Bulletin: NE2016004

Date:
July 25, 2016
To:
All Nebraska Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - ALTA Residential Limited Coverage Mortgage Modification Policy

Dear Associates: 

The Nebraska Department of Insurance has approved effective February 2016, the ALTA Residential Limited Coverage Modification Policy.

This policy is for use in connection with modifications of mortgages by an institutional lender covering one-to-four residential properties, including condominiums, when the underlying mortgagee’s policy wasn’t issued on Stewart paper. The ALTA 11-06 Mortgage Modification Endorsement can still be used when the underlying policy is written on Stewart.

There are a number of underwriting requirements and guidelines, which can be accessed in the Forms section of Virtual Underwriter, or you may contact an STG Underwriter.

The filed premium for this policy is $150.00. 

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:
ALTA Endorsement 11-06 (Mortgage Modification)
 
ALTA Residential Limited Coverage Mortgage Modification Policy (12-01-14) Technical Correction 08-01-16