- December 05, 2008
- All Issuing Offices
- AmTrust Bank - OTS Order to Cease and Desist
Effective November 19, 2008, the Office of Thrift Supervision ("OTS") entered an Order to Cease and Desist against AmTrust Bank (Order No. CN 08-15) and a like Order against its holding company, AmTrust Financial (Order No. CN 08-16). Pursuant to the Order, AmTrust may not make any new loans or issue new lines of credit for land acquisition or development, or for speculative residential construction. The Order includes other conditions for extensions, refinancings, assumptions or modifications of existing loans.
All policy issuing agents are reminded not to close any transactions involving AmTrust, or any other lender, unless you are in receipt of immediately available funds.
Enforcement orders issued by the OTS against various financial institutions can be viewed on the OTS website by clicking the menu under Supervision and Legal on its home page and then clicking on Enforcement. The FDIC's enforcement orders can also be viewed on its website by clicking on Press on its home page and then clicking on FDIC Enforcement Decisions and Orders. The OTS and/or the FDIC have taken enforcement actions against many lesser known and smaller financial institutions. These sites should be checked as to lenders you are dealing with.
AmTrust Bank - OTS Order to Cease and Desist (Click to View)
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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.
- Bulletins Replaced:
- Related Bulletins:
- SLS00368 Mortgage Lenders That Are The Subject Of Closing Alerts Or That May Be Troubled
- Underwriting Manual:
- Exceptions Manual: