GREETINGS FROM ALTA’s ANNUAL MEETING
From Mike Russo, President, DCLTA – October 14, 2013
DCLTA President-elect Leslie Kostelecky and I attended the ALTA Annual Convention in Florida this past week. The location was wonderful and the discussion stimulating. The attendees and speakers included innovators and strong leaders in the title industry. Many of the sessions focused on the CFPB regulatory changes and the related adjustments of the lending industry. CFPB’s new “RESPA/TILA” regulations are expected before the end of the year. This new Rule will impose a new combined HUD-1/TILA form and possibly an entirely new process (“Will the lender be required to complete the HUD-1 and not the settlement agent?”) DCLTA encourages our members to learn and respond to this new environment which will help you remain competitive and successful. DCLTA will stay on top of the CFPB rules and regulations and we will update you regarding compliance.
CFPB IS ALREADY STIRRING UP THE ENFORCEMENT POT
My conversations with our colleagues and peers from across the country are somewhat sobering. I heard of situations were CFPB’s regulators, joined by armed federal agents have visited settlement companies to interview staff, out of the owner’s presence. The regulators wanted to know how the settlement company was drafting Best Practices policies and whether those policies were actually being followed in the day to day workings of the company. I also heard of several instances where national lenders have contacted agents just days before a settlement and required completion of comprehensive forms, similar to the Best Practices pillars. The lender required satisfactory completion before loans would be funded. It is clear that the regulators are hearing ALTA’s touting of its ‘Best Practices’ as an answer to regulatory reform and are putting pressure on lenders and the title industry to test compliance. It is more important now than ever to review the ALTA Best Practices and to implement them in your business. This preparation will give you an opportunity to be “lucky” and prepared when and if you are faced with inquiries from the regulators or lenders. You can get started on ALTA’s Best Practices at: http://www.alta.org/bestpractices/index.cfm .
DC NEW LAWS AND REGULATIONS
Locally, our regulator the Department of Insurance, Securities and Business (DISB) has also been busy. DISB has informally proposed regulations to implement - B20-0268 "SAVING D.C. HOMES FROM FORECLOSURE” law. The notice and proposed regulations will be on the DCLTA web site (www.dclta.com ) and a stakeholder’s meeting is scheduled for this week. DCLTA is taking an active role in reviewing and commenting on the rule, where necessary. We are pleased that DISB has taken our prior comments and included them in the latest version of the law. The focus of our efforts will be to make sure that those protections remain in the rule at implementation. We will keep you informed on this process.
The DC City Council and has also announced a hearing on three (3) pending tax sale bills relevant to our industry: Bill 20-23, the “Residential Real Property Equity and Transparency Act of 2013”, Bill 20-318, the “Senior Citizen Real Property Tax Relief Act of 2013”, and Bill 20-476, the “District Real Property Tax Sale Act of 2013”. The Public Hearing Announcement and the text of the bills will be posted on the DCLTA website: www.dclta.com. These laws intend to give the elderly, veterans and those owing only modest amounts in taxes broader rights to avoid losing their homes to tax sales. DCLTA’s focus for this proposed legislation is to see that whatever rights are provided to homeowners, there is finality in the bills. We need certainty that a homeowner must raise all of his rights in the sale and tax sale foreclosure process and not be permitted to renew challenges or raise them for the first time in a subsequent law suit after a Tax Deed has been issued. We will keep you informed of developments in these laws.
DCLTA – Upcoming Events
NOVEMBER 5, 2013 – Noon to 4pm. Lunch and Learn at Maggianos.
We have a wonderful program planned for November 5th.
DC Land Title Association FALL Seminar
November 5, 2013
Maggiano's Little Italy • Chevy Chase
5333 Wisconson Avenue, NW
Washington, DC 20015
Registration begins at 11:30 a.m.
Lunch noon to 1:00 p.m.
Seminar from 1:00 p.m. to 4:00 p.m.
- Practical Application of “Best Practices” to Your Company– Elizabeth M. Russo, Esq.
- DC Legislative Updates– David Cox, Esq.
- Resolving Common DC Recording Issues – Christopher Naughten, Esq. w/panel discussion including Ida Williams, Recorder of Deeds and, Larry Blasingame.
CE Credit: 3 hours DC, 1 hour Virginia and 1 hour Maryland.
You can sign up for this event on line at: http://www.dclta.com/events?eventId=747261&EventViewMode=EventDetails.
Public Hearing - 101713.pdf
Rules- BDA Rough Updated underlined version.pdf
