D.C. regulator looking into title insurance rates Regulatory Updates
Some title agents working in Washington, D.C., soon may be sharing information with the district’s Department of Insurance, Securities and Banking (DISB). The DISB is planning to send a questionnaire to a sample of agents in the district to learn more about how the industry operates in the district.
Title insurer sues in bankruptcy court over debtors’ fraud Court Report
A title insurer filed an adversary proceeding against a debtor in bankruptcy court for failing to disclose a $1.9 million deed of trust on the property that the title insurer eventually had to pay off. The case eventually went before the 11th Circuit Court of Appeals. Read on for more details.
Utah bill addresses duties of insurance commissioner, Title and Escrow Commission Legislative Developments
The Utah Legislature has approved a bill that would clarify the duties of the insurance commissioner and the Title and Escrow Commission. Read on for more details.
New York industry adjusting to licensing requirements Regulatory Updates
More than a month after title agents had to submit their first agency license applications to the New York Department of Financial Services (DFS), industry members are adjusting to the new reality. New York became the 47th state to require title agents be licensed last year. The New York State Land Title Association (NYSLTA) and the DFS worked to answer any questions agents may have during the application process. Many questions were answered, but others remain as the industry works through what all agree continues to be a transition.
Lenders make plans for working with settlement agents Regulatory Updates
The TILA/RESPA Integrated Disclosure rule will change the way the entire industry conducts real estate transactions. It will involve increased communication between the parties and title agents will have to take their lending partners’ leads.
Coordination, education key to preparing for new forms Regulatory Updates
After several changes to regulations and business practices during the last few years, a new, dramatic shift in how the real estate business is done is again on the horizon with the implementation of the integrated mortgage disclosure rules. Again, the biggest impact is beginning to be felt on the lending community as it attempts to address business decisions while the rest of the industry waits for their decisions to be made. Providing these new forms requires a lot more coordination and education, from start to finish, beginning with preparing the initial loan estimate.