Bulletin: DC000005

Date:
November 09, 1994
To:
All District of Columbia Policy Writing Agents
RE:
Sufficiency of Lender's Funds

Dear Associates:

We have been alerted by our home office that you may experience a problem in collecting good funds from the following lenders:

Affinity National Mortgage 10 Great Valley Parkway, Suite 120 Malvern, PA 19355
Affinity National Mortgage 303 S. Kings Highway, Suite 5 Cherry Hill, NJ 08034
Shareholders Funding, Inc. 10 Great Valley Parkway, Suite 120 Malvern, PA 19355
Shareholders Funding, Inc. 303 S. Kings Highway, Suite 5 Cherry Hill, NJ 08034

In order to close a loan transaction involving any of these lenders, we must insist that you have good funds in your possession, i.e., require that loan proceeds checks be certified. Under no circumstances may you close such a loan with the expectation that uncollected funds will be good.

All questions and requests for clarification should be directed to either the undersigned or Mike Schleupner, Jr., our State Counsel.

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:
5.16 Escrow Closings
Exceptions Manual:
None
Forms:
None