SLS2008006 - Builder Transactions and Mechanic's Liens | Virtual Underwriter

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Bulletin: SLS2008006

v 2

Date: March 31, 2008

To: All Issuing Offices

RE: Builder Transactions and Mechanic's Liens

Dear Associates:

Downturns in the housing market give rise to an increase in mechanic's lien claims involving builders. In order to minimize our mechanic's lien losses, please adhere to the following procedures when insuring on a builder sale or builder construction financing:

If you are ins...

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:

FL2024001 - UNDERWRITING - Mechanic's Liens Coverage on Lender's Policies During Construction GA2014002 - UNDERWRITING - Mechanic's Liens Coverage During Construction IL2010005 - Mechanic's Liens Coverage During Construction - No Priority IL2023002 - UNDERWRITING - Mechanic's Liens Coverage During Construction - No Priority LA2010010 - Mechanic's Liens Coverage During Construction - Initial Priority if No Commencement MA2010002 - Mechanic's Liens Coverage During Construction MD2014002 - UNDERWRITING - Mechanic’s Liens Coverage During Construction – Priority For Future Advances Established Upon Recording of Mortgage MI2009009 - New Construction Procedures and Requirements MI2010007 - Mechanic's Liens Coverage During Construction MI2011006 - Jeddo Drywall v. Cambridge Investment Group MO2009002 - Mechanic's Lien Coverage and Construction Loans MO2010003 - Residential New Construction and Mechanic's Liens MU2010007 - Mechanic's Liens Coverage During Construction - Priority if No Lien or Suit Filed when Disbursing (1) MU2010008 - Mechanic's Liens Coverage During Construction - Initial Priority if No Commencement (3) MU2010009 - Mechanic's Liens Coverage During Construction - No Priority (2) NC2008002 - Lien Waivers NC2015001 - UNDERWRITING - Mechanic's Liens Coverage During Construction - Initial Priority if No Commencement ND2010001 - Mechanic's Liens/Construction Liens Coverage During Construction - Priority if No Lien or Suit Filed when Disburse NJ2010005 - Construction Lien Claims in New Jersey NM2015002 - UNDERWRITING - Insuring Construction Loans in New Mexico; New Rules Effective August 1 and August 15, 2014 PA2010009 - Mechanic's Liens Coverage During Construction - Initial Priority if No Commencement SLS2008021 - Foreclosures and Mechanic's Liens SLS2008024 - Vacation Homes and Mechanic's Liens SLS2009007 - Mechanic's Liens Recap VA2010001 - Mechanic's Liens Coverage During Construction WI2010005 - Mechanic's Liens Coverage During Construction

Underwriting Manual:

12.12 Mechanic's Liens

Exceptions Manual:

(PDC) Pending Disbursement Clauses

Forms:

STG Indemnity Agreement 2