Please be advised that on August 10, 2012, the Michigan Office of Finance and Insurance Regulation (OFIR) approved a new All Inclusive Residential Schedule of Charges for the State of Michigan (Rate Manual) for Stewart Title Guaranty Company, which Rate Manual becomes effective September 1, 2012.
As there are a number of changes in the Rate Manual, please review the entire manual for the rate changes and modifications of rule applications. You will be able to find the September 1, 2012 Residential Rate Manual at www.stewart.com/Michigan. Some of the important changes are as follows:
Page 3, Section B-1 - Original Charge for ALTA Owner’s Policies, changes the basic rate for ALTA Owner’s Policies.
Page 4, Section B-2 - Original Charge for ALTA Homeowner’s Policies, changes the basic rate for ALTA Homeowner’s Policies.
Page 4, Section B-3 - Michigan Department of Transportation Charges, changes the rate for the Owner’s Policies.
Page 4, Section B-4 - Recent Transfers Reduced Charge, changes the length of time for application of the credit from 24 months to 60 months.
Pages 4 and 5, Section B-5 - Master Policies, changes the charge for sub-policies from $50.00 to $100.00.
Page 5, Section B-8 - Policies Insuring Land Contract Interests, changes the charge for the additional policy from $50.00 to $100.00.
Page 5, Section B-9 - Original Charge for Loan Policies, changes the basic rate for ALTA Loan Policies.
Page 6, Section B-10 - Original Charge for ALA Expanded Coverage Residential Loan Policies, changes the rate for the expanded loan policy.
Page 6, Section B-12 - Michigan Mortgage Foreclosure Guarantee and Commitment, changes the minimum charge from $325.00 to $350.00 and the allowed number of updates was changed to two (2) updates without additional charge.
Page 7, Section B-13 - ALTA Residential Limited Coverage Junior Loan Policy reduces the charge for liability up to $100,000.00 from $175.00 to $125.00.
Page 7, Section B-14 - Work Fee, changes the fee charged from $200.00 to $300.00.
Pages 9-11, Section C - Endorsements, changes and clarifies endorsement charges identifying ALTA endorsements and Michigan specific endorsements.
Because the Rates go into effect on September 1, 2012, please timely contact your software vendors and assure that your electronic systems have the charges ready for use on that date. The Company has already contact Ramquest, SoftPro and AIM and has advised them of the need to program the new rates in to their respective systems.
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.