Bulletin: VA2012002

Date:
September 25, 2012
To:
All Virginia Issuing Offices
RE:
Fee for Closing Protection Letters (Insured Closing Letters)

Dear Associates: 

Stewart Title Guaranty Company has instituted a $20 service fee for the processing and issuance of Insured Closing Letters for closings in the Commonwealth of Virginia. This new fee is payable in its entirety to Stewart Title Guaranty Company and is applicable to all ICL’s issued after September 30, 2012. This fee should be separately itemized in the 1100 series on the HUD and collected at closing.  To the extent that the referenced transaction does not close, the fee will be waived. 

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. 

Closing Protection Letters (Insured Closing Letters) may be issued ONLY by use of the Stewart ICL Website: http://www.stewarticl.com.  Closing Protection Letters may not be (1) modified, (2) prepared by an Issuing Agent on its Letterhead or in any other format, or (3) typed, computer generated, or signed by an Issuing Agent.

The Stewart ICL Website has the most recent Closing Protection Letter forms approved by STG and maintains a record of the Closing Protection Letters issued. The Stewart ICL Website generates the Closing Protection Letter for current authorized Issuing Agents and/or Approved Attorneys. A CPL is generated in HTML format which is to be printed and then sent to the requesting party. A CPL is not to be sent electronically in Word format or other format which can be changed without our knowledge or consent.

If you are asked to modify the Closing Protection Letter, please contact the ICL Administrator at icladmin@stewart.com or 800-729-1902.

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:
MU2009003 Closing Protection Letters (Insured Closing Letters)
 
NL000127 Issuing Commitment and Insured Closing Letters When No Title Insurance Required
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None