Bulletin: AR2012003

Date:
May 10, 2012
To:
All Arkansas Issuing Offices
RE:
Revised Insured Closing Letter

Dear Associates:

The purpose of this Bulletin is to inform you that a revised version of our standard single transaction Insured Closing Letter has been filed for use with the Arkansas Insurance Department.  The new letter is designed to give coverage to the Lender, Borrower and Seller. Additionally, the arbitration clause has been removed in keeping with Arkansas Insurance Department Rules.

As you will note, the amount of coverage is limited to $5,000,000.00.  If you should have a transaction in excess of this amount which requires an Insured Closing Letter, you should set forth a request for the letter in your over limits approval form which you submit to this office.  Once approved, we will then forward the request to Houston for the issuance of your letter.  The $25.00 charge for the letter remains the same.

This new form will be uploaded into the system and available to you effective Friday, May 11th. The old letter has been withdrawn and will no longer be available.

For questions and underwriting assistance regarding this matter. Please contact this office at 1-800-272-2223.

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None