Bulletin: UT2016004

Date:
November 17, 2016
To:
All Utah Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - RATE MANUAL UPDATE

Dear Associates:

Effective Date: November 3, 2016

A number of changes have been made to the Rate Manual effective November 3, 2016. Below is a summary of the changes.

B.2.A.2) Extended Owner’s Coverage. The charge is now 40% of the Basic Schedule of Charges.

B.6.D. ALTA Expanded Coverage Residential Loan Policy and Short Form Expanded Coverage Residential Loan Policy. The ALTA Expanded Coverage Residential Loan Policy has been designed to afford lenders who make loans secured by one-to-four family residential property many of the same expanded coverages provided to consumers by the ALTA Homeowner’s Policy of Title Insurance as well as a number of additional coverages unique to the lenders. The policy is available in both a “long form” and a “short form” version. The policy is issued only on one-to-four family residential property. The charge for the policies is 60% of the Basic Schedule of Charges.

B.14.  ALTA Residential Limited Coverage Mortgage Modification Policy. This policy may be issued in connection with a mortgage modification by an institutional lender covering one-to-four residential real property. The charge for the policy is $150.  

C. Endorsements. A significant number of ALTA Endorsements were added to the manual. ALTA endorsements should be issued in all cases where available. CLTA and STG forms should only be used when the requested coverage is not available in an ALTA form.

The ALTA 2 has been decertified and is no longer available.

ALTA 9.6.1 Private Rights - Current Assessments - Loan Policy has been added. Charge is 15% of Basic with a minimum charge of $300.

ALTA 11.2 Mortgage Modification with Additional Amount of Insurance has been added. Charge is 10% of Basic with a $50 minimum.

ALTA 18.2 Multiple Tax Parcel has been added. The charge is $55 for residential and $110 for commercial.

ALTA 19.2 Contiguity - Specified Parcels has been added. The charge is 10% of Basic with a maximum charge of $225 when issued with a standard policy and a maximum charge of $25 for residential property and $55 if issued with an extended policy and we have an acceptable survey.

ALTA 28.3 Encroachments - Boundaries and Easements - Described Improvements and Land Under Development has been added. The charge is 10% of Basic with a maximum of $2,000.

ALTA 36.7 Energy project - Fee Estate - Owner’s Policy has been added. The charge is 15% of Basic.

ALTA 36.8 Energy project - Fee Estate - Loan Policy has been added. The charge is 15% of Basic.

ALTA 40 Tax Credit - Owner’s Policy has been added. The charge is $100.

ALTA 40.1 Tax Credit - Defined Amount - Owner’s Policy has been added. Charge is amount of insurance charge with a minimum of $100.

ALTA 41 Water - Buildings has been added. The charge is 10% of Basic with a minimum of $100.

ALTA 41.1 Water - Improvements has been added. The charge is 10% of Basic with a minimum of $100.

ALTA 41.2 Water - Described Improvements has been added. The charge is 10% of Basic with a minimum of $100.

ALTA 41.3 Water - Land Under Development has been added. The charge is 10% of Basic with a minimum of $100.

ALTA 42 Commercial Lender Group has been added. The charge is $100.

ALTA 43 Anti-Taint has been added. The charge is $100.

ALTA 44 Insured Mortgage Recording - Loan has been added. The charge is $100.

ALTA 45 Pari Passu Mortgage - Loan Policy has been added. The charge is $100.

ALTA 46 Option. The charge is 10% of Basic.

As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter. 

Please contact PropertyInfo Customer Care or your title production software vendor to get the changes implemented in your system.

Do not use any Rate Manual (electronic or hard copy) dated prior to November 3, 2016.  

These changes have been made to the Rate Manual which can be found at https://www.stewart.com/utah.

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.