Bulletin: MU2011004

Date:
August 22, 2011
To:
All Issuing Offices except Delaware, Florida, Louisiana, New Mexico, New York, Oregon, Pennsylvania and Texas
RE:
New, Revised, or Withdrawn ALTA Forms (08-01-11)

Dear Associates:

The American Land Title Association (ALTA) has recently adopted or revised the following forms:  

ALTA Endorsement 29.2-06 (Interest Rate Swap Endorsement – Direct Obligation – Defined Amount) (08-01-11). This endorsement insures against loss or damage, not to exceed the Additional Amount of Insurance, by reason of the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation at Date of Endorsement. 

ALTA Endorsement 29.3-06 (Interest Rate Swap Endorsement – Additional Interest – Defined Amount (08-01-11). This endorsement insures against loss or damage, not to exceed the Additional Amount of Insurance, by reason of the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as security for the repayment of the Additional Interest at Date of Endorsement.

ALTA Endorsement 34-06 (Identified Risk Coverage) (08-01-11).  This endorsement insures against loss or damage sustained by the Insured by reason of: (a.) A final order or decree enforcing the Identified Risk in favor of an adverse party; or (b.) The release of a prospective purchaser or lessee of the Title or lender on the Title from the obligation to purchase, lease, or lend as a result of the Identified Risk, but only if (i.) there is a contractual condition requiring the delivery of marketable title, and (ii.) neither the Company nor any other title insurance company is willing to insure over the Identified Risk with the same conditions as in this endorsement.

Technical Correction: A technical correction was made to ALTA Short Form Expanded Coverage Residential Loan Policy (Revised 7-26-10).  The changes are intended to improve readability and clarity. 

We are in the process of filing these forms where filing is required. You may continue to issue the prior versions where available. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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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.