Bulletin: NY000540

Date:
May 05, 2014
To:
All New York State Agents, Office Counsel, and Managers
RE:
ALTA BEST PRACTICES and New York Recording

It is our practice to provide our policy issuing offices with guidelines for "Best Practices".  The American Land Title Association has updated its Best Practices of which, in this Bulletin, we would like to bring one specifically to your attention.  Stewart’s audit practices will follow ALTA Best Practice No. 4 which states the following:

“Submit or ship documents for recording to the county recorder (or equivalent) or the person or entity responsible for recording within two (2) business days of the later of (i) the date of Settlement, or (ii) receipt by the Company if the Settlement is not performed by the Company.”

Accordingly, to be compliant with our audit requirements, we suggest that all policy issuing offices of Stewart Title Insurance Company, make an effort to submit for recording all instrument’s associated with a Stewart Title Insurance Company policy, in a form acceptable to the Clerk/Register, together with the necessary recording fees and taxes to the appropriate County Clerk’s or Register’s office as set forth above. 

Records should be maintained in your offices to track recording submissions and to explain any recording delays.  Additionally, please ensure timely responses to recording rejections.

Please visit our website, www.stewart.com, to view all of the latest recommended ALTA Best Practices.

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:
NY000432 New Underwriting Bulletin on Recording
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None