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: AL2025001
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Bulletin: AL2025001
Dear Associates:
Changes have recently been made to the Alabama Rate Manual for various policies as well as an increase to the CPL fee. The Manual has been filed with the Alabama Department of Insurance and will be effective June 2, 2025. Please take the opportunity to familiarize yourself with the updated Rate Manual. (click here)
Below is an itemization of the changes that were made in the Alabama Rate Manual:
- Increase in Basic Schedule of Charges for ALTA Expanded Coverage Residential Loan Policies and ALTA Short Form Coverage Residential Loan Policies (Section D, Part 7, Page 9).
- Change in pricing to the ALTA Residential Limited Coverage Mortgage Modification Policy (Section D, Part 8, page 11) from a flat rate to rates based on certain liabilities as follows:
Liability up to and including $1,000,000 | $125 |
Liability over $1,000,000 up to and including $1,500,000 | $250 |
Liability over $1,500,000 up to and including $2,000,000 | $350 |
For each $500,000, or fraction thereof above $2,000,000 up to and including $20,000,000, add $100.
- Increase in charge for Closing Protection Letters from $25 to $50 (Section G, Page 13).
These rates have been provided to third-party title production system (TPS) vendors. Please contact your TPS vendor or account services representative to have the new/revised rates implemented in your system.
If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.
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
- Forms:
- None