Bulletin: WA2012002

Date:
February 24, 2012
To:
All Washington Issuing Offices
RE:
Underwriting Minute

Standard Mail Please Rush

When preparing a modification endorsement, check the policy to which it will be attached to make sure that the creditors rights exclusion has not been removed. If the policy is a form earlier than the 2006 policy form, contact your underwriter for assistance in modifying the endorsement to remove the creditors rights coverage that may exist.


If you try to fail, and succeed, which have you done?

A true vesting deed may not be the last deed in the chain. If the last deed simply returns a fractional interest to the "vestee", perhaps the real vesting is the one by which the grantee obtained the full title, and the additional history of how fractions went out and came back should also be made clear, at least in the submittals for approval reviews.

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