Bulletin: WI2023001

Dear Associates:

Attached please find the revised Schedule of Charges update for Title Insurance in The State of Wisconsin. These changes become effective on July 24, 2023.

Wisconsin Rate Manual

The revisions to the Schedule of Charges pertain to, and modify, the following sections of the rate manual:

Section B

1. Increased Charge for Foreclosure Commitment from $525 to $650.

Sections C. 1 Basic Schedule of Charges for Owner’s and Leasehold Policies and Section D.1
Basic Charges for Loan Policies

Eliminated one tier of rates. First tier limit was $100K (now $250K) and increased cents per thousand by $0.50; then $500K (still $500K) and increased cents per thousand by $0.50; then $1,000,000 (now $2,00,000) no increase; and finally increased cents per thousand in the next two tiers by $0.20 and $0.10 respectively – See below chart for additional explanation.

Section D

Increased Fixed Charge for Residential Loan Policies from $425 to $450 and changed Liability Amount range from $1 - $500,000 to $1 - $350,000.

Increased charges for Residential Purchase Money Mortgage from $425 to $450.

Section D

9.   Increased Survey Clearance on Non-Residential Loan Policies up to $5,000,000 from $450 to $500
10. Increased Non-Simultaneous Issue Loan Policy Charge for Non-Residential Loans from $500 to $750

Section E

1.  A. Increased Residential Simultaneous Loan Policy charge from $425 to $450.
     B. Increased the Non-Residential Simultaneous Loan Policy charge from $500 to $750.
2. Increased Simultaneous Issue Charge for Non-Residential Sale-Leaseback Transaction from $500 to $750.

Section G. Endorsements: Residential

• Increased charge for ALTA 6 series from $125 to $150
• Increased charge for ALTA 17 series from $125 to $150
• Increased charge for ALTA 18 series from $125 to $150
• Increased charge for ALTA 19 series from $125 to $150
• Increased charge for ALTA 35 series from $250 to $350
• Filed Form and charge of $250 for WI - Foundation Endorsement
• Filed Form and No Charge for WI - Pending Disbursement Endorsement
• Added language “at Reissue Rate” to the Date Down Endorsement - Owner’s Policy
• Added language “at Reissue Rate” to the Date Down Endorsement - Loan Policy

Section G. Endorsements: Non-Residential

• Increased charge for ALTA 3.1, 3.2, 3.3 from $500 to $500 up to $1,000,000 add .05/$1,000 thereafter with a maximum charge of $2,000
• Increased charge for the ALTA 1, 4, 5, and 6 series from $250 to $300
• Increased charge for ALTA 8, 12 and 27 series, and the ALTA 28, 28.1, 37, 43 and 44 from $250 to $300
• Increased charge for ALTA 9, 9.1, 9.2, 9.8, 9.9 and 9.10 from $300 to $500 and then add .05 per thousand thereafter with a maximum charge of $2,000
• Increased charge for ALTA 9.3, 9.6 and 9.6.1, 28.3, 42, 46 and ALTA 35 series from $300 to $500
• Increased charge for ALTA 10.1 from $500 to $750
• Modified the language and charges for the Date Down Mortgage Modification Endorsement and the ALTA 11 Series of Modification Endorsements to a Non-Residential Loan Policy or Policies to read:

The charge shall be 40% of the applicable Basic Schedule of Charges; with a minimum charge of $650. Additional insurance shall be charged at reissue rate. A prior policy which is more than 10 years old shall be charged at Reissue Rate. If the Mortgage Modification may create a loss of priority or a novation, an Extra Hazardous Risk charge as describe under section F.2. of this manual may apply.

Endorsements which are reissued in connection with each Date Down Mortgage Modification Endorsement or any ALTA 11 Series Modification Endorsement to a Loan Policy or Policies issued under this section shall be charged at 50% of current Original Rate unless an extra-hazardous risk premium is applicable.

• Increased charge for ALTA 14, 45 series from $250 to $500
• Increased charge for ALTA 15 series from $500 to $1000 up to $10,000,000 then add .05 per thousand thereafter with a maximum charge of $5,000
• Increased charge for ALTA 16 from $750 to $1000 up to $10,000,000 then add .05 per thousand
• Increased charge for ALTA 17 from $150 to $250
• Increased charge for the ALTA 17.1 and 17.2 from $150 to 300
• Increased charge for ALTA 18, 19, 22, 25 and 26 series from $150 to $200
• Increased charge for ALTA 20 from $200 to $300
• Increased charge for ALTA 29 series from $500 to $500 up to $1,000,000 add .05/$1,000 thereafter with a maximum charge of $2,000
• Increased charge for ALTA 32 series from $250 to $300 up to $10 million in liability; over $10 million is $600. Added the following language: “No charge to lender if the issuing office is handling the construction disbursements under a written disbursing agreement.”
• Increased charge for ALTA 33 from $250 per draw to $350 per draw. Added the following language: “No charge to lender if the issuing office is handling the construction disbursements under a written disbursing agreement.”
• Change charge for ALTA series 36 from $300 to 5% of Basic Rate
• Increased charge for Date Down Modifications from 35% of the original rate to 40%
• Increased charge for GAP Cover from $150 to $250
• Increased charge for Date Down Endorsement Owner’s Policy from $500 to $750 and added the language “at Reissue Rate”
• Filed Form and charge of $350 for WI - Foundation Endorsement
• Filed Form and “no charge” for the WI - Pending Disbursement Endorsement

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.