Bulletin: NM2020001

Date:
March 20, 2020
To:
All New Mexico Issuing Offices
RE:
UNDERWRITING - Supplemental NM Bulletin (COVID-19)

Dear Associates:

Numerous county offices have closed or will close because of the impact of Coronavirus 2019 (COVID-19). In some cases, electronic recording may remain available. Stewart has issued a National Bulletin that provides guidelines for insuring transactions in instances when the county offices have closed.

Recently the Title Bureau Chief of the Office of the Superintendent of Insurance provided guidance regarding situations in which you are unable to immediately record documents. This bulletin incorporates that guidance and supplements Stewart’s existing guidelines for transactions in New Mexico.

The requirements that apply to issuing policies also apply to issuing date down endorsements.

If you are unable to secure searches of the title and if you do not have satisfactory title information, Stewart will not insure the title or a down date endorsement past the date of your last title plant certification.

In those situations in which you have satisfactory title information, but you are unable to record the real estate documents (including any mortgage and deed) because the county office is closed and is not accepting electronic filings, Stewart will insure the title if, in addition to the requirements set forth in the National Bulletin, you comply with the following:

  • The Date of the Policy shall be the date and time of the disbursement of funds;
  • You obtain a written agreement from all parties to the transaction that recording and the return of the all documents referenced in Schedule B, Section 1 (Requirements) of the applicable Commitment (“transaction documents”) will be delayed until the county recording office is open, that no party has filed or caused any document to be filed for record since your last title plant certification date and they will not do so prior to the recording of all transaction documents, that no construction of any kind will be commenced or delivery of construction materials will occur prior to the recording of all transaction documents, and based on this agreement Stewart will recognize the transaction documents as being recorded and will underwrite the policy.

If your transaction will not comply with these guidelines or if you have any questions, please call a Stewart Title Guaranty Company underwriter.

Future changes in the status of recording offices will be available by clicking here.

As a reminder, you are responsible for knowledge of and compliance with the information contained in all Bulletins and Special Alerts as posted on Virtual Underwriter (www.vuwriter.com), whether you receive them by electronic distribution or not.

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