Virtual Underwriter

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Bulletin: NY000303

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Bulletin: NY000303

Bulletin Document
V 2
Date: March 07, 2007
To: All New York State Office Counsel, Managers and Agents
RE: Stewart Title Rate Calculator

Stewart hopes that you have found the most recent version of the Stewart Title Rate Calculator now out for the past year most helpful.  It can be found at the STIC website at www.stewartnewyork.com.

Last June we issued Bulletin 287 in connection with the approval of Stewart's Rate Deviation filing prompted by the settlements reached by two Underwriters with the Attorney General.  In that Bulletin we strongly urged you to use the Rate Calculator, print a copy of the calculated rate and attach it to the file.  Today we reiterate that request so as to ease prospective regulatory rate reviews and audits.  We have asked our Auditors to check for the printed rate calculation and for its accuracy as part of the audit process.  As always, to the extent that a user has a question, comment or concern as to the accuracy of results or how to use the Rate Calculator, please direct those questions and comments to Legal Services personnel and not to the IT Department.  Legal Services can be reached at 212.922.0050.

Now more than ever care in calculating rates and adhering to the TIRSA Manual and your Underwriting Agreement with us is critical.  By utilizing these procedures we can enhance our commitment to our customers.  The attached article from RESPA Alert illustrates the types of cases that can emanate from improper rates.

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