Bulletin: WA2011002

Date:
November 10, 2011
To:
All Washington Issuing Offices
RE:
New Washington Rate and Form Filing - Effective 10/17/2011

Dear Associates: 

This Bulletin is sent to advise you that Stewart Title Guaranty Company has recently completed a new rate and form filing in the State of Washington.  The form filing included new and revised endorsements, as well as revised ALTA Commitment 6/17/06, ALTA Loan Policy 6/17/06 and ALTA Owner’s Policy 6/17/06, which contain revised standard exceptions.  Certain STG Endorsement forms were withdrawn and removed from the Endorsement Rate Schedule.   

New Forms

ALTA Endorsement 11.1-06 (Mortgage Modification with Subordination) (10-22-09)
ALTA Endorsement 29.2-06 (Interest Rate Swap Endorsement-Direct Obligation-Defined Amount) (08-01-11)
ALTA Endorsement 29.3-06 (Interest Rate Swap Endorsement-Additional Interest-Defined Amount) (08-01-11)
ALTA Endorsement 30-06 (Shared Appreciation Mortgage) (7-26-10)
ALTA Endorsement 31-06 (Severable Improvements) (02-03-11)
ALTA Endorsement 32-06(Construction Loan-Loss of Priority) (02-03-11)
ALTA Endorsement 32.1-06 (Construction Loan-Loss of Priority-Direct Payment) (02-03-11)
ALTA Endorsement 33-06 (Disbursement) (02-03-11)
ALTA Endorsement 34-06 (Identified Risk Coverage) (08-01-11) 

The following endorsements are STG Endorsements that will be specifically issued with policies issued for large energy projects.  These endorsements will be utilized by Stewart’s national underwriters.   

Energy Project – Additional Definitions
Energy Project – Land Treated as a Single Integrated Whole
Energy Project – Leasehold/Easement-Owners
Energy Project – Leasehold/Easement-Loan
Energy Project – Restrictions, Encroachments, Minerals–Owner’s Policy–Improved Land
Energy Project – Restrictions, Encroachments, Minerals–Owner’s Policy–Unimproved Land
Energy Project – Restrictions, Encroachments, Minerals–Loan Policy–Improved Land
Energy Project – Restrictions, Encroachments, Minerals–Loan Policy–Unimproved Land

Revised Forms

ALTA Endorsement 3.1-06 (Zoning-Completed Structure) (Revised 10-22-09)
ALTA Endorsement 13-06 (Leasehold-Owner’s) (Revised 02-03-11)
ALTA Endorsement 13.1-06 (Leasehold-Loan) (Revised 02-03-11)
ALTA Endorsement 14-06 (Future Advance-Priority) (Revised 02-03-11)
ALTA Endorsement 14.1-06 (Future Advance-Knowledge) (Revised 02-03-11)
ALTA Endorsement 14.2-06 (Future Advance-Letter of Credit) (Revised 02-03-11)
ALTA Endorsement 14.3-06 (Future Advance-Reverse Mortgage) (Revised 02-03-11)
ALTA Endorsement 29.1-06 (Interest Rate Swap Endorsement – Additional Interest)(minor technical correction) 

The following commitment and policy forms were revised to update the standard exceptions, which were revised for consistency and applicability to general title issues in the state of Washington.   

ALTA Commitment 6/17/06 (standard exceptions revised) 

  • Standard Exceptions in Schedule B, Part I were revised to establish consistency between what was previously filed and what is currently shown on the Preliminary Title Commitments issued in the state of Washington.  Notes were added to clarify that exceptions 2, 4 and 6 require underwriting approval prior to removal.  

ALTA Loan Policy 6/17/06 (standard exceptions revised) 

  • This policy form was filed with revised Standard Exceptions.  When issuing an Extended Coverage Loan Policy, Standard Exceptions 1, 3, 4, 5 and 6 will be removed.  Exceptions 2, 7 and 8 require underwriting approval prior to removal.  When issuing a Standard Coverage Loan Policy, all Standard Exceptions will remain unless underwriting approval is obtained to remove a specific exception. 

