Bulletin: SLS2008016

Date:
September 26, 2008
To:
All Issuing Offices
RE:
Washington Mutual Bank Takeover

Dear Associates:

On September 25, 2008, the banking operations of Washington Mutual, Inc., Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, Utah ("WaMu") were closed by the Office of Thrift Supervision ("OTS"). The OTS appointed the FDIC as Receiver for Washington Mutual Bank, Henderson, NV (and perhaps also for the other Washington Mutual entities although we have been unable to confirm). According to information available at this time, all deposit accounts and all loans held by Washington Mutual were sold and transferred to JPMorgan Chase Bank, National Association ("JPMorgan Chase"). All former Washington Mutual banking facilities are to be open today as JPMorgan Chase branches.

As to immediate matters:

Payoffs of Washington Mutual loans

If you have already received a payoff statement from WaMu, contact the office you had been dealing with to get verbal confirmation and payment instructions as to where to wire the payoff funds.

New Loans with WaMu as Lender

If the loan proceeds from WaMu have been received by you in good funds and all documents necessary to close have already been signed and received by you, proceed to close the loan. Otherwise, you need to contact the office you had been dealing with to get instructions as to pending closings.

Sale of property by WaMu

If all closing documents have been executed and received by you, including of course the executed deed, and you have received the purchase funds, contact the office for WaMu that you had been dealing with to get payment instructions of the purchase funds and proceed. Otherwise, you need to contact the office you had been dealing with to get instructions as to pending closings.

As to other pending matters and future closings, we will provide further information as it becomes available. In addition please refer to Bulletin SLS2008010 The Federal Deposit Insurance Corporation's (FDIC) role as Receiver and Conservator for failed banking institutions - Title implications for sales and loan payoffs.

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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.

References

Bulletins Replaced:
None
Related Bulletins:
SLS2008010 The Federal Deposit Insurance Corporation's (FDIC) role as Receiver and Conservator for failed banking institutions - Title implications for sales and loan payoffs
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None