Bulletin: SLS2016004
- Date:
- August 29, 2016
- To:
- All Issuing Offices
- RE:
- UNDERWRITING - Condominium/Homeowner Association Lien Foreclosures
Dear Associates:
The Company considers title acquired through foreclosure of a condominium or homeowners association lien to be an extra-hazardous risk. You may not insure a property where the search reveals a foreclosure of a condominium association lien or homeowners association lien without approval of a Senior Underwriter.
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:
- SLS2016002 UNDERWRITING - Foreclosures Extinguishing Subordinate Mortgages or Title Held By Fannie Mae, Freddie Mac, FDIC, or HUD
- Underwriting Manual:
- 3.40 Condominiums
- Exceptions Manual:
- Condominiums
- Forms:
- ALTA Endorsement 4-06 (Condominium - Assessments Priority) Revised 02-03-10 Technical Correction 12-01-16
- ALTA Endorsement 4.1-06 (Condominium - Current Assessments) Revised 10-16-08 Technical Correction 12-01-16
- ALTA Endorsement 5-06 (Planned Unit Development - Assessments Priority) Revised 02-03-10 Technical Correction 12-01-16, 12-01-17
- ALTA Endorsement 5.1-06 (Planned Unit Development - Current Assessments) Revised 10-16-08 Technical Correction 12-01-16, 12-01-17