Bulletin: WI2018004

Date:
October 23, 2018
To:
All Wisconsin Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Wisconsin Rate Manual Revised Schedule of Charges

Dear Associates:

Attached please find the revised Schedule of Charges for Title Insurance in The State of Wisconsin. These changes become effective on November 1, 2018.

Wisconsin Rate Manual (Click to View)

The revisions to the Schedule of Charges pertain to, and modify, the following sections of the rate manual:

Revisions to Section (C) - Owner's Policies - Item 4 - Charges for Master and Take-off Policies. The language for part of the section was modified to clarify the existing liability clause. This modification did not result in any change to the existing charges for the section.

Revisions to Section (D) - Loan Policies - Item(s) 1-3. These sections were revised to replace the separate schedule of charges for Non-Residential and Residential loan policies and return to the prior rate structure. Item 1 now applies to the Basic Schedule of Charges for all Loan Policies and Leasehold Loan Policies, unless otherwise addressed in other provisions; Item 2 addresses Refinance Charges for Residential Loan Policies; Item 3 creates a Residential Purchase Money Mortgage Charge.  Additionally, several of the provisions were renumbered accordingly but were without any changes to the provisions.

Revisions to Section (D) - Loan Policies - Item 8 -Survey Clearance on Non-Residential Loan Policies up to $5,000,000.  The last sentence was corrected to point to Section F.2 rather than Section D.2.

Revisions to Section (D) - Loan Policies - Item 9 - Non-Simultaneous Issue Loan Policy for Non-Residential Loans. This is a new section added to the Schedule of Charges and will allow Stewart to be more competitive in the market.

Revisions to Section (E) - Simultaneous Issue - Item 1 - Simultaneous Issue Charge for Residential and Non-Residential Loan Policies. This section was revised to also provide for a Simultaneous Issue charge for Residential Loan Policies.  

Revisions to Section (G) Endorsements - Item 5 - Date Down Mortgage Modification Endorsement and the ALTA 11 Series of Modification Endorsements to a Non-Residential Loan Policy or Policies was added to this section. The section adds a charge for the ALTA 11 series and Mortgage Modification and Date Down Endorsement for a Non-Residential Loan Policy.

Revisions to Section (G) - Endorsements. The Residential charges for the ALTA 11 series and the ALTA 33 were modified. The number of the Non-Residential endorsement charges were reduced and simplified. See the list of endorsement charges included with the revised Schedule of Charges.  

The remainder of the filed Schedule of Charges for Use in the State of Wisconsin remains unchanged.

NOTE: Any Agents using AIM+ please contact PropertyInfo Customer Care to advise them of the new rate changes and request that they implement the changes in their respective AIM+ systems effective November 1, 2018. All other Agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective November 1, 2018.

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