Bulletin: NY000462

Date:
October 28, 2010
To:
All New York State Office Counsel, Managers and Agents
RE:
Short Sale - Chase Bank

Stewart will no longer approve a short sale with Chase if the short sale letter contains the following, which was taken from a letter issued by Chase.

Chase requires that full disclosure, including all details of the transaction, be made part of both the Buyer and Seller on the HUD-1 form. If Chase finds full disclosure was not made at the time of this approval, the approval becomes null and void.

Any other short sale containing language allowing the lender to nullify the letter will not be insurable.

As a reminder, approval must be obtained prior to insuring a short sale.

For online viewing of this and other bulletins, log onto: www.stewartnewyork.com.

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:
NY000355 Short/Distressed Sales
 
NY000358 Distressed/Short Sales
 
NY000359 Short Sales and Flips
 
NY000360 Short Sales and Flips
 
NY000425 Short Sales
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None