Bulletin: MU2018001

Date:
January 30, 2018
To:
All Issuing Offices except Delaware, Florida, Indiana, Louisiana, New Mexico, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania and Texas
RE:
RATES AND/OR FORMS UPDATE - New and Revised ALTA Forms

Dear Associates:

The American Land Title Association (ALTA) recently adopted and/or revised the following forms:

ALTA Short Form Commitment for an ALTA Short Form Residential Loan Policy (12-01-2017). According to ALTA, this new commitment will replace the current version (last revised effective 10-16-2008 with a technical correction dated 08-01-2015) and be a companion form to the 2016 ALTA Commitment.

It incorporates by reference the substantive conditions of the offer of lender’s title insurance on a residential loan transaction and is commonly used to streamline the transfer of the data necessary for a Short Form Residential Loan Policy to be issued.

Please note that the "Notice" provision should be included in the form.

Revisions to the following Forms were made and are now approved for use. Please note that the corrections made to these forms are merely technical in nature and do not otherwise change the coverage under the endorsement:

ALTA Endorsement 5-06 (Planned Unit Development - Assessments Priority) (02-03-10) Technical Corrections 12-01-17

ALTA Endorsement 5.1-06 (Planned Unit Development - Current Assessments) (10-16-08) Technical Correction 12-01-17

Please see the corresponding Guideline (Click to View) for additional information.

These forms are immediately available for use in Illinois, Iowa, Massachusetts, Mississippi, and Oklahoma. In those states where form and/or rate filings are required, we will distribute subsequent state-specific bulletins as these forms become available. 

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 Property Info Customer Care or your title production software vendor to get the new forms uploaded to your system.  

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.