Bulletin: MI2015003

Date:
April 28, 2015
To:
All Michigan Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - New Michigan All Inclusive Commercial Rate Manual

Dear Associates:

Please find the attached All Inclusive Commercial Schedule of Charges For Title Insurance in the State of Michigan which has been approved for use effective July 1, 2015. There are a number of changes from the previous Commercial Rate Manual and you are requested to review the entire filing closely. Some important changes to note are:

  • The Basic Rate for Owner’s and Loan policies has been raised from $1,750.00 to $1900.00 for the first million dollars of coverage. Please also note the increases in the “rate per thousand” for deals over $10 Million.  
  • The Reissue Credit is now based upon the original charge (base rate) of the new policy and is no longer based upon the face amount of the prior policy. 
  • The Simultaneous Issue Charge will be a flat 25% instead of a graduated charge based upon the amount of the transaction.
  • If the Refinance Credit is being applied, credits under the Reissue, Simultaneous and Construction To Permanent Loan will not apply.
  • The amount of the Work Fee has been raised from $200.00 to $300.00.
  • The charges for the Michigan Department of Transportation Rate and Michigan Mortgage Foreclosure Guarantee and Commitment were modified to match the Stewart Title Michigan Residential Rate Manual (7/15/14).
  • Endorsements Charges have changed. Please review the rate manual closely. 

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 July 1, 2015. All other Agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective July 1, 2015

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services. Please disseminate this Bulletin to all appropriate office personnel.   

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