Bulletin: NL000018

Date:
January 21, 1993
To:
All Issuing Offices
RE:
Description of Mortgage, Mortgagee Policies

Dear Associates:

Lenders periodically ask us to describe other instruments in Schedule A of a mortgagee or loan policy. These instruments include collateral assignments of leases, financing statements, and security agreements.

Do not describe these instruments in Schedule A when describing the insured mortgage. The policy does not insure them.

You should do one of the following:

  • Describe the instruments in Schedule B (or Part II of Schedule B); or

  • Place the following note in Schedule A or B.

"Note:The indebtedness secured by the lien of the insured mortgage is additionally secured by the following: ____________________ (for example, collateral assignment of leases)."

If the lender objects, please call our underwriting personnel.

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:
4.28 Descriptions
 
11.28 Loan Policies
Exceptions Manual:
Descriptions
Forms:
None