- November 24, 2008
- All New York State Office Counsel, Managers and Agents
- Washington Mutual Bank Takeover, Further Guidelines
This Bulletin s replaces Bulletin NY000384.
On September 25, 2008, the FDIC was appointed by the Office of Thrift Supervision as Receiver for Washington Mutual Bank, Henderson, Nevada ("WaMu Bank") and by Purchase and Assumption Agreement of same date, the FDIC, as Receiver sold substantially all the assets, including the subsidiary Washington Mutual Bank, FSB, Park City, Utah, to JPMorgan Chase Bank, National Association ("JPMorgan Chase").
We have obtained copies of the Order appointing the FDIC as Receiver of WaMu Bank and the Purchase and Assumption Agreement ("P&A Agreement") selling the assets to JPMorgan Chase. The following requirements should always be followed:
Loan Payoffs and Release of Liens
JPMorgan Chase has not yet integrated the Washington Mutual operations into its own systems. Until that integration is accomplished, payoff information as to loans held in the name of Washington Mutual will continue to come from Washington Mutual. You can obtain payoff information for first lien loans by calling 866.926.8937 or 888.800.8738 for equity loans.
Sale of REO Property
If the most recent deed of record is to WaMu as the grantee, two deeds are needed - one from the FDIC, as Receiver for WaMu conveying the property to JPMorgan Chase, N.A. and the second from JPMorgan Chase, N.A. to the purchaser. If the FDIC's deed is executed pursuant to a power of attorney, a recordable copy of the power of attorney (in form acceptable to Stewart) is required.
The Order appointing the FDIC as Receiver of WaMu Bank and Purchase and Assumption Agreement ("P&A Agreement") are available online in the Stewart Agent Resource Center. To access the Agent Resource Center, go to www.stewartnewyork.com and click on "Agent Log-In". You will need your Agent ID number to access the Resource Center. If you do not know your agent ID number, please call 212-922-0050.
For on-line viewing of this and other bulletins, log onto: www.stewart.com/new-york
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:
- SLS2008010 The Federal Deposit Insurance Corporation's (FDIC) role as Receiver and Conservator for failed banking institutions - Title implications for sales and loan payoffs
- SLS2008016 Washington Mutual Bank Takeover
- SLS2008020 This Bulletin has been replaced by SLS2008022.
- SLS2008022 Washington Mutual Bank Takeover - Further Guidelines
- Underwriting Manual:
- Exceptions Manual: