Bulletin: OR2015001

Date:
December 17, 2015
To:
All Oregon Issuing Offices
RE:
RATES AND/OR FORMS UPDATE – New OTIRO Rating Manual - Effective December 9, 2015

Dear Associates:

This Bulletin is sent to advise you of the most recent updated version of the OTIRO Rating Manual, which became effective December 9, 2015, for all Oregon title insurance issuing offices. Relevant changes were made to Chapter 10: Endorsements, as well as some other changes noted below. The changes are noted in the Schedule of Changes in the beginning of the Rating Manual. Most of the changes involve previously unavailable endorsements. Click here for a link to the new Oregon rate manual posted on Stewart Point. The newly approved endorsements are the following: 

OTIRO No.

ALTA No.

ENDORSEMENT NAME

219.2-06

19.2-06

Contiguity – Specified Parcels End.

228.3-06

28.3-06

Encroachments – Boundaries and Easements – Described Improvements and Land Under Development End.

232-06

32-06

Construction Loan – Loss of Priority End.

232.1-06

32.1-06

Construction Loan – Loss of Priority – Direct Payment End.

232.2-06

32.2-06

Construction Loan – Loss of Priority Insured’s Direct Payment End.

233-06

33-06

Disbursement End.

236.7-06

36.7-06

Energy Project – Fee Estate – Owner’s Policy End.

236.8-06

36.8-06

Energy Project – Fee Estate – Loan Policy End.

240-06

40-06

Tax Credit – Owner’s Policy End.

240.1-06

40.1-06

Tax Credit – Defined Amount – Owner’s Policy End.

241-06

41-06

Water – Buildings End.

241.1-06

41.1-06

Water – Improvements End.

241.2-06

41.2-06

Water – Described Improvements End.

241.3-06

41.3-06

Water – Land Under Development End.

242-06

42-06

Commercial Lender Group End.

243-06

43-06

Anti-Taint End.

244-06

44-06

Insured Mortgage Recording – Loan End.

245-06

45-06

Pari Passu Mortgage – Loan Policy End.

OTIRO Endorsement 102-06 (Insuring Two Mortgages in One Policy Endorsement) is revised to remove the phrase “Pari Passu” from its name.

Section 4.008 (Loan Policy Insuring Permanent Lender Subsequent to a Construction Loan) is revised to address a pricing anomaly that arose when the permanent loan was for less than the construction loan.

Sections 10.051 (Additional Advance Endorsement) and 10.079 (Revolving Loan Credit Line Increase End) are revised so the charge adheres to the approach of Section 10.211 for the Mortgage Modification with Additional Amount of Insurance Endorsement. (OTRIO Endorsement No.  211.2-06).

Withdrawn endorsements have been removed from the Rating Manual. Previously, a withdrawn endorsement was marked as withdrawn but otherwise remained in the Rating Manual. Withdrawn endorsements may be accessed from previous versions of the Rating Manual as listed in the Schedule of Changes.

The Combination Guarantee (OTIRO No. G-01) and Trustee Sale Guarantee (OTIRO No. G-05) each contains two references to ORS 86.785. That ORS section was renumbered to ORS 86.806 in the 2013 edition of ORS. That change is now reflected in the two guarantees.

NOTE:  Any agent using AIM+ should contact Customer Care at PropertyInfo to implement the new form changes in your AIM+ 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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None