Jan. 20, 2016
ALTA: TRID Hiccups Percolate
American Land Title Association | Jan. 7, 2016
The American Land Title Association has graciously allowed TLTA to reprint its comprehensive and informative article "TRID Hiccups Percolate," which is currently a password-protected article on the ALTA website.
The article highlights some of the challenges title insurance professionals are facing, including "communication issues between parties involved in the transaction, disclosure of simultaneous issue rate and the labeling of owner’s title insurance as 'optional.'" It also references the CFPB's assurances that "the agency would be 'sensitive' during initial exams," but reminds readers that an official hold-harmless period does not yet exist.
Read More »
New Requirements for Title Agents in New York, Florida Due to Illegal Home Purchases
Title insurance agents are playing a valuable role in the fight to stop money laundering in high-end real estate purchases. Currently, new federal requirements have been imposed on title agents in Florida and New York. Several sources have covered this story, including the following:
U.S. Anti-Money Laundering Regulator Targets Shell Company Purchasers of Residential Real Estate (The National Law Review)
U.S. Treasury Cracks Down on Luxury-Home Money Laundering (National Public Radio)
Title Insurers Push Back on New LLC Disclosure Rule (The Real Deal)
FinCEN Takes Aim at Real Estate Secrecy in Manhattan and Miami (U.S. Department of the Treasury)
CFPB Nearly Doubled Enforcement Actions in 2015
HousingWire | Jan. 12, 2016
If you thought the CFPB made more headlines in 2015 than ever before, you were right.
According to a report from the Wall Street Journal, the CFPB brought nearly twice as many enforcement actions during 2015 than it did in 2014.
Read More »
Fitch: U.S. CFPB Addresses TRID Compliance Concerns
Business Wire | Jan. 12, 2016
The CFPB's clarifying letter to the Mortgage Bankers Association confirms the industry's progress toward full compliance with the TILA-RESPA Integrated Disclosure rule, according to Fitch Ratings. Improvements in TRID compliance have been accompanied by some success in curing TRID violations despite lagging in fulfilling initial goals.
Read More »
ALTA, Trade Groups Share Concerns over Proposed FHFA Borrower Survey
American Land Title Association | Jan. 12, 2016
ALTA joined nine other trade associations in a letter to the Federal Housing Finance Agency (FHFA) sharing concerns about a proposed survey to collect information on mortgage borrowers.
Read More »
TLTA is developing several new webinars this spring. February webinars are introductory courses on endorsements. They're perfect for new title insurance professionals – or seasoned veterans who want a quick refresher. You won't want to miss these great and convenient learning opportunities!
- Common Residential Endorsements (Wednesday, Feb. 17)
Learn which endorsements may be issued when the insured land meets the definition of "residential real property" or will be used for residential purposes.
- Endorsements – Land is Not "Residential Real Property" (Wednesday, Feb. 24)
This webinar covers the endorsements that may be issued when the insured land does not meet the definition of "residential real property."