Bulletin: NY000030

Date:
June 17, 1991
To:
All Underwritten Companies
RE:
Claims Awareness

Dear Associates:

Stewart Title Insurance Company has been altered to a possible fraud situation of which all Underwritten Companies should be made aware. Several Assignments of Mortgages from The Green Point Savings Bank to various private mortgagees and Funding Companies have allegedly been forged exposing the insurer of such matters to potential liability. One such scheme involves an assignment to A.A.B. Mortgage Funding Corporation as assignee from The Green Point Savings Bank executed within days of an insured transaction. All transactions of this nature must be considered suspect and closely scrutinized. Kindly contact our legal department should this, or any similar situation come to your attention.

Be advised that Stewart Title Insurance Company will no longer insure any transaction in which the following are involved either directly or indirectly:

Help Associates
Minerva Benitez a/d/a/ Minerva Slade
Julia Benitez
Lunsford James, individually and/or as notary
Jeffrey Stern, individually and/or as attorney
Patricia Burzo
Jerry Burzo
Technifund Mortgage Corp.
Sandra Vaile
Mara Vaile
Jeffrey Vaile
Jay Solkow

Further, when the transaction involves a private mortgagee, either as insured or in the chain, scrutinize the entire transaction in order to ascertain its bona fide nature. All parties and amounts must be verified to the satisfaction of the Company. If there is any question or suspicion of forgery, collusion or fraud, contact us immediately.

It is better to be cautious than to be exposed to a claim situation that could have been avoided.

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:
6.38 Fraud
Exceptions Manual:
None
Forms:
None