underwriting personnel. [13 NMAC 14.6.23]
The charge to delete "Unpatented mining claims, reservations or exceptions in patents or in acts authorizing the issuance thereof" is $32. [13 NMAC 14.10.35]
The basic rates are reduced by 1.7%, commencing May 1, 1999. You may secure Rate Cards from Stewart Supply and Information at the number above.
The rates for the endorsements are not changed.
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:
- NM000004 New Rules and Forms (1998)
- Underwriting Manual:
- Exceptions Manual: