Bulletin: MD2018002

Date:
January 31, 2018
To:
All Maryland Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revised Schedule of Charges effective February 2, 2018

Dear Associates:

Stewart Title Guaranty Company has filed revised rates with the Maryland Insurance Administration which will become effective February 2, 2018. An electronic version of the rate book can be found here for your convenience.

The Revised Schedule of Charges contains a new fee for Closing Protection Letters

Paragraph 13:

A Closing Protection Letter (“CPL”) is available as an option to the parties of the transaction. The CPL may be issued only for real estate transactions where a title insurance policy or title insurance policies will be issued by or on behalf of Underwriter. This protection is apart and separate from the coverage provided under the title insurance policy. The election for a CPL must be made prior to or at the time of closing. The protection is available to the lender, purchaser, or lessee. A charge for the issuance of the CPL(s) shall be $30 per transaction, regardless of the number of CPLs issued for a single transaction. The entire amount of the CPL charge shall be remitted to Underwriter at closing for the additional risk it assumes when providing a CPL and shall not be subject to any commissions or splits. In the event of a second mortgage or HELOC by a lender other than the primary lender, an additional charge of $30 shall be remitted in its entirety to Underwriter.

Please remember to continue using the current rate manual for all transactions closing before February 2, 2018. 

Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new rates implemented in your system.  

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None