Bulletin: NY000651

Bulletins by State
Bulletins by Country

Bulletin: NY000651

Bulletin Document
V 1
Date: January 05, 2021
To: All New York State Agents, Office Counsel, and Managers
RE: Title Alerts and Underwriting Bulletins 2021 Reminder

Happy New Year from the Legal Department of Stewart Title Insurance Company. We wish you a happy and prosperous 2021.

The purpose of this Bulletin is to remind you of your obligations as a policy-issuing representative of Stewart Title Insurance Company ("Stewart"). In addition to possessing the common and customary knowledge associated with New York State real estate closings, you are required to have specific knowledge of Stewart's underwriting practices. To this end, Stewart provides you with our Virtual Underwriting Manual, Title Alerts, Underwriting Bulletins and commonly used forms approved by Stewart so that you may review our underwriting practices. To gain access to the aforementioned documents and other important information, kindly log on to the Stewart Agent Resource Center. To access the Agent Resource Center, go to www.stewart.com/new-york and click on "Agent Log-In". You will need your Agent ID number to access the Resource Center. If you do not know your Agent ID number, please call (212) 922-0050. In addition, you may also access Stewart Title's Virtual Underwriter system at www.VUWriter.com.

In addition to your obligations as a policy issuing representative of Stewart, if you perform the functions of a title agent, as defined in New York State law, you must also maintain a title insurance agent's license issued by the New York State Department of Financial Services. The New Year is finally upon us! I wish to direct your attention to certain Bulletins to refresh your knowledge. In addition to the review of the below bulletins, please be aware of the current Executive Orders and other restrictions/requirements due to the Covid 19 pandemic.  The restrictions/requirement can be found in the various governmental orders and emergency legislation.  To the extent you have any questions or concerns regarding the impact any governmental order or emergency legislation has on your transaction, please contact Stewart Title Legal Department at (212) 922-0050 and speak with any Underwriting Counsel.  

Please review Bulletins:

337 and 573 Abandoned Property Law Compliance.
361 Use of Stewart Rate Calculator
368 and 591 Adverse Possession and Out of Possession
393 Search Guidelines
394 Bulletins and Alerts
398 Errors and Omissions Coverage
399 Indemnities to clear liens
406 USA Patriots Act
418 and 572 Rate Manual
430 Compliance with approved forms
431 Section 26 of Rate Manual and Section 6409c of NYS Insurance Law
432 Recording
433 Mutual Indemnity Agreement
434 Prohibition on Self Dealing
442 Anti Fraud Plan
446 Rate Calculation Work Sheet and Policy Remittances
456 Comfort Letters/Non-Impairment letters
464 Short Sale Certification
465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
472 Oil & Gas Affirmative Coverage
482, 510, 563, 583 and 645 Over limits/High Liability/Special/Extra Hazardous Risks
502 Revised Standard NY Endorsement
509 The Nationwide Case.
521 Search Limitations
539, 540, and 548 New York State Title Agent Licensing Law and Best Practices
549 New York State Title Insurance Agent Licensing Update - New Disclosures Required
592 and 605 Claims Avoidance, Cyber Fraud and Email Compromise
608 NYS Title Insurance Regulation 206
611 TOEPP (TIRSA Owner’s Extended Protection Policy)
620, 621 and 632 NY Insurance Regulation 208
630 NYS Law Chapter 297 Transfer Tax Returns for Residential Properties
644 Mt. Vernon Transactions
647 OneTitle National Guaranty Company
648 FINCEN GTO November 2020
650 TIRSA Rate Manual Revisions 2020

As an approved policy-issuing office of Stewart, you are only authorized to collect title insurance premiums and issue title policies and endorsements in accordance with Stewart's underwriting practices, the terms and conditions of the policies, the Title Insurance Rate Service Association, Inc., and Title Insurance Rate Manual within the State of New York. This Bulletin is an express statement of limited authority, limited to the issuance of a Stewart Title Insurance Company Policy of Title Insurance and does not afford any authority for settlement or the guaranty of any escrow deposits.

As a policy-issuing office of Stewart Title Insurance Company, if you are on notice of any title alert or cautionary memorandum issued by Stewart Title Insurance Company or another underwriter, your office may not issue a Stewart policy in connection with a transaction on the affected premises without disclosure to, and prior written approval from, Stewart Title Insurance Company.

In addition to the Bulletins referenced above, as a policy-issuing office of Stewart you are required to review and comply with the Virtual Underwriting Manual, all Bulletins and Alerts as well as established underwriting guidelines promulgated by the Company. Should you choose to unsubscribe from the electronic distribution list or for some technical difficulties you are not receiving Stewart's Bulletins or Alerts, you are still responsible for the review and compliance with those Bulletins and Alerts posted on our website.

Again, thank you for your cooperation and we look forward to serving your needs in the New Year!

In the event you have any questions regarding the above, please contact Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

Forms: FinCEN ALTA Form WORD; FinCEN ALTA Form PDF; Transfer Tax LLC Disclosure Form v2; Transfer Tax LLC Information Disclosure Form v3; NY Policy Approval (PDF); NY Policy Approval (WORD)
Attachments: TIRSA Rate Manual 2020

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:
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms:
  • None