Industry News

During its annual conference in Ft. Lauderdale, Fla., the Property Records Industry Association elected six directors in three categories to serve two-year terms on its board of directors.

The Clearing House (TCH) released a white paper that analyzes the application of the Electronic Fund Transfer Act (EFTA) and Regulation E (Reg E) error resolution requirements to financial institutions involved in certain person-to-person (P2P) transactions.

After signing a contract to sell property and depositing money with a title agency, a buyer filed suit against the sellers and title agency, alleging the sellers refused to sell the property and failed to provide the title commitment required by the sales contract.

The American Land Title Association (ALTA) wrote to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, providing a coverage comparison between attorney opinion letters and standard title insurance policies, cautioning of the areas where attorney opinion letters provide less protection than title insurance.

BMI Imaging Systems announced it contracted with the Monterey County, Calif., Recorder’s Office to help implement the county’s AB 1466 Restrictive Covenant Modification Program.

The American Land Title Association announced revisions to the ALTA Best Practices are out for comment. The public can submit comments until Sept. 1.

MISMO is seeking public comment on three industry resources to help accelerate the industry’s digital transformation.

Shortly before H.R. 8152, the American Data Privacy and Protection Act (ADPPA), was passed by the House Committee on Energy and Commerce, the Mortgage Bankers Association wrote a letter to committee leadership to express its concerns about the legislation.

Since California and New York passed sweeping laws and regulations regarding data privacy and security a few years ago, other states have taken up their own legislative proposals to protect their residents.

In recent announcements, Fannie Mae and Freddie Mac let the industry know when each will be requiring the use of the 2021 ALTA policy forms.