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WV2011002

Stewart® Bulletin

WV2011002

Date:

September 1, 2011

To:

All West Virginia Issuing Offices

RE:

New WV Rate Manual and Schedule of Charges

Dear Associates:

Please be advised that the West Virginia Rate Manual and Schedule of Charges have been revised with an effective date for the use of the new manual of September 5, 2011. A true copy of the new West Virginia Rate Manual and Schedule of Charges as well as a sample Rate Chart are viewable through the links below.

Some of the highlights of the new rate manual terms include the following:

  • The owner basic rates (ranges and charges) have been adjusted (Sect. II B)
  • The Homeowner's rates (ranges and charges) have been adjusted (Sect. II C)
  • The Commercial owner rate (ranges and charges) have been adjusted (Sect. II D)
  • The Simultaneous Issue Charges for Owner and Leasehold  coverage - the minimum charge has been increased (Sect. II E)
  • The Simultaneous Issue for Loan Policy minimum charge has been increased (Sect II F)
  • The Basic Loan rates (ranges and charges) have been adjusted (Sect III A)
  • Commercial Loan charges (ranges and charges) have been adjusted  (Sect III B)
  • The Reissue charges for Loan policies: the term has been decreased from 10 years to 5 years, the charge had been increased from 60% to 70% of published rates, and the minimum charge has been increased to $125 (Section IV)
  • Old Section V in the former manual regarding Construction Loan Policies has been deleted
  • The Alta Expanded Coverage Residential Loan rate has changed from 110% to 120%. (Sect. X)
  • A new Section XII  has been added pertaining to the  ALTA Closing Protection Letter-Single Transaction - providing charges for CPL Letters;  and
  • Charges for some of the endorsements have been updated on the chart for endorsements (Sect. XVI).
The only entirely new section addresses the Single Transaction CPL (Sect. XII). When requested, the Closing Protection Letter, in accordance with its terms, affords the lender and the parties with coverage against loss occasioned by agent or approved attorney misconduct constituting fraud, misapplication of funds, or failure to follow written closing instructions. The stated charges for the CPL have been approved in order to offset losses being incurred statewide by all title underwriters. As such, Section XII provides that the charge for issuance of the CPL is fully payable to Stewart Title.
 
Those Associates utilizing the Aim for Windows (AFW) program should please contact Customer Care at customercare@propertyinfo.com to have the new rates installed on your AFW system.
 
For electronic access to this manual and charges, you may go to the Stewart Title West Virginia website: www.stewart.com/westvirginia.

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.
  • The owner basic rates (ranges and charges) have been adjusted (Sect. II B)
  • The Homeowner's rates (ranges and charges) have been adjusted (Sect. II C)
  • The Commercial owner rate (ranges and charges) have been adjusted (Sect. II D)
  • The Simultaneous Issue Charges for Owner and Leasehold  coverage - the minimum charge has been increased (Sect. II E)
  • The Simultaneous Issue for Loan Policy minimum charge has been increased (Sect II F)
  • The Basic Loan rates (ranges and charges) have been adjusted (Sect III A)
  • Commercial Loan charges (ranges and charges) have been adjusted  (Sect III B)
  • The Reissue charges for Loan policies: the term has been decreased from 10 years to 5 years, the charge had been increased from 60% to 70% of published rates, and the minimum charge has been increased to $125 (Section IV)
  • Old Section V in the former manual regarding Construction Loan Policies has been deleted
  • The Alta Expanded Coverage Residential Loan rate has changed from 110% to 120%. (Sect. X)
  • A new Section XII  has been added pertaining to the  ALTA Closing Protection Letter-Single Transaction - providing charges for CPL Letters;  and
  • Charges for some of the endorsements have been updated on the chart for endorsements (Sect. XVI).
  • The owner basic rates (ranges and charges) have been adjusted (Sect. II B)
  • The Homeowner's rates (ranges and charges) have been adjusted (Sect. II C)
  • The Commercial owner rate (ranges and charges) have been adjusted (Sect. II D)
  • The Simultaneous Issue Charges for Owner and Leasehold  coverage - the minimum charge has been increased (Sect. II E)
  • The Simultaneous Issue for Loan Policy minimum charge has been increased (Sect II F)
  • The Basic Loan rates (ranges and charges) have been adjusted (Sect III A)
  • Commercial Loan charges (ranges and charges) have been adjusted  (Sect III B)
  • The Reissue charges for Loan policies: the term has been decreased from 10 years to 5 years, the charge had been increased from 60% to 70% of published rates, and the minimum charge has been increased to $125 (Section IV)
  • Old Section V in the former manual regarding Construction Loan Policies has been deleted
  • The Alta Expanded Coverage Residential Loan rate has changed from 110% to 120%. (Sect. X)
  • A new Section XII  has been added pertaining to the  ALTA Closing Protection Letter-Single Transaction - providing charges for CPL Letters;  and
  • Charges for some of the endorsements have been updated on the chart for endorsements (Sect. XVI).
  • The owner basic rates (ranges and charges) have been adjusted (Sect. II B)
  • The Homeowner's rates (ranges and charges) have been adjusted (Sect. II C)
  • The Commercial owner rate (ranges and charges) have been adjusted (Sect. II D)
  • The Simultaneous Issue Charges for Owner and Leasehold  coverage - the minimum charge has been increased (Sect. II E)
  • The Simultaneous Issue for Loan Policy minimum charge has been increased (Sect II F)
  • The Basic Loan rates (ranges and charges) have been adjusted (Sect III A)
  • Commercial Loan charges (ranges and charges) have been adjusted  (Sect III B)
  • The Reissue charges for Loan policies: the term has been decreased from 10 years to 5 years, the charge had been increased from 60% to 70% of published rates, and the minimum charge has been increased to $125 (Section IV)
  • Old Section V in the former manual regarding Construction Loan Policies has been deleted
  • The Alta Expanded Coverage Residential Loan rate has changed from 110% to 120%. (Sect. X)
  • A new Section XII  has been added pertaining to the  ALTA Closing Protection Letter-Single Transaction - providing charges for CPL Letters;  and
  • Charges for some of the endorsements have been updated on the chart for endorsements (Sect. XVI).
  • THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF ALL CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AND 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 SECURED, 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.

    References

    Bulletins Replaced: None.
    Related Bulletins: None.
    Underwriting Manual: None.
    Exceptions Manual: None.
    Forms:
    WV Rate Manual and Schedule of Charges (Click to View)
    Sample Rate Chart (Click to view)