Bulletin: VA2012003

Date:
November 05, 2012
To:
All Virginia Issuing Offices
RE:
Closing Protection Letters (Insured Closing Letters)

Dear Associates:

The Virginia Bureau of Insurance has approved for use in Virginia effective July 5, 2012, the following closing protection letters.

Modified ALTA Closing Protection Letter - Virginia - Single Transaction Letter

STG Closing Protection Letter - Virginia - Seller Letter

Modified ALTA Closing Protection Letter - Virginia - Multiple Transaction Letter

These letters are designed for issuance as a single-transaction letter, a multiple transaction letter or a seller letter on real estate transactions, when requested, and provide the covered party with certain protection against fraud, misapplication of funds, or failure to follow written closing instructions by the Agent or Approved Attorney, subject to the provisions contained herein.

At the time of issuance, the Company will complete the aggregate amount that will be reflected for paragraph (C) of the closing protection letter as this amount could vary from each closing protection letter as required for each transaction.

Closing Protection Letters (Insured Closing Letters) may be issued ONLY by use of the Stewart ICL Website: https://www.stewarticl.com. The ALTA Multiple Transaction Closing Protection Letter will not be available to issue through the Stewart ICL Website.  All requests received are to be sent to the ICL Administrator at icladmin@stewart.com or 800-729-1902. Closing Protection Letters may not be (1) modified, (2) prepared by an Issuing Agent on its Letterhead or in any other format, or (3) typed, computer generated, or signed by an Issuing Agent. 

The Stewart ICL Website has the most recent Closing Protection Letter forms approved by STG and maintains a record of the Closing Protection Letters issued. The Stewart ICL Website generates the Closing Protection Letter for current authorized Issuing Agents and/or Approved Attorneys. A CPL is generated in HTML format which is to be printed and then sent to the requesting lender. A CPL is not to be sent electronically in Word format or other format which can be changed without our knowledge or consent.

If you are asked to modify the Closing Protection Letter, please contact the ICL Administrator at icladmin@stewart.com or 800-729-1902.

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

For on-line viewing of this and other bulletins, please log onto www.vuwriter.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:
MU2009003 Closing Protection Letters (Insured Closing Letters)
 
NL000127 Issuing Commitment and Insured Closing Letters When No Title Insurance Required
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None