- August 16, 2006
- All Louisiana Agents and Issuing Offices
- Expanded Coverage Residential Loan Policy/New Schedules
Recently there has been a great deal of confusion concerning the ALTA Expanded Coverage Residential Loan Policy. The preprinted jacket mentions several endorsements which are automatically included in this policy.
Unless stated to the contrary in Schedule B, the Company incorporates the following ALTA endorsements into this policy by this reference as if these endorsements had been attached hereto:
The confusion arouse when some people interpreted this to mean that there was no charge for these automatically included endorsements.
However, the Stewart Title Guaranty rate that was approved by the Louisiana Department of Insurance reads as follows:
110% of the Basic Loan Policy, plus any additional charges for endorsements, issued separately or included in the ALTA Expanded Coverage Residential Loan Policy.
In and effort to clear up any confusion, Stewart Title Guaranty has filed the following new schedules to be used with the ALTA Expanded Coverage Residential Loan Policy.
These new schedules will become effective August 1, 2006.
Thank you for your business and please callJohn Hall at 1-800-209-4675 x4 or Wayne McDonald at x3 with any questions.
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:
- Underwriting Manual:
- Exceptions Manual: