Bulletin: MU2015003

Date:
July 17, 2015
To:
All Issuing Offices except Delaware, Florida, Indiana, Louisiana, New Mexico, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania and Texas
RE:
RATES AND/OR FORMS UPDATE - New and Revised ALTA Forms (04-02-15)

Dear Associates:

The American Land Title Association (ALTA) has recently adopted and/or revised the forms listed below:

ALTA Endorsement 9.6.1-06 Private Rights - Current Assessments - Loan Policy (04-02-15) insures against loss or damage sustained by the Insured under the policy if enforcement of a Private Right in a Covenant affecting the Title at Date of Policy: (a) Results in the invalidity, unenforceability, or lack of priority of the lien of the Insured Mortgage; or (b) Causes a loss of the Insured’s Title acquired in satisfaction or partial satisfaction of the Indebtedness.

ALTA Endorsement 19.2-06 Contiguity - Specified Parcels (04-02-15) insures against loss or damage sustained by the Insured by reason of there being any gaps, strips, or gores lying within or between [Parcels/Tracts] of the Land except as depicted on the survey.

ALTA Endorsement 28.3-06 Encroachments - Boundaries and Easements - Described Improvements and Land Under Development (04-02-15) insures against loss or damage sustained by the Insured by reason of: (a) Encroachment of any Improvement or Future Improvement located on the Land onto adjoining land or onto that portion of the Land subject to an easement; (b) Encroachment of any Improvement located on adjoining land; (c) Enforced removal of any Improvement or Future Improvement located on the Land as a result of an encroachment by the Improvement or Future Improvement onto any portion of the Land subject to any easement, in the event that the owners of the easement shall, for the purpose of exercising the right of use or maintenance of the easement, compel removal or relocation of the encroaching Improvement or Future Improvement; or (d) Enforced removal of any Improvement or Future Improvement located on the Land that encroaches onto adjoining land.

ALTA Expanded Coverage Residential Loan Policy - Assessments Priority (04-02-15) provides additional coverage to lenders regarding lack of priority of the lien of the Insured Mortgage over the lien of certain assessments.

ALTA Expanded Coverage Residential Loan Policy - Current Assessments (04-02-15) provides additional coverage to lenders for certain assessments imposed at Date of Policy.

ALTA Notice of Availability of Owner's Title Insurance (04-02-15) provides notice to the Buyer that an Owner's Policy is available with a coverage amount equal to the purchase price of the Property.

ALTA Short Form Expanded Coverage Residential Loan Policy - Assessments Priority (04-02-15). This policy is the Short Form version of the ALTA Expanded Coverage Residential Loan Policy. It incorporates the insuring provisions, exclusions and conditions of that ALTA policy. It provides additional coverage to lenders regarding lack of priority of the lien of the Insured Mortgage over the lien of certain assessments.

ALTA Short Form Expanded Coverage Residential Loan Policy - Current Assessments (04-02-15). This policy is the Short Form version of the ALTA Expanded Coverage Residential Loan Policy. It incorporates the insuring provisions, exclusions and conditions of that ALTA policy. It provides additional coverage to lenders for certain assessments imposed at Date of Policy.

ALTA Short Form Residential Loan Policy - Current Violations (04-02-15). The Short Form Residential Loan Policy is issued to a lender making a loan secured by a one-to-four family residential lot or condominium. This policy insures against violations of covenants, conditions, or restrictions at Date of Policy.   

These forms are currently available for use in Illinois, Iowa, Massachusetts, Mississippi, and Oklahoma. In those states where form and/or rate filings are required, we will distribute subsequent state-specific bulletins as these forms become available.   

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.