Bulletin: MU2010003

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Bulletin: MU2010003

Bulletin Document

V 1

Date: April 30, 2010

To: All Issuing Offices except Delaware, Florida, New Mexico, New York, Oregon, Pennsylvania and Texas

RE: New, Revised, or Withdrawn ALTA Forms (2-03-10)

Dear Associates:

The American Land Title Association (ALTA) has recently adopted, revised, or withdrawn the following forms:

ALTA Endorsement 4-06 (Condominium) Revised 2/03/10. This endorsement replaces the prior ALTA Endorsement 4-06 and clarifies the insurance of priority of the lien of the Insured Mortgage over assessment liens. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 5-06 (Planned Unit Development) Revised 2/03/10. This endorsement replaces the prior ALTA Endorsement 5-06 and clarifies the insurance of priority of the lien of the Insured Mortgage over assessment liens. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 10-06 (Assignment) Revised 2/03/10. This endorsement replaces the prior ALTA Endorsement 10-06 and includes a definition of Assignee and a creditors' rights exception. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 10.1-06 (Assignment and Date Down) Revised 2/03/10. This endorsement replaces the prior ALTA Endorsement 10.1-06 and includes a definition of Assignee and a creditors' rights exception. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 21-06 (Creditors' Rights) was decertified (withdrawn) as an ALTA form effective 2/03/10. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 28-06 (Easement - Damage or Enforced Removal) Revised 2/03/10. This endorsement replaces the prior ALTA Endorsement 28-06 and makes non-substantive changes to clarify coverage. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 29-06 (Interest Rate Swap Endorsement - Direct Obligation) Adopted 2/03/10 . This new endorsement insures the validity, priority, and enforceability of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Endorsement 29.1-06 (Interest Rate Swap Endorsement - Additional Interest) Adopted 2/03/10 . This new endorsement insures the validity, priority, and enforceability of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation that is considered Additional Interest. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Homeowner's Policy of Title Insurance for a One-to-Four Family Residence Revised 2/03/10 . This policy replaces the prior ALTA Homeowner's Policy of Title Insurance and expands the Continuation of Coverage provision and includes a creditors' rights exclusion that is consistent with the Covered Risks. Please see the corresponding Guideline (Click to View) for additional information.
ALTA Expanded Coverage Residential Loan Policy for a One-to-Four Family Residence Revised 2/03/10 . This policy replaces the prior ALTA Expanded Coverage Residential Loan Policy and includes a creditors' rights exclusion that is consistent with the Covered Risks. Please see the corresponding Guideline (Click to View ) for additional information, such as the requirement that the lien of the Insured Mortgage be a first lien.
ALTA Single Transaction Indemnity Letter Adopted 2/03/10. This new Indemnity Letter is designed for use by title insurers to indemnify with respect to an Indemnified Matter. This Indemnity may be accepted only with approval of the Company.
ALTA Single Transaction Indemnity with Performance Letter Adopted 2/03/10. This new Indemnity Letter is designed for use by title insurers to indemnify with respect to an Indemnified Matter and to require the Indemnitor to undertake reasonable efforts to eliminate the Indemnified Matter. This Indemnity may be accepted only with approval of the Company.

We are in the process of filing these forms where filing is required. You may continue to issue the prior versions where available.

If you have questions related to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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.

References

Bulletins Replaced:

Related Bulletins:

Underwriting Manual:

Exceptions Manual:

Forms: