Bulletin: IN2012001

Date:
February 08, 2012
To:
All Indiana Issuing Offices
RE:
Indiana Loyalty Discount

Dear Associates:

As a reminder, a "Loyalty Discount" is available in Indiana for all returning Stewart policy holders who have a policy on Indiana residential property. The reissue credit for returning Stewart policyholders on Indiana residential properties where a prior owner’s policy was previously issued by Stewart Title Guaranty within the immediately preceding ten (10) years is 40%.  

To qualify for the reissue credit, the current owner must provide a copy of the prior owner’s policy before the issuance of a new commitment for title insurance or the title office with the current title order must have issued the prior owner’s policy. The reissue credit shall be applied up to the face amount of the prior owner’s policy. 

The refinance credit for returning Stewart policyholders on a residential loan policy where the chain of title establishes a prior existing institutional first mortgage recorded within the last ten (10) years affecting the same borrower and same property is 45%. The refinance credit shall be applied to the face amount of the new loan policy. 

Upon receipt of a new title order, the issuing office must ask the applicant or the applicant’s representative if any of the parties involved in the residential real estate transaction have a prior Stewart Title Insurance policy issued within the past ten (10) years for purposes of applying the Loyalty Discount.  Issuing offices must also check their office records to determine if they have issued a prior policy and provide the Loyalty Discount if applicable. 

Qualifying documents, for both the reissue and refinance credit, may be furnished by the current owner or the title office with the current order and may consist of documentation substantiating the existence of a prior Stewart policy. 

To learn more, please view the following webinar: Stewart Rates in Indiana and New Stewart Loyalty Discount Effective June 30, 2011 (25 min).

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:
IN2011006 New Indiana Rates - Effective June 30, 2011
 
IN2011007 Stewart Loyalty Credits
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None