Bulletin: SLS2013001

Date:
January 04, 2013
To:
All Issuing Offices
RE:
Bank of America - REO/Title Affidavit Forms

Dear Associates:

Please find attached, the Owner’s/Servicer’s Affidavit and Certificate of Domestic Status forms, which forms Bank of America, N.A. (BANA) proposes to use on its REO sales. In the form, BANA represents and certifies to the title company as follows: 

  • That there exist no unrecorded agreements entered into by BANA affecting the property.
  • That there were no materials supplied nor labor or work performed for the benefit of BANA for which payment was not timely made.
  • That BANA is not a foreign corporation, partnership, trust nor estate for purposes of FIRPTA or the Internal Revenue Code and Income Tax Regulations. 

The form also indemnifies the named title company against loss sustained as a result of: 

  • Any reliance made on the representations made in the Affidavit/Certificate.
  • The filing of any lien by a contractor or materialman for work or materials contracted for by BANA.
  • The recording of any Federal or State tax lien, or creditor’s judgment lien against BANA during their period of ownership of the property. 

When insuring an REO sale out from BANA, please consult with our underwriting personnel to remove any liens, such as judgment liens or federal or state tax liens. 

Please note that the form does not cover the other items normally found in a Seller's/Owner's Affidavit such as parties in possession, unrecorded easements or claims of easements, overlaps, boundary line disputes or matters that would be disclosed by an accurate survey or an inspection of the property. To remove the pre-printed or standard exceptions, independent verification of those items must be made by the Issuing Agent before insuring. 

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