- May 18, 2021
- All California Issuing Offices
- UNDERWRITING - EMERGENCY PROCEDURES - SYNRGO Recording Service Stoppage
Stewart Title Guaranty Company (STG) has learned that county recorders in California are no longer accepting recording submissions from SYNRGO. Until alternate recording procedures are secured, and documents are able to be timely recorded, the following guidelines shall apply:
Stewart will permit you to disburse before recording and issue policies after recording if you meet the following conditions:
- The insured policy amount does not exceed five million dollars ($5,000,000);
- No portion of loan funds or proceeds will be used for construction, remodeling or rehabilitation and there has been no recent work of improvement to the subject property;
- Insured title is not based upon judicial proceedings or dependent upon the recording of an order from any Court;
- You secure a fully completed and executed Stewart's California Owner’s Affidavit and Indemnity from the current owner (a copy is linked for your convenience);
- You secure a fully completed and executed Stewart’s GAP Indemnity Agreement from the current owner in order to disburse prior to recording the transaction documents (a copy is linked for your convenience);
- You secure from all parties to the transaction, including the lender, a written acknowledgement that (1) recording of transaction documents and the return of same shall be delayed until after Stewart is able to record; and (2) issuance of the title policy shall similarly be delayed and that any contractual obligations in the lender’s instructions are hereby revised accordingly.
These conditions should not be shown as requirements on the Commitment or as exceptions in a policy.
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.