Bulletin: WI2016002

Date:
August 09, 2016
To:
All Wisconsin Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Wisconsin Rate Manual Revised Schedule of Charges

Dear Associates:

Attached please find the revised Schedule of Charges for Title Insurance in The State of Wisconsin. These changes will become effective on September 1, 2016.  


Wisconsin Rate Manual (Click to View)


The revisions to the Schedule of Charges pertain to, and modify, all sections of the rate manual.

Revisions to Section (A) include: Item 2 for Definitions; Item 3 for Premium Calculations; and

Item 5 for Policy and Commitment Forms. 

Revisions to Section (B) include: Item 1 for Schedule of Charges for Polices; Item 2 for Reissue and Abstract Surrender Credit; Item 3 for Original Charge for Residential Loan Policies; Item 4 for Charge for Refinance of Residential Construction Loan; Item 5 for the Simultaneous Issue Charge for Non-Residential Loan Policies; Item 6 for Simultaneous Issue Charge for Non-Residential Sale-Leaseback Transaction; Item 7 for Charge for Foreclosure Commitment; Item 12 for Charge For Master and Takeoff Policies; Item 14 for the ALTA Homeowner’s Policy; Item 15 for the ALTA Expanded Coverage Residential Loan Policy/ALTA Short Form Expanded Coverage Residential Loan Policy; and Item 16 for the ALTA Residential Limited Coverage Mortgage Modification Policy. 

Revisions to Section (C) include: Item 3 and various modifications in the fee or minimums charged for endorsements. Also, the list of filed endorsements was updated.

A summary of the manual updates will be summarized below for the sections involved:

  • Section (A), Item 2 - Definitions. The heading was changed and the definition of “Residential” and “Non-Residential” was clarified.  Also, Section A, Item 2 (b) adds the definition for a “Residential Construction Loan”.
  • Section (A), Item 3 - Premium Calculations. This item was added to clarify rounding dollar amounts when calculating premiums.
  • Section (A), Item 5 - Policy and Commitment Forms. The list of policies and current commitment forms were updated.
  • Section (B), Item 1 - Original Charge for Owner’s, Leasehold or Non-Residential Loan Policies. This section was revised to address charges for Owner’s, Leasehold or Non-Residential Loan Policies.  Most charges for Residential Loans are now under Schedule (B), Item 3. Also for this Section (B), Item 1, the charge for up to $15,000 of liability written was modified from $375 to $425.
  • Section (B), Item 2 - Reissue and Abstract Surrender Credit. There was a modification made to change the minimum charge from $375 to no less than $425.
  • Section (B), Item 3 - Original Charge for Residential Loan Policies. This section will now show the charges for all Residential Loan Policies which had been previously shown in Section (B), Item B-1, and will cover all Residential Loan Policies for purchases, as well as refinances, including discounted policies currently charged under a simultaneous or purchase money mortgage rate provision. Exceptions for this Section (B), Item 2 exist for refinance of a Residential Construction Loan shown in Section (B), Item 4 or a policy that qualifies for issuance of an ALTA Limited Coverage Residential Junior Loan Policy under Section (B), Item 8. The tiers for the Expedited Search was modified where the first tier now will be from $1 to $350,000 and the charge set at $350, while over $350,000 will be the second tier. The tiers for the Full Search were also modified similar to the expedited search. 
  • Section (B), Item 4 - Charge for Refinance of Residential Construction Loan. This section is a new section which provides for a refinance charge specific to Residential Construction Loans. 
  • Section (B), Item 5 - Simultaneous Issue Charge for Non-Residential Loan Policies. This section was modified to apply the discounted simultaneous issue charge for Non-Residential Loan Policies only. 
  • Section (B), Item 6 - Simultaneous Issue Charge for Non-Residential Sale-Leaseback Transaction. This is a new section added to the manual and will apply when there is a sale and a simultaneous leaseback of the same property with a Non-Residential fee owner’s policy issued in connection with the sale.       
  • Section (B), Item 7 - Charge for Foreclosure Commitment. The charge was modified from the current $350 to $375 for this product.
  • Section (B), Item 12 - Charge for Master and Take-off Policies. This section was revised for clarity purposes.  Also, provisions were added for a Master Owner’s Policy Credit.
  • Section (B), Item 14 - ALTA Homeowner’s Policy. This section explains the charges for the ALTA Homeowner’s Policy. 
  • Section (B), Item 15 - ALTA Expanded Coverage Residential Loan Policy/ALTA Short Form Expanded Coverage Residential Loan Policy. This section explains the charges for these policies. 
  • Section (B), Item 16 - ALTA Residential Limited Coverage Mortgage Modification Policy. This section explains the charges for the ALTA Residential Limited Coverage Mortgage Modification Policy.
  • Section (C), Item No. 3 - Endorsements. This section clarifies that the endorsement charges shown on the list will apply to all policies up to $15,000,000, rather than the previous amount of $20,000,000. The list of endorsements was also updated to include the most current endorsements available for use in Wisconsin.

NOTE: Any Agents using AIM+ please contact PropertyInfo Customer Care to advise them of the new rate changes and request that they implement the changes in their respective AIM+ systems effective September 1, 2016. All other Agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective September 1, 2016.

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 Residential Limited Coverage Mortgage Modification Policy (12-01-14) Technical Correction 08-01-16
 
ALTA Short Form Expanded Coverage Residential Loan Policy (1/1/08)