Bulletin: MI2013002

Date:
May 24, 2013
To:
All Michigan Issuing Offices
RE:
Rates and-or Forms Update - Recent ALTA Revised Forms

Dear Associates:

Please find below the most recently modified ALTA forms: Short Form Residential Loan Policy One-To-Four Family rev. 12-03-12; the United States of America Policy of Insurance rev. 12-03-12; ALTA Endorsement 32.1-06 (Construction Loan - Loss of Priority - Direct Payment) rev. 04-02-13; ALTA Endorsement 32.2-06 (Construction Loan- Loss of Priority- Insured’s Direct Payment) rev. 04-02-13; ALTA Endorsement 37-06 (Assignment of Rents or Leases) adopted 12-03-12; and ALTA Endorsement 38-06 (Mortgage Tax) adopted 12-03-12. 

The policies are available for issuance through STEPS and may be used immediately. The ALTA Endorsements 37-06 and 38-06 may be used immediately. [Please note that in Michigan we use the Michigan specific endorsement: Construction Loan Disbursement Endorsement E-3583 for all construction loans. To use any other construction date down endorsement requires Underwriter approval.]

Agents using AIM For Windows or AIM+ should contact PropertyInfo Customer Care to have the changes implemented in their AFW or AFW+ system. 

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.