Bulletin: NM2022001

Bulletins by State
Bulletins by Country

Bulletin: NM2022001

Bulletin Document
V 6
Date: January 13, 2022
To: All New Mexico Issuing Offices
RE: UNDERWRITING - Delays in Recording

Dear Associates:

Bernalillo County is currently experiencing delays in recording real property documents, or a complete closure of recording offices. As a result, there may be a delay of unknown duration in the recording of the deed, mortgage, deed of trust, satisfactions, releases, or other recordable documents, etc. (collectively “Recordable Documents”) and the return of the original recorded Recordable Documents may be delayed. Over the last several years numerous county offices have closed because of the impact of Coronavirus 2019 (COVID-19), ransomware or other cyber related attacks, weather or a host of other reasons. In some cases, electronic recording may remain available. Stewart has issued a National Bulletin that provides guidelines for insuring transactions in instances when the county offices have closed due to the Coronavirus Pandemic. The requirements set forth in this National Bulletin also apply to other recording interruptions involving property in New Mexico.

This bulletin incorporates that guidance and supplements Stewart's existing guidelines for transactions involving property in New Mexico.

The requirements that apply to issuing policies also apply to issuing date down endorsements.

If you are unable to secure searches of the title and if you do not have satisfactory title information, Stewart will not insure the title or a down date endorsement past the date of your last title plant certification.

In those situations in which you have satisfactory title information, but you are unable to record the real estate documents (including any mortgage and deed) because the county office is closed and is not accepting electronic filings, Stewart will insure the title if, in addition to the requirements set forth in the National Bulletin, you comply with the following:

  • The Date of the Policy shall be the date and time of the disbursement of funds;
  • You obtain the attached written agreements from the Buyer and Seller and Lender.

If your transaction will not comply with these guidelines or if you have any questions, please call a Stewart Title Guaranty Company underwriter.

As a reminder, you are responsible for knowledge of and compliance with the information contained in all Bulletins and Special Alerts as posted on Virtual Underwriter www.vuwriter.com), whether you receive them by electronic distribution or not.

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.  

Affidavit and Agreement Concerning Delay in Recording (Buyer and Seller)

Agreement Concerning Delay in Recording (Lender)

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