- May 17, 2011
- All Michigan Issuing Offices
- New Michigan Residential Rate Manual
Please be advised that on April 27, 2011, the Michigan Office of Finance and Insurance Regulation approved a new All Inclusive Residential Schedule of Charges for the State of
As there are a number of changes in the Rate Manual, please review the entire manual for the rate changes and modification of rule applications. Some of the important changes are as follows:
Page 4, Basic Charge for Owner’s Policies, changes the basic charges for ALTA Owner’s policies and ALTA Homeowner’s policies. Reduced Rate for Recent Transfers replaces the historic Reissue Credit.
Page 5, Basic Charge for Loan Policies and ALTA Expanded Coverage Residential Loan Policy rates have been changed as well as the Simultaneous Issue Charge for Owner’s and Loan policies. [Please note that due the change in the charges for loan policies that the Refinance Rate and the Reissue Credit for loan policies have been eliminated.]
Page 6, Master Policies (Developer policy) replaces Blanket Owner’s Policy- Sub Fee Standard Owner’s Policies Standard Loan Policies. Please note the rate changes and the "diminishing" master provisions. New Construction Charge and Short Term Construction (Loan) Policies have the same percentage charges but with different minimums.
Page 7, Policies Insuring Land Contract Interests has a different rate charge.
Page 8, ALTA Residential Limited Coverage Junior Loan Policy has a different rate charge.
Page 10, Michigan Department of Transportation Rate was added to the residential rate manual consistent with the language contained in the Company Commercial Rate Manual.
Pages 10-13, Endorsements has a modified table of rate charges.
Because the Rates go into effect on June 1, 2011, please timely contact your software vendors and assure that your electronic systems have the new charges ready for use on that date. The Company will be contacting Ramquest, SoftPro and AIM and will advise them of the need to program the new rates into their respective systems. You will be able to find a copy of the new Rate Manual on our website at www.stewart.com/michigan.
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.