Bulletin: IN2010001

Date:
May 27, 2010
To:
All Indiana Issuing Offices
RE:
Indiana Department of Insurance FAQ's on the New RESPA Rule


Dear Associates:

On May 19th, the Indiana Department of Insurance (DOI) issued FAQs on the new RESPA rule to address state-specific questions for the completion of the new HUD-1 and compliance with Indiana law. FAQ no. 8 provides guidance on how to disclose and collect for fees paid by an agent to a third party service provider for a bona fide title service prior to closing. Please note that the itemized fee payable to the third party service provider should be shown on a blank line in the 1100 series outside the column. Also, please note that the Title Insurance Enforcement Fund Fee (TIEFF) cannot be included as part of the insurance premium in Lines 1103 and 1104 on the HUD. The DOI FAQ states that the TIEFF should be rolled into Line 1101-Title Services. Please take the time to review the FAQs. If you have any questions, please contact our Indiana Agency office.

To view the FAQs, please go to the following link:

http://www.in.gov/idoi/files/Indiana_Department_of_Insurance_FAQs.pdf

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.

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.