- April 15, 2021
- All Arizona Issuing Offices
- RATES AND/OR FORMS UPDATE - Arizona Rates and Forms Update
Please be advised that significant revisions have been made to the Arizona Rate Manual in an effort to streamline the manual to improve clarity and remove several special or discounted rates, and to add a refinance bundled rate, a commercial endorsement bundled rate, and provide additional endorsement forms. The revised manual should be reviewed carefully to gain an understanding of the revisions that were made. The following is a summary of the rates and forms that have been approved for use in Arizona by the Arizona Department of Insurance effective April 19, 2021:
BASIC TITLE INSURANCE RATES
The Basic Title Insurance Rates were amended to apply statewide; county-specific rates were eliminated.
The Minimum Rate applies to all counties.
Clarification was added for rounding – “rounding done after all other calculations have been determined”.
“Only one discounted rate will be applied unless specifically allowed for herein.”
ALTA Policy to the United States of America Policy Form (US Policy) and related provisions were added.
Provisions were added to allow the Simultaneous Issue Rate to be given if a Loan Policy is issued within 120 days of an Owner’s Policy.
Section 205 Refinance
Rates were streamlined to improve clarity.
This rate is available for new financing if the purchase was closed by Stewart within the past 6 months.
Section 216 Churches/Religious Institutions
This rate was eliminated.
COMMERCIAL, DEVELOPER, INVESTOR
The rates were streamlined to make rates consistent across several counties.
Section 401A Bundled Endorsements was added:
When a proposed insured on a Commercial transaction requests multiple endorsements that are charged at a fixed rate and not a percentage of premium, and the combined charge for the requested endorsements exceed $500.00 the endorsements may be issued, subject to underwriting approval, for an aggregate combined charge of $500.00.
Section 604 Additional Chain or Parcel Charge
The fee was increased to $100.
Section 607 Inspection Fee
The inspection fee was increased to $150 or the actual charge incurred.
Section 610 Employee Rate
This rate was eliminated.
Section 611 Special Services
This charge was increased to $125 per hour.
Various STG, ALTA and CLTA forms were added. See rate manual for specifics.
Centralized Processing Loan and Refinance Rate (CPLR) was added.
Title insurance rate charts were added.
Agents should contact PropertyInfo Customer Care or your title production software vendor to get the new forms implemented in your systems.
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.