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DISB TO QUESTION SETTLEMENT AGENTS

January 23, 2015 5:41 PM | Anonymous


All:

  I want to update you regarding the meeting on Thursday January 22 with DISB Associate Commissioner Philip Barlow and Actuary Robert Nkojo and Birny Birnbaum the independent contractor retained by DISB to conduct the rate examination.    The meeting was also attended by Justin Ailes and Wayne Stanley with ALTA, Donna F. Shuler and Tessa Edison with Answer Title, Ben Soto with Premium Title, Todd Ewing with Federal Title, Amy Klein with District Title and Elizabeth Russo with MCP Title Services, LLC. 

 The bottom line is: DISB will be sending questionnaires to at least 10 DC settlement companies whom they will select and will expect answers about how these agents conduct their business.  Agents will be selected by DISB and DISB states that responses will be kept confidential.  DISB’s examiner will then visit the 10 selected companies and spend about 4 hours interviewing employees and following up on the questions and answers.  This process is permitted in a regulated industry, as