Bulletin: WI2018002

Date:
January 11, 2018
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 become effective on January 15, 2018.

Wisconsin Rate Manual (Click to View

The manual format has been streamlined to bring simplification and clarification to our charge structure for consumers. The revisions to the Schedule of Charges pertain to, and modify, the following sections of the rate manual.

Revisions to Section (A) - General Rules and Definitions. Provisions reformatted; Item 4 - Definitions section was expanded.

Revisions to Section (B) - Commitments to Insure. Item 1 - Foreclosure Commitment was moved to this section.

Revisions to Section (C) - Owner’s Policies. This section was reformatted to contain: Item 1 - Basic Schedule of Charges for Owner’s and Leasehold Policies; Item 2 - ALTA Homeowner’s Policy; Item 3 - Reissue and Abstract Surrender Credit; and Item 4 - Charge for Master and Take-off Policies.

Revisions to Section (D) - Loan Policies. This section was reformatted to contain: Item 1 - Basic Schedule of Charges for Residential Loan Policies, which includes expanded provisions for an Expedited Search; Item 2 - Basic Schedule of Charges for Non-Residential Loan Policies; Item 3 - ALTA Expanded Coverage Residential Loan Policies and ALTA Short Form Expanded Coverage Residential Loan Policies; Item 4 - ALTA Residential Limited Coverage Mortgage Modification policy; Item 5 - Charge for Refinance of Residential Construction Loan; Item 6 - ALTA Residential Limited Coverage Junior Loan Policy; Item 7 - Survey Clearance on Non-Residential Loan Policies up to $5,000,000.

Revisions to Section (E) - Simultaneous Issue. This section was reformatted to contain: Item 1 - Simultaneous Issue Charge for Non-Residential Loan Policies; Item 2 - Simultaneous Issue Charge for non-Residential Sale-Leaseback Transaction.

Revisions to Section (F) - Miscellaneous. This section was reformatted to contain: Item 1 - Reinsurance Charges; Item 2 - Charge for Extra-Hazardous Risk; Item 3 - Charitable Non-Profit Organization, which was added into the Schedule of Charges as a new charge; Item 4 - Additional Parcels or Chains, which was added to clarify charges in these instances; Item 5 - Additional Charges for Special or Unusual Conditions, Examination of Title or Services, which was added to clarify charges in these instances.

Revisions to Section (G) - Endorsements. This section was revised by adding some additional endorsements to the “other endorsements” including the Deletion of Arbitration endorsement for Owner’s and Loan Policies, Date Down Endorsement for Owner’s Policy, and Change of Coverage Endorsement along with the applicable charges for their use in Residential and Non-Residential transactions. The charge for issuing the Residential Limited Coverage Junior Loan Endorsement (JR2) was decreased from $75 to $25.

The remainder of the filed Schedule of Charges for Use in the State of Wisconsin remains unchanged.

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 January 15, 2018. All other Agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective January 15, 2018.  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:
None