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.
Bulletin: OH2023001
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Bulletin: OH2023001
Dear Associates:
The Ohio Title Insurance Rating Bureau has approved the following revised Forms and Rates for use in Ohio, effective April 1, 2023:
New POLICIES filed:
- ALTA Residential Limited Coverage Junior Loan Policy (04-02-22)
- ALTA Short Form Residential Limited Coverage Junior Loan Policy (04-02-22)
- ALTA Residential Limited Coverage Mortgage Modification Policy (04-02-22)
New RATE/RULES Filed:
PR-13 RATE FOR RESIDENTIAL LIMITED COVERAGE MORTGAGE
MODIFICATON POLICY
The Residential Limited Coverage Mortgage Modification Policy, subject to the exclusions from coverage and the conditions, insures against loss or damage sustained or incurred by the Insured solely by reason of the Modification resulting in either:
The invalidity or unenforceability of the lien of the Identified Mortgage upon the Title at the Date of Policy; or
The loss of priority of the lien of the Identified Mortgage, at the Date of Policy, over any lien or encumbrance on the Title that was created, attached, filed, or recorded in the Public Records subsequent to the date the Identified Mortgage was recorded in the Public Records.
Defense costs of covered claims will also be paid under the Policy. The Policy may only be issued in connection with a mortgage modification secured by Land that is improved with an existing one-to-four family residence or a residential condominium unit. This Policy may only be used when the Insurer under the original Loan Policy is other than the Insurer requested to issue this Policy, or when there was not an original Loan Policy.
The rate for this Policy shall be fifty cents ($.50) per thousand dollars of the Identified Mortgage amount, as modified. The minimum premium shall be $150.
The new, revised, and corrected forms are below. For the new Rate Manual click here.
As a reminder, the most current version of the ALTA form available in each state for issuance with the applicable version of the ALTA Policy should be used, unless approved by a Stewart underwriter.
Please contact Property Info Customer Care at customercare@stewart.com or your title production software vendor to have the new forms uploaded to your system.
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.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None