- May 27, 2004
- All Issuing Offices in New Jersey
- June 1, 2004 Amendments to Rate and Form Manual
Attached are pages to be substituted into your Rate and Form Manual, with changes effective June 1, 2004. You should note the following:
Rate Manual- the new cover page should be inserted and the old one discarded.
Rate Manual, pages 2, 2A and 3 should be inserted and old pages 2 and 3 removed.
- Section 1.10 "Settlement Charge" - "settlement" and
"closing" are intended to be used synonymously throughout the Manual.
- Subparagraph (a) "Settlement with Disbursements Charge" and (b) "Settlement without Disbursements Charge" have been added. These two subparagraphs replace Section 1.11 "Closing Attendance Charge".
Rate Manual- new pages 19 through 23 should be inserted and old pages 19 through 23 deleted.
- In Section 6.2.1 "Settlements Outside the Insurer's or Agent's Office",
note that the time charge for an out of the office settlement is now a flat
$325; out-of-pockets may still be charged.
- Section 6.2.3 "Settlements of Greater than Normal Length" has
been added. If a settlement with disbursements exceeds 90 minutes, a $25 charge
may be made for each additional hour. This picks up the additional charges
which were moved from Section 6.2.1.
- Old Section 6.3 "Closing Attendance" and Section 6.3.1 "Closing
Attendance, Additional Charges" have been deleted. New Section 6.3 "Settlements
Without Disbursements" replaces them. The charge for a settlement without
disbursements is $150, whether by attendance, by mail or electronically.
- Section 6.4 "Settlements without Disbursements; Additional Charges"
has been added with three subsections dealing with settlements outside the
agent's office, paralleling Section 6.3.
- Old Sections 6.4 "Escrow Service" and Section 6.5 "Closing
Service Letter" have been renumbered.
- The charge for satisfaction of existing mortgages contained in Section 7.1b has been increased from $50 to $75 for each mortgage to be satisfied, inclusive of the recording fees.
Forms Manual- Page xiii of the index has been updated. Please insert the new page.
Page 116 of the Manual should be replaced be the new pages 116 and 116a. Several technical changes were made to the closing service letter. Please have the forms in your systems updated immediately. We can e-mail you the correct text if you need it.
As always, if you have any questions, please call the State Office.
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.