Bulletin: LA000018

Date:
August 16, 2006
To:
All Louisiana Agents and Issuing Offices
RE:
Simultaneous Issue Rate/ALTA Homeowners or Expanded Coverage Policies/$35

Dear Associates:

When an ALTA Homeowner's Policy or ALTA Expanded Coverage Residential Loan Policy is issued simultaneously with another owner's or mortgagee's policy, the simultaneous issue rate shall be $35.

This does not affect the simultaneous rate on all other types of policies. Below is the new wording in the Louisiana Agents Manual.

Simultaneous Issuance of Owner's and Mortgagee's Policies

When an owner's policy and a mortgagee's policy are issued simultaneously, bearing the same date, and covering the same land (or a portion thereof) but no additional land, and the mortgagee's policy coverage is equal to or less than that of the owner's policy; the charge for the owner's policy shall be at the filed rate and a simultaneous issue rate of $30 shall be charged for the mortgagee's.

When the mortgagee's policy coverage exceeds that of the owner's policy, the premium for the owner's policy shall be at the filed rate and the additional coverage afforded on the mortgagee's policy shall be calculated using the mortgagee's policy filed rate, plus a $30 simultaneous issue fee.

When an ALTA Homeowner's Policy or ALTA Expanded Coverage Residential Loan Policy is issued simultaneously with another owner's or mortgagee's policy, the simultaneous issue rate shall be $35.

This provision does not apply to simultaneous first and second mortgage transactions; see special provisions for these transactions under Subordinate Mortgages.

This new rate will become effective September 1, 2006.

Thank you for your business and please call John Hall at 1-800-209-4675 x4 or Wayne McDonald at x3 with any questions.

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:
None
Exceptions Manual:
None
Forms:
None