- May 03, 2016
- All Wyoming Issuing Offices
- RATES AND/OR FORMS UPDATE - Wyoming Rate Manual
The Wyoming Rate Manual was amended with an effective date of May 20, 2016. The revised manual is an effort to reorganize our manual to bring simplification to the manual so it will be easier to use for our agents and offices operating in Wyoming and to bring simplification and clarification to our charge structure for our customers. The basic changes to be found in the new manual will be outlined as follows:
On Page Six, Section B, Item (1) - Basic Schedule of Charge - The rate structure for this section has been revised in that the minimum charge for policies was adjusted from the current $225 to $240.
On Page Six and Seven, Section B-2 (Extended Policy Charges) - This section was revised to simplify, clarify and give better understanding for this section. As an example, the Item 2 (a) second paragraph was formally named Construction Loan and was renamed with this revision to read Mechanic's Lien Coverage during Construction. The revision will not result in any rate changes.
On Page Eleven of the current manual, Section B-4 (Supplemental Charges and Rules) Item h (Water Rights Coverage) in the former manual was deleted from this section with this revision to the manual.
On Page Ten, Section B-5 Owner's Policies Item c - this section was formally styled Simultaneous Issue but was renamed with the revision to read Multiple Owner's Policies. There were no changes to rates with this revision.
On Page Ten, Section B-5 (Owner's Policies) Former Item e (HOT Policy) and Item f (Gold Policy) were deleted with the revised Manual of Charges as it was felt that newer policies were now available.
On Pages Ten and Eleven, Section B-6 (Loan Policies) - Item a - General - the part of the section was revised to clarify and give a better understanding of the charges for the section. For Section B-6 (b) this section was formally styled ALTA Loan Policies. The section is now styled ALTA Extended Loan Policy and ALTA Short Form Residential Loan Policy One-to-Four Family. There was no change to the charges with the revision.
On Page Eleven, Section B-6 (c) Simultaneous Coverage Policies. This section was formally found in Section B-5 (c) (Simultaneous Issue) but was moved to this section of the manual. The charges for the section remain unchanged.
On Page Eleven, Section B-6 (d) Construction or Temporary Loan Policies - this section was formally styled Temporary Loan Policies and was found in Section B-6. The charge for the Construction or temporary loan policy (standard coverage form) was reduced from the current 100% of the basic charge to be 50% of the basic charge.
On Page Sixteen of the current manual, Section B-6 (g) Gold Comprehensive Loan Policy- this section was deleted with the revised Manual of Charges as it was felt that newer policies are now available.
On Page Sixteen of the current manual, former Section B-6 K (Simultaneous Rate for standard coverage Second Mortgage Loan Policies - this section was deleted as it was addressed in Schedule B-6 (c)(3) in the revised manual. There were no changes made to the charges.
On Page Thirteen, Section B-6 (k) Stewart Master Residential Loan Policy - the scrivener error was corrected for the tier of charges up to $25,000. The charge was clarified to be $25.00.
On Page Thirteen, Section B-6 (I) ALTA Residential Limited Coverage Mortgage Modification Policy. This was a new policy approved for use on March 28, 2016, by your department which was added to the Manual of Charges with this revision.
On Page Fourteen, Section B-8 (Guarantees and Other Insurance Products) - Item a (3) (Other Guarantees) there was a maximum charge added for this section.
On Page Fifteen, Section B-8 (Guarantees and Other Insurance Products) Item b-the styling for this item was changed to read: Article 9 Comprehensive Plus Policy of Title Insurance. No rate changes were made with this change.
On Page Seventeen, Section B, Item 12 - List of Forms - this section of the Schedule of Charges and Forms was updated with this submission to reflect the most recent forms available for use in Wyoming.
On pages Eighteen to Twenty-six, Section C - Endorsements - In order to simply and clarify this Section of the manual, this section has been reorganized for simplicity into three areas which are: (1). The American Land Title Association (ALTA) endorsement forms, (2). The STG endorsements forms and (3). The California Land Title Association (CLTA) endorsements. This reorganization will make this section easier for use for our agents operating in Wyoming. The updated sections will better reflect the latest endorsement that will be available for use for the State of Wyoming.
Agents please contact Propertylnfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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