Bulletin: NY000219
Dear Associates:
As you know, Section 14 of the Title Insurance Rate Service Association ("TIRSA") Rate Manual provides for the availability of a reduced premium under certain specified circumstances where application is made for a loan policy. Further, Section 14 goes on to state,
"In or...
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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.
BORROWER COVER LETTER/APPLICATION CONFIRMATION
Date:
Re: Title No.
Premises
Borrower
Dear:
Enclosed please find confirmation of an order for title insurance placed with our office in connection with the above referenced matter. The purpose of this letter is to call your attention specifically to the disclosure on the confirmation form that reads as follows:
IF THIS IS A REFINANCE WITHIN TEN YEARS, YOU MAY BE ENTITLED TO A REDUCED PREMIUM. CONTACT THIS COMPANY IMMEDIATELY FOR DETAILS.
Simply stated, if you first purchased the identical premises that is the subject of this mortgage application, or if you have refinanced an existing mortgage on this identical premises, within the last ten years, you may qualify to pay a reduced premium on the policy to be issued for this transaction. In order to determine if you qualify, please call or write this office with the following information:
1 the name of the title insurance company or agency which insured your most recent transaction and;
2 the policy number or the company&'s file number from that transaction and;
3 the amount you paid for the premises or the current principal balance on your existing mortgage.
If you feel that you may qualify for this reduced premium, please call or write us with the above information as soon as possible. Your failure to provide the requested information could cause you to be charged the full premium rate in this transaction.
Thank you for this opportunity to be of service.