Bulletin: NY000335

Date:
December 12, 2007
To:
All New York State Office Counsel, Managers and Agents
RE:
Delta Financial Corporation

Delta Financial, based in Woodbury, NY, has announced that it intends to file for bankruptcy protection, and has stopped taking any new orders.

Effective immediately, all policy issuing agents are instructed not to accept any orders or close any transactions (including payoffs) involving Delta Financial, without written approval of Stewart Title Insurance Company Agency Legal Services personnel.

No checks or wires issued by Delta Financial should be accepted until confirmation is received from your bank that the funds have been received and that no funds can be reversed.

For additional guidelines regarding lenders/brokers in bankruptcy, please continue to refer to Stewart Title Insurance Company Agency Legal Services Bulletin NY000311.

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:
NY000311 Mortgage Lenders That Are The Subject Of Closing Alerts Or That May Be Troubled
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None