Stewart Title Ltd. announces first ever stand-alone fraud cover for UK lenders
New fraud indemnity policy safeguards lenders specifically against losses arising from fraud
LONDON (May 19, 2009) - Stewart Title Ltd., the underwriter for United Kingdom, European, Australian and New Zealand transactions for Stewart Information Services Corporation (NYSE-STC),is pleased to offer a new fraud indemnity policy to UK lenders which specifically safeguards against losses occurring from a fraud conducted by the current borrower, a previous owner of the property or an associate of the borrower.
"The rise in mortgage fraud continues to be a growing concern for UK lenders, so based on customer feedback, Stewart Title has developed the first stand alone fraud indemnity policy to meet the needs of those UK lenders looking only for fraud cover,” said Steven Lessack, chief executive officer, Stewart Title Ltd." This policy is a cost-effective option for lenders that simply require the fraud cover as opposed to a policy which covers them for a range of other title defects.”
For a one-off premium, the policy provides cover to a lender and any successor in its title to the mortgage debt against losses arising from the mortgage being invalid or unenforceable against the borrower’s interest in the property due to an act of forgery, fraud, impersonation or duress. With the fraud indemnity policy, a lender can obtain peace of mind and focus on completing the mortgage process.
Stewart Title Ltd. assumes responsibility for dealing with claims made under the policy and for the financial losses to the lender resulting from the matters covered by the policy.
“The lender can be reassured that should a loss be incurred, as a result of a matter covered by the policy, the claim will be paid within days of the lender’s loss being quantified, rather than the lender having to participate in lengthy and expensive litigation through the courts,” concludes Lessack.
Stewart Title Ltd. also offers an all-encompassing title insurance policy that includes cover for mortgage fraud, which can be used for both residential and commercial financial transactions. The use of this type of policy requires a minimum of title investigation before cover is available and enables a lender to complete a re-mortgage in a matter of days rather than weeks.
Stewart Title Ltd. has been providing legal indemnity products within the UK, as well as issuing title insurance policies, guarantees, indemnities, assurances and the like, in order to safeguard property investments across Europe for more than 20 years.
About Stewart Title Ltd.
Stewart Title Ltd. is a title insurance company regulated by the Financial Services Authority and registered in England and Wales under number 2770166. As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Ltd. is the primary underwriter of UK, European, Australian and New Zealand transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe and Australia. Stewart Title Ltd. delivers a host of legal indemnity products, streamlining the conveyancing and closing process and helping solicitors creatively overcome difficult title situations. More information can be found at www.stewarttitle.co.uk.
Stewart Information Services Corp. (NYSE-STC) is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.