Bulletin: OR2016001

Date:
June 14, 2016
To:
All Oregon Issuing Offices
RE:
RATES AND/OR FORMS UPDATE – New OTIRO Rating Manual - Effective June 2, 2016

Dear Associates:

This Bulletin is sent to advise you of the most recent updated version of the OTIRO Rating Manual, which became effective June 2, 2016, for all Oregon title insurance issuing offices. Relevant changes were made to Chapters 6 and 10 and are noted in the Schedule of Changes in the beginning of the Rating Manual.  

The relevant changes are as follows:

Rate Manual Section 6 – Guarantees

Two guarantee forms, the Combination Guarantee and Trustee Sale Guarantee, contained references to ORS 86.785, a section number that was re-numbered by the state to ORS 86.806. The re-numbering reference was intended to be included in the December 9, 2015, Rate Manual changes but was inadvertently omitted in the filing. The re-numbering is contained in the June 2, 2016, changes.

Rate Manual Section 6.006 – Guarantees

The charge for a Date-Down Endorsement for a guarantee is revised. In some circumstances the Date-Down will have no charge, but otherwise a charge of $100 per endorsement will apply. No charge applies to any of the first five endorsements, if the endorsement is requested within two years of the date of the guarantee.

Rate Manual Section 10.202 – Endorsements

OTIRO Endorsement 202.06 (ALTA Endorsement 2-06 Truth in Lending) is withdrawn, ALTA has decertified this endorsement.

Rate Manual Section 10.209 – Endorsements

  • OTIRO Endorsement 209-06 (ALTA Endorsement 9-06 Restrictions, Encroachments, Minerals – Loan Policy) is withdrawn.

o  Replaced by OTIRO 209.10-06 (ALTA Endorsement 9.10-06 Restrictions, Encroachments, Minerals – Current Violations – Loan Policy).

  • OTIRO Endorsement 209.6-06 (ALTA Endorsement 9.6-06 Private Rights-Loan Policy) is withdrawn.

o  Replaced by OTIRO 209.6.1-06 (ALTA 9.6.1-06 Private Rights – Current Assessments - Loan Policy).

  • References substituting the newly approved endorsements for the prior endorsements appear in Rate Manual Sections 4.007 (ALTA Short Form Residential Loan Policy) and 10.22 (Location Endorsement).

Attached is the Revised Rate Manual.

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.