Bulletin: NY000702

Happy New Year from the Legal Department of Stewart Title Insurance Company ("Stewart"). We wish you a prosperous 2024.

The New Year is finally upon us! I wish to direct your attention to certain new information and technological advancements.   In 2024, you will have access to Stewart's New York Recommended Title Guidelines reflecting years of frequently used customs, practices, and requirements applicable to common transactions. We also have the New York Recommended Exceptions and Requirements Manual and the Federal and New York State Lien Chart.  As promised, we have also integrated with most Title Production Systems and given our independent agents the ability to issue their own agent authorization letters.

A word about Cyber Security: the Title Insurance industry is under attack by cyber terrorists. Licensed title agents are required to comply with Regulation 500 and have physical and online plans/safeguards in place. Cyber thieves will use any method to compromise a victim, including the theft of overnight packages from unmonitored locations and lax physical security in your offices. We encourage you to continue training your staff, customers, and vendors to prevent cybercrime. We can only be as strong as the weakest link, and cyber events are usually the result of human error.

This Bulletin reminds you of your obligations as a policy-issuing Agent of Stewart. In addition to possessing the common and customary knowledge associated with New York State real estate closings, you are required to have specific knowledge of Stewart's underwriting practices. To this end, Stewart provides monthly continuing education classes, our Virtual Underwriter, Title Alerts, Underwriting Bulletins, commonly used forms, and recommended manuals and guidelines to familiarize you with our underwriting practices. Kindly log on to the Stewart Agent Resource Center to access the above documents and other important information. To access the Agent Resource Center, go to www.stewart.com/new-york and click "Agent Log-In." You will need your Agent ID number to access the Resource Center. If you do not know your Agent ID number or need assistance accessing our resources, please get in touch with your Stewart representative by calling (212) 922-0050. You may also access Stewart Title's Virtual Underwriter system at www.VUWriter.com.

In addition to your obligations as a policy-issuing agent of Stewart, you must also comply with all New York State Department of Financial Services regulations, Title Insurance Agent licensing requirements, and Data Call reporting.

Please review Bulletins:
337 and 573 Abandoned Property Law Compliance.
361 Use of Stewart Rate Calculator
368 and 591 Adverse Possession and Out of Possession
393 Search Guidelines
394 Bulletins and Alerts
398 Errors and Omissions Coverage
399 Indemnities to clear liens
406 USA Patriots Act
418 and 572 Rate Manual
430 Compliance with approved forms
431 Section 26 of Rate Manual and Section 6409c of NYS Insurance Law
432 Recording
433 Mutual Indemnity Agreement
434 Prohibition on Self-Dealing
442 Anti-Fraud Plan
456 Comfort Letters/Non-Impairment letters
464 Short Sale Certification
465,  635, and 677 Insuring at or after Mortgage  Foreclosure
472 Oil & Gas Affirmative Coverage
509 The Nationwide Case.
510, 562; 563, 583, and 645 Over limits/High Liability/Special/Extra Hazardous Risks
521 Search Limitations
592 and 605 Claims Avoidance, Cyber Fraud, and Email Compromise
608 NYS Title Insurance Regulation 206
611 TOEPP (TIRSA Owner's Extended Protection Policy)
620, 621, and 632 NY Insurance Regulation 208
630 NYS Law Chapter 297 Transfer Tax Returns for Residential Properties
649 Limiting Language on Surveys
652 and 660 New Statutory Short Form Power of Attorney
653 Special Warning About Relying Upon Judgment Docket Vs. Actual Judgment
655 Covid Updates
661 and 661A NY Gross up on Transfer Taxes
667 Cannabis transactions
668 and 690 Remote Notarization
696-Series FinCEN GTO
699 and 699a Changes to Agent Authorization Letter Process
700 Recognizing Seller Impersonations and Fraudulent Land Sales

As an approved policy-issuing Agent of Stewart, you are only authorized to collect title insurance premiums and issue title policies and endorsements per the terms of your underwriting agreement, Stewart's underwriting practices, the terms and conditions of the policies, the Title Insurance Rate Service Association, Inc., and Title Insurance Rate Manual within the State of New York. Therefore, this Bulletin is an express statement of limited authority, limited to the issuance of a Stewart Title Insurance Company Policy of Title Insurance, and does not afford any authority for settlement or the guaranty of any escrow deposits.

If you are aware of any title alert or cautionary memorandum issued by Stewart Title Insurance Company or another underwriter, your office may not issue a Stewart policy in connection with a transaction on the affected premises without disclosure to and prior written approval from Stewart Title Insurance Company.

In addition to the Bulletins referenced above, as a policy-issuing office of Stewart, you are required to review and comply with the Virtual Underwriting Manual, all Bulletins and Alerts, and established underwriting guidelines promulgated by the Company. Should you choose to unsubscribe from the electronic distribution list or, for some technical reason, not receive Stewart's Bulletins or Alerts, you are still responsible for reviewing and complying with those Bulletins and Alerts posted on our website.

Again, thank you for your cooperation, and we look forward to serving your needs in the New Year!

If you have any questions, please contact the Stewart Title Legal Department at (212) 922-0050 and speak with any Underwriting Counsel.

For online viewing of this and other bulletins, please log onto www.vuwriter.com. 
 

Forms: FinCEN ALTA Form WORD; FinCEN ALTA Form PDF; Transfer Tax LLC Disclosure Form v2; Transfer Tax LLC Information Disclosure Form v3