Bulletin: MI2017002

Date:
May 04, 2017
To:
All Michigan Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Michigan Residential Rate Manual of Insurance

Dear Associates:

Please be advised that on May 3, 2017, the State of Michigan approved Stewart Title Guaranty Company’s All-Inclusive Residential Schedule Of Charges For Title Insurance in the State of Michigan [see attached] which shall become effective May 15, 2017

The changes to the Rate Manual are as follows:

  • The Schedule of Charges for Owner’s Policies up to $1000.00 of liability written went from $250.00 to $275.00.
  • The Schedule of Charges for Homeowner’s Policies up to $1000.00 of liability written went from $265.00 to $291.50.
  • The Schedule of Charges for Loan Policies up to $1000.00 of liability written went from $175.00 to $192.50.
  • The Schedule of Charges for ALTA Expanded Coverage Residential Loan Polices up to $1000.00 of liability written went from $180.00 to $198.00.
  • The Master Policy charges for land to be divided into 4 or more lots, condominiums units or building sites at $100.00 was eliminated.
  • Note: Paragraph 13 of the Manual includes The ALTA Residential Limited Coverage Mortgage Modification Policy for institutional lenders covering 1 - 4 family residential real property or condominiums units, which was added to the 8/1/15 Residential Rate Manual by Amendment dated 2/9/16.

Please note the addition of the following endorsements to Paragraph C. Endorsements, and please review the Manual for all applicable charges for these endorsements: 

  • ALTA 9.6.1 Private Rights - Current Assessments - Loan Policy  
  • ALTA 18.2 Multiple Tax Parcel
  • ALTA 19.2 Contiguity - Specified Parcels
  • ALTA 23.1 Co-insurance - Multiple Policies
  • ALTA 28.1 Encroachments - Boundaries and Easements
  • ALTA 28.2 Encroachments  - Boundaries and Easements - Described Improvements
  • ALTA 28.3 Encroachments -  Boundaries and Easements - Described Improvements and Land Under Development
  • ALTA 30.1 Commercial Participation Interest
  • ALTA 46 Option
  • Deletion of ALTA 2 Truth in Lending

Please advise all appropriate personnel of the above-identified changes and assure that all software programs and rate charts are modified in accordance with the provisions of the new Manual on May 15, 2017.  

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.