Bulletin: FL2019001

Date:
February 26, 2019
To:
All Florida Issuing Offices
RE:
UNDERWRITING - State of Florida Department of Financial Services (DFS) Interpretation of Third Party Fees

Dear Associates:

The State of Florida Department of Financial Services (DFS) recently published their interpretation of third party fees for Title Agents and Title Agencies on February 6, 2019, and then subsequently repealed their initial statement on February 14, 2019, and replaced/amended their interpretation. Below is a link to the Compliance Section where you can select “Title Insurance Agency Fees” and view this information:

https://www.myfloridacfo.com/division/agents/compliance/TitleAgents.htm

DFS states on their website this resource is made available to licensees as a tool to keep their “business in compliance” and does not “replace statutes, department rules, orders or case law”, but is “intended as reminders only and are not necessarily the exact text of the Florida Statutes or Florida Administrative Code.” It is recommended you review this new information as well as the other information posted by DFS.

Stewart is providing this information so you may stay informed and does not offer any opinion or guidance on DFS’s interpretation.  

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:
FL2007011 Settlement Statement Fees
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None