ALTA Loan Policy 6/17/06 (standard exceptions revised) 

  • This policy form was filed with revised Standard Exceptions.  When issuing an Extended Coverage Owner’s Policy, Standard Exceptions 1, 3, 4, 5 and 6 will be removed (notwithstanding existing underwriting requirements for issuing owner’s extended coverage).  Exceptions 2, 7 and 8 require underwriting approval prior to removal.  When issuing a Standard Coverage Owner’s Policy, all Standard Exceptions will remain unless underwriting approval is obtained to remove a specific exception.  

Withdrawn Forms: 

The following endorsements are no longer utilized on a regular basis. Many of these endorsements are comparable to ALTA forms that are filed in and available for use in the state of Washington. 

Withdrawn STG Endorsement Forms 

Bona Fide Purchaser
HUD – Non-cumulative liability
Inflation Protection
Last Dollar (STG 1, 2 & 3)
Last Dollar w/Tie In
Line of Credit (STG 1)
No Zoning Applicable
Pending Disbursement
Pro Tanto Liability
Reverse Mortgage
Trustee Insured
Utility Facility 

New Rate Filing:

The Endorsement Rate Schedule was revised as follows: 

  • Slight increase to existing rates for STG Endorsement.
  • New ALTA and STG Endorsements were added.
  • Withdrawn STG Endorsements were removed.
  • "Policies to Issue With" section of schedule pertaining to CLTA Endorsements was modified to reflect the appropriate policy for each endorsement.

The revised forms are available in AIM and will be available on Virtual Underwriter in the near future at http://www.vuwriter.com.  

As a reminder, agents using AFW should contact PropertyInfo Customer Care to get the new rate changes implemented in their AFW system.

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:
MU2007002 Survey Requirements - Owner's and Loan Policies [Revised 10-19-17]
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
ALTA Commitment 2006
 
ALTA Endorsement 11.1-06 (Mortgage Modification with Subordination) (10/22/09)
 
ALTA Endorsement 13-06 (Leasehold - Owner's) Revised 02-03-11
 
ALTA Endorsement 13.1-06 (Leasehold - Loan) Revised 02-03-11
 
ALTA Endorsement 14-06 (Future Advance - Priority) Revised 02-03-11
 
ALTA Endorsement 14.1-06 (Future Advance - Knowledge) Revised 2-3-11
 
ALTA Endorsement 14.2-06 (Future Advance - Letter of Credit) Revised 02-03-11
 
ALTA Endorsement 14.3-06 (Future Advance - Reverse Mortgage) Revised 02-03-11
 
ALTA Endorsement 29.2-06 (Interest Rate Swap Endorsement - Direct Obligation - Defined Amount) (08-01-11) Technical Corrections (04-02-14)(08-01-16)
 
ALTA Endorsement 29.3-06 (Interest Rate Swap Endorsement - Additional Interest - Defined Amount) (08-01-11) Technical Corrections (04-02-14; 08-01-16)
 
ALTA Endorsement 3.1-06 (Zoning-Completed Structure) Revised 10/22/09
 
ALTA Endorsement 30-06 (Shared Appreciation Mortgage) (7-26-10)
 
ALTA Endorsement 31-06 (Severable Improvements) Adopted 02-03-11
 
ALTA Endorsement 32-06 (Construction Loan - Loss of Priority) Adopted 02-03-11
 
ALTA Endorsement 32.1-06 (Construction Loan - Loss of Priority - Direct Payment) Adopted 02-03-11
 
ALTA Endorsement 33-06 (Disbursement) Adopted 02-03-11
 
ALTA Endorsement 34-06 (Identified Risk Coverage) (08-01-11)
 
ALTA Loan Policy 2006
 
ALTA Owner's Policy 2006
 
WA STG Endorsement (Energy Project - Additional Definitions)
 
WA STG Endorsement (Energy Project - Land Treated as Single Intergrated Whole)
 
WA STG Endorsement (Energy Project - Leasehold Easement - Owner's)
 
WA STG Endorsement (Energy Project - Leasehold/Easement - Loan)
 
WA STG Endorsement (Energy Project - Restrictions, Encroachment, Minerals - Owner's Policy - Improved Land)
 
WA STG Endorsement (Energy Project - Restrictions, Encroachments, Minerals - Owner's Policy - Unimproved Land)
 
WA STG Endorsement (Energy Project - Restrictions, Encroahcment Minerals - Loan Policy - Unimproved Land)
 
WA STG Endorsement (Energy Project Restrictrions, Encroachments, Minerals - Loan Policy - Improved Land)