Bulletin: WI2018003

Date:
April 04, 2018
To:
All Wisconsin Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - New ALTA Form

Dear Associates:

The Office of the Commissioner of Insurance for Wisconsin has approved the following ALTA form, effective March 16, 2018.

ALTA Short Form Commitment for an ALTA Short Form Residential Loan Policy (12-01-2017). According to ALTA, this new commitment will replace the current version (last revised effective 10-16-2008 with a technical correction dated 08-01-2015) and be a companion form to the 2016 ALTA Commitment.

It incorporates by reference the substantive conditions of the offer of lender's title insurance on a residential loan transaction and is commonly used to streamline the transfer of the data necessary for a Short Form Residential Loan Policy to be issued. The "Notice" provision should be included in the form.

NOTE: Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new form changes implemented in your system.

As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in your state should be used, unless approved by a Stewart underwriter. 

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:
ALTA Short Form Commitment for a Short Form Residential Loan Policy (12-01-17)