Bulletin: NY000032

Date:
March 31, 1992
To:
All Underwritten Companies
RE:
Foreclosure by Advertisement

Dear Associates:

Stewart Title Insurance Company has recently been requested to insure transactions which have been foreclosed by Advertisement pursuant to Real Property Actions and Procedures Law, Article 14. Due to numerous problems inherent in this non-judicial foreclosure proceedings and the difficulty with the strict compliance with Article 14 and the likelihood of the commission of a fatal incorrectable error, it is the position of Stewart Title to refuse insuring these transactions.

However, if there is a specific instance that you would like us to consider, kindly contact this office with all relevant information as soon as it is available.

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:
12.32 Mortgage Foreclosures
Exceptions Manual:
NY Mortgages
Forms:
None