Bulletin: PA2020001

Date:
March 03, 2020
To:
All Pennsylvania Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revisions to Pennsylvania Manual of Rates and Rate Increase for Certain Endorsements Effective May 1, 2020

Dear Associates:

Below, please find a summary of the changes to the Manual of the Title Insurance Rating Bureau of Pennsylvania (“Rate Manual”) submitted by the Title Insurance Rating Bureau of Pennsylvania (“TIRBOP”) and approved by the Pennsylvania Insurance Department (“DOI”). The revised Rate Manual, which includes a rate increase for certain endorsement charges, will be effective May 1, 2020 (“Effective Date”).

The new endorsement charges are as follows:

  • All flat rate endorsements with charges of less than $250.00 will double.

Endorsements with a charge of $50.00, as of the Effective Date, will be $100.00; for example: PA 100, 300, 400, 710, 710-6.2, 810, 820, 900, 1020, and 1220.

  • Endorsements with a charge of $100.00, as of the Effective Date, will be $200.00; for example: PA 910, 1100, 1200, 1230, 1240, 1250, 1252, 1260, 1270, 1271, 1280, 1530, 1540, 1560, 1620, and 1660.

All flat rate endorsements with charges of $250.00 or $500.00 will increase by $200.00.

Endorsements with a charge of $250.00, as of the Effective Date, will be $450.00; for example: PA 1210 and 1290.

Endorsements with a charge of $500.00, as of the Effective Date, will $700.00; for example: PA 1033, 1251, 1340, 1341, 1400, 1410, 1420, 1430, 1440, 1551, 1570, 1600, 1630, and 1640.

  • The flat rate charge in Rate Manual Sections 5.8 B and C, related to Short Form Residential Loan Policies has doubled from $100.00 to $200.00.
  • The flat rate charge in Rate Manual Sections 5.9 B and C, related to Expanded Coverage Residential Loan Policies has doubled from $200.00 to $400.00.
  • The flat rate charge in Rate manual Section 5.11 B, related to mechanics’ lien coverage and issuance of the PA 1520 has doubled from $100.00 to $200.00.
  • The minimum charge for endorsements priced as a percentage, in cases where the minimum charge is $100.00 or less, has doubled; for example: PA 301, 1015, 1030, 1031, 1032, 1034, 1035, 1271, 1313, 1315, 1317, 1450, 1460, 1470, 1471, 1480, 1590, and 1650.

The DOI has also approved deletion of Section 5.9I of the Rate Manual, which prohibited postponement of issuance of an owner’s policy when issuing an enhanced coverage Homeowner’s Policy; “holding open” such a policy will be permitted as of the Effective Date.

All Pennsylvania transactions closing on or after May1, 2020, are subject to the increased charges and revised Rate Manual.

Please contact PropertyInfo Customer Care or your title production software vendor to get the new and revised rates/forms 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