Bulletin: FL2008001

Date:
January 04, 2008
To:
All Florida Issuing Offices
RE:
Escrow Disbursements/ Uncollected Funds

Dear Associates:

Due to the current economic factors affecting the real estate industry this is a reminder that you should always make sure you have collected funds before disbursing. You should be familiar with the Stewart Bulletins and Closing Alerts previously issued involving troubled mortgage lenders and what constitutes collected or good funds for the purposes of disbursement.

Specific bulletins which discuss these matters include the following:

SLS00368 - Mortgage Lenders That Are Subject Of Closing Alerts Or That May Be Troubled.
SLS2007003 - ACH Transfers
SLS2007004 - The Importance of Obtaining Collected Funds
FL000122 - Search Requirements: Stewart Title Special Alerts
FL000069 - Official Checks
FL000043 - Escrow Disbursements/ Uncollected Funds

All of these Bulletins can be viewed at http://www.vuwriter.com

You are also reminded that you should be fully familiar with Chapter 69O-186.008 of the Florida Administrative Code which requires that the title agent not disburse funds unless the funds are collected and sets out what are considered collected funds. If you need a copy of this regulation or you have any additional questions please contact underwriting counsel.

For on-line viewing of this and other bulletins, log onto http://www.vuwriter.com.  

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.