- July 23, 2014
- All Oregon Issuing Offices
- RATES AND/OR FORMS UPDATE - New OTIRO Rating Manual - Effective May 8, 2014
This Bulletin is sent to advise you of the most updated version of the OTIRO Rating Manual, which became effective May 8, 2014, for all Oregon title insurance agents.
Changes were made under Section 1.008 of the manual revising the schedule for the local government lien search. The changes affect 16 charges in 16 counties.
The other approval is for a new policy form, the Mortgage Modification Limited Policy, or MMLP. The provision for this form is in Sec 4.006, a section that provides for the Balloon Loan Mortgage Limited Policy. The section now provides for both forms. The charge for the MMLP corresponds to the charge for a mortgage modification endorsement under Section 10.211. As a result, the insurer who issued the loan policy for the mortgage being modified could offer OTIRO Endorsement 211-06. A different insurer, who would not be able to offer the endorsement, could provide comparable coverage by issuing the MMLP. The pricing is the same for either approach. There are cross references to the MMLP in Section 1.001(D) and Schedule Three – Schedule of Policy, Guarantee and Commitment Forms.
A copy of the OTIRO Rate Manual can be found at http://oregonlandtitle.com/files/otiroratemanual.pdf.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto 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.