Bulletin: LA2014002

Date:
March 26, 2014
To:
All Louisiana Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - ALTA 37 and ALTA 38 - Form and Rate Rule Changes

Dear Associates: 

The Louisiana Department of Insurance has approved a Form and Rate Rule Filing made by LATISSO effective April 1, 2014, for the endorsements referenced below.

ALTA 37-06 (Assignment of Rents and Leases) 12/03/12 (effective 04/01/14)

This is a new endorsement form and rate rule. This endorsement may be issued in connection with a Loan Policy, subject to its terms and conditions, insures the Insured against loss or damage sustained by the Insured by reason of:  (1) any defect in the execution of an assignment of rents or leases document identified in Part II of Schedule B; or (2) any assignment of a lessor’s interest in any lease or leases or any assignment of rents affecting the title and recorded in the Public Records at Date of Policy other than as set forth in any instrument disclosed in Schedule B.

The ALTA 37-06 Endorsement that becomes effective 04/01/14 will be posted to www.stewart.com/louisiana in the Forms and Policy Section.

Rate:    $300

ALTA 38-06 (Mortgage Tax) 12/03/12 (effective 04/01/14)

This is a new endorsement form and rate rule. This endorsement may be issued in connection with a Loan and provides coverage against loss or damage by reason of the invalidity or unenforceability of the lien of the Insured Mortgage as security for the Indebtedness resulting from the failure to pay, at the time of recording, any portion of the Mortgage Tax or the lack of priority of the lien of the Insured Mortgage as security for the Indebtedness resulting from the failure to pay, at the time of closing, any portion of the Mortgage Tax.

The ALTA 38-06 Endorsement that becomes effective 04/01/14 will be posted to www.stewart.com/louisiana in the Forms and Policy Section.

Rate:    $100

Questions relating to this bulletin may be directed to Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.

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:
ALTA Endorsement 37-06 (Assignment of Rents or Leases) (12-03-12)
 
ALTA Endorsement 38-06 (Mortgage Tax) (12-03-12)