Stewart Title National Commercial Services Announces New Product Offering of Specialized UCC Group

HOUSTON--(BUSINESS WIRE)--The UCC ONE specialized servicing group of Stewart Title National Commercial Services (NCS) today announced the approval in the state of Delaware of its revised and updated Policy Jacket product.

“Our industry is continually evolving,” said Erin Sheckler, Group President of NCS. “Consistent with that ongoing evolutionary cycle, it’s one of our key customer-facing priorities to ensure that our policy products maintain pace with those continual changes, as well as anticipate them when possible. In this case, we wanted to create the most comprehensive solution to help protect lender interests on mezzanine loans.”

The Stewart dedicated UCC ONE team, a formalized outgrowth of specialized services offered since 2002, has established itself nationally as a trusted authority in protecting personal property interests for lenders when closing mezzanine financing deals. The team of specialists offer comprehensive solutions that help protect the security interest of its clientele in mezzanine loan transactions.

“We saw a great need for a refresh because there hasn’t been an update like this in the industry in many years,” said Jeremy Poetker, Chief Underwriter, NCS. “We focused on streamlining and clarifying the policy language, resulting in the only substantively updated policy to be offered within the industry in a long time. It would be an understatement to say that we’re pleased with, and proud of, the end result.”

With the overwhelming majority of all mezzanine loans originating on behalf of Delaware-based entities, Stewart NCS saw a need to secure the required review and approvals in order to make the initial offering of this new policy jacket in Delaware. The policy’s optional Pledged Equity Endorsement is custom-made for mezzanine loans and equity pledges, extending the policy coverage over special certificated securities pledged as collateral and incorporates additional lender protections under Article 8 of the Uniform Commercial Code.

“Our revised and updated UCC ONE Lender’s Policy helps ensure the attachment, perfection and priority of lender’s security interests under Article 9,” said Chris Lawrence, Senior Vice President, Senior Underwriting Counsel, Northeast Regional Manager for NCS. “Taking several steps further, we also offer additional coverage for certificated security interests, which in turn works to protect our lender clients under Article 8. We maintain a dedicated team to oversee all of this, in effect providing tailor-made solutions for lenders on a national scale.”

“Regardless of the loan size, our new jacket and our full-time team of best-in-class underwriters will provide an exemplary product and level of service,” said Troy Denunzio, Assistant Vice President, UCC ONE Operations Manager.

More information about the Stewart Title UCC ONE group’s products and services is available on the Stewart website here.

About Stewart

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.