Bulletin: CA2021001

Date:
February 03, 2021
To:
All California Issuing Offices
RE:
UNDERWRITING - Stewart Title Absolute Rate (S.T.A.R.)

Dear Associates:

The Stewart Title Guaranty Company Schedule of Charges and Forms for Title Insurance, section 3.21, identifies special pricing for transactions that qualify for the Stewart Title Absolute Rate (S.T.A.R.). Subject to certain requirements, the S.T.A.R. offers special pricing on loan transactions involving one-to-four family residential properties, where existing debt is being refinanced.

To qualify for the S.T.A.R., all of the following conditions must be met:

  1. The property is a one-to-four family residential property (includes condominiums).
  2. The loan transaction is for the refinance of existing debt.
  3. The order is opened electronically.
  4. The preliminary report is delivered electronically.
  5. The policy is delivered electronically.

For S.T.A.R. pricing transactions that satisfy the above requirements, the preliminary report issued may use generic exceptions for such matters as Covenants, Conditions & Restrictions and Easements of record or may reflect the actual filed exceptions of record (e.g., book and page). Further, the loan title policy of insurance may be the ALTA Short Form Residential Loan Policy, the CLTA Standard Coverage Loan Policy, the ALTA Loan Policy (with Western Regional Exceptions), or the ALTA Loan Policy (without Western Regional Exceptions) also known as an ALTA Extended Loan Policy.

All prior requirements and/or restrictions other than those set forth above no longer apply.

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:
CA2008001 S.T.A.R. - Stewart Title Absolute Rate and Issuing the ALTA Short Form Residential Loan Policy
Related Bulletins:
CA000037 Expedited Searching Procedure for Refinance and Equity Loan Transactions
Underwriting Manual:
3.76 Covenants, Conditions, And Restrictions
Exceptions Manual:
Covenants, Conditions, and Restrictions
Forms:
None