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.
Special Alert: SA2008022
Search the Database
Before closing a transaction, all issuing offices must search the names of the parties to the transaction, including the seller, buyer/borrower, payoff lender and new lender, using the Special Alerts database. Go to the Special Alerts database to search for specific names, entities and properties.
Special Alert: SA2008022
Dear Associates:
It has come to our attention that inaccurate possibly fraudulent releases are being recorded in the State of Illinois. Policy issuing agents should verify the parties issuing the release for any particular mortgage. The current scheme has the homeowner issuing the release citing an obscure law HJR 192 (House Joint Resolution 192 of June 5, 1933 which suspended the gold standard). The releases sometimes refer to:
Jai Bea, or
Parties using the title, "Loan Resolution Specialist"
If you have any pending transactions involving any of these individuals or entities or if you have recently closed any transactions involving these individuals or entities please contact the following Stewart representative:
Eileen Van Roeyen
Illinois Underwriting Counsel
2800 West Higgins Road, Suite 835
Hoffman, Estates, IL 60169
Phone: 847-884-2332
Email: evanroeyen@stewart.com
Preventive Measures:
Have all personnel and examiners be alert to any mortgages that have been satisfied in the chain of title without having another mortgage simultaneously recorded. If you or your personnel come across this situation, please contact the lienholder to confirm that the mortgage is paid and the release is valid.
For on-line viewing of this bulletin, please log onto http://specialalerts.stewart.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None