Bulletin: MS2012001

Date:
August 29, 2012
To:
All Mississippi Issuing Offices
RE:
Rate Changes Effective September 1, 2012

Dear Associates:

Effective September 1, 2012, a new SCHEDULE OF CHARGES AND FORMS FOR TITLE INSURANCE IN THE STATE OF MISSISSIPPI will go into effect. The new manual is attached.

This is a summary of the changes you will find in the new manual:

  1. The base rate of $4.00 per thousand for original Owner’s policies has been extended to policies with a liability amount of up to $1,000,000.00. The Liability amount over $1,000,000.00 is charged at an additional $2.00 per thousand.
  2. The minimum charge for an original Owner's policy is increased to $150.00.
  3. The base rate of $3.00 per thousand for original Loan policies has been extended to policies with a liability amount of up to $1,000,000.00. The Liability amount over $1,000,000.00 is charged at an additional $1.50 per thousand.
  4. The minimum charge for an original Owner's policy is increased to $150.00.
  5. Reissue charges for Owner’s policies are applicable for a period of 10 years, and shall be 60% of the original rate.
  6. Refinance charges for Loan policies are applicable for a period of 10 years, and shall be 60% of the original rate.
  7. The Simultaneous Issue charge is increased to $75.00.
  8. A Closing Protection Letter is available as an option to the parties of the transaction. This protection is apart and separate from the coverage provided under the title insurance policy; however, title insurance must be purchased as a condition for a closing protection letter to become an available option. The election for a closing protection letter must be made prior to or at the time of closing. The protection is available to the purchaser, lender and seller if it involves a sale/purchase transaction, or the borrower/lender in a refinance transaction. A fee of $50 per loan is payable in full to Stewart Title Guaranty Company as the Underwriter and is not subject to a splitting of the fees collected on behalf of Stewart Title Guaranty Company.  In the event of a second mortgage or HELOC by a lender other than the primary lender, an additional fee of $50 would be payable. In the event the transaction does not close, there is no charge for a Closing Protection Letter.

CPL fees and the required CPL information should be remitted monthly to Stewart Policy Services. CPL fees may be remitted with policy premium as one check along with an itemized breakdown of the premium and CPL fees. Click here for the Policy Services Guidelines for CPL reporting, remitting CPL payments and to obtain a CPL register.

If you are using AIM for Windows or AIM+ as your production software you will need to contact Property Info Customer Care to implement the new rates. The new rates apply to all policies with an effective date on or after September 1, 2012.

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