Bulletin: LA2022002

Bulletins by State
Bulletins by Country

Bulletin: LA2022002

Bulletin Document
Date: September 06, 2022
To: All Louisiana Issuing Offices
RE: RATES AND/OR FORMS UPDATE - LATISSO Rates and Forms for Title Insurance in the State of Louisiana - Effective October 1, 2022

Dear Associates:

The Louisiana Department of Insurance has approved changes to the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana which are effective October 1, 2022. The updated Rate and Form Manual will be available at www.stewart.com/louisiana under the Rates menu option. The changes are as follows:

Section 6 – SPECIMEN FORMS – 2021 POLICIES

The “2021 Policies” listed below have been adopted based upon the American Land Title Association (ALTA) recommended forms with the following modifications for Louisiana. These Jackets will be made available in our Stewart Access system on October 1, 2022.

  • Valid if issued electronically with a policy number, a date of policy, and a signature.
  • Conditions relating to Class Action and Arbitration have been deleted.

ALTA Loan Policy of Title Insurance [2021 v. 01.00 (07-01-2021)] (10/01/2022)

ALTA Owner’s Policy of Title Insurance [2021 v. 01.00 (07-01-2021)] (10/01/2022)

ALTA Homeowner’s Policy of Title Insurance [2021 v. 01.01 (07-01-2021 TC 09-21-2021)] (10/01/2022)

ALTA Commitment for Title Insurance [2021 v. 01.00 (07-01-2021)] (10/01/2022)

ALTA Expanded Coverage Residential Loan Policy - Modified LA – Assessments Priority [2021 v. 01.00 (07-01-2021)] (10/01/2022)

ALTA Short Form Expanded Coverage Residential Loan Policy – Modified LA – Assessments Priority [2021 v.01.00 (07-01-2021)] (10/01/2022)

ALTA Short Form Commitment for Title Insurance – Modified LA - for a Short Form Residential Loan Policy [2021 v. 01.00 (07-01-2021)] (10/01/2022)

ALTA Short Form Residential Loan Policy– Modified LA - Assessments Priority [2021 v.01.00 (07-01-2021) (10/01/2022)

Accompanying ALTA recommended Schedules for each of the above listed Jackets have also been adopted with customary modification for Louisiana. The Schedule A for each of the Loan Policy types contains a checkbox style listing of the more frequently issued endorsements which is now consistent on the Schedule A for all Loan Policy types.

We have submitted each Schedule to the various title production software vendors asking that they be made available no later than the October 1, 2022, effective date. Please contact your title production software support group for assistance with set up in your system. These Schedules will be available in Word format on our www.stewart.com/louisiana site under the Underwriting Resources Menu, Forms & Policy Information option.

Rates applicable to each of the above policy types will be the same as the rates applicable to the prior versions of the policy types. Please refer to Section 2 – Provisions for Policy Rates and Rules of the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana.

Section 7 - SPECIMEN FORMS - CLOSING PROTECTION COVERAGE

The Closing Protection Coverage letters listed below have been adopted based upon the ALTA recommended forms with modifications for Louisiana. These Closing Protection Coverage letters will be made available in our Stewart Access system on October 1, 2022.

ALTA Closing Protection Coverage LA - Single Transaction [2018 v. 02.00 904-02-2021] Adopted 04-02-2021 (10/01/2022)

ALTA Closing Protection Coverage - LA Multiple Transaction [2018 v. 02.00 904-02-2021] Adopted 04-02-2021 (10/01/2022)

The rate applicable will be the same as the rate applicable to the prior versions. It remains on a per transaction basis $25 as shown in Section 3 - Closing Protection Coverage of the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana.

Section 8 - 1996 SERIES ALTA ENDORSEMENTS - 1996 SERIES ENDORSEMENTS

All 1996 Endorsements Withdrawn Effective 10/01/2022

Section 10 - SPECIMEN FORMS - 2021 SERIES ALTA ENDORSEMENTS

The “2021 Endorsements” listed below have been adopted based upon the American Land Title Association (ALTA) recommended forms. These “2021 Endorsements” are issued with a “2021 Policy” type. If there is not a 2021 dated revision of an ALTA endorsement, the existing ALTA endorsement is issued with the 2021 policy.

We have been advised by the various title production software vendors that all ALTA endorsements are made available to users. Please contact your title production software support group for assistance with set up in your system. These Endorsements will be available in Word format on our www.stewart.com/louisiana site under the Underwriting Resources Menu, Endorsements option.

ALTA Endorsement 3 Zoning [(2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 3.1 Zoning-Completed Structure [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 3.2 Zoning-Land Under Development [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 3.3 Zoning-Completed Improvement-Non-Conforming Use [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 3.4 Zoning – No Zoning Classification [2021 v. 01 00 (07-012021) [(For Use With 2021 Policy)] (10/012022)

ALTA Endorsement 4 Condominium-Assessments Priority [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)]

ALTA Endorsement 4.1 Condominium-Current Assessments Priority [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 6 Variable Rate Mortgage [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 6.2 Variable Rate Mortgage-Negative Amortization [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 7.1 Manufactured Housing-Conversion-Loan Policy [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies) (10/01/2022)

ALTA Endorsement 7.2 Manufactured Housing-Conversion-Owner’s Policy [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 8.1 Environmental Protection Lien [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 10 Assignment [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 10.1 Assignment and Date Down [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 11 Mortgage Modification [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 11.1 Mortgage Modification with Subordination [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 11.2 Mortgage Modification with Additional Amount of Insurance [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 12 Aggregation-Loan Policy [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 12.1 Aggregation-State Limits-Loan Policy [2021 v. 01.01 (07-01-2021 TC 08-30-2021)] [(For Use With 2021 Policies)]

ALTA Endorsement 14 Future Advance-Priority [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 14.1 Future Advance-Knowledge [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 14.2 Future Advance-Letter of Credit [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 14.3 Future Advance-Reverse Mortgage [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 26 Subdivision [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 27 Usury [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 28.1 Encroachments-Boundaries and Easements [2021 v. 01.00 (07-01-2021)] [(For Use With 2021 Policies)] (10/01/2022)

ALTA Endorsement 30 One-to-Four Family Shared Appreciation Mortgage [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies)] (10/01/2022)

ALTA Endorsement 30.1 Commercial Participation Interest [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies)] (10/01/2022)

ALTA Endorsement 32 Construction Loan [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies)] (10/01/2022)

ALTA Endorsement 32.1 Construction Loan-Direct Payment [2021 v. 01.01 (07-01-2021 TC 09-27-2021)] [(For Use With the 2021 Policies)] (10/01/2022)

ALTA Endorsement 32.2 Construction Loan-Insured’s Direct Payment [2021 v. 01.00 (07-01-2021)] [(For Use With the 2021 Policies] (10/01/2022)

Rates applicable to each of the above endorsements will be the same as the rates applicable to the prior versions of the endorsement. Please refer to Section 4 – Schedule of Rates and Rules for Endorsements of the LATISSO Manual of Rates and Forms for Title Insurance in the State of Louisiana.

Questions relating to this or other Bulletins may be directed to Louisiana Underwriting Personnel at (800) 209-4675 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.


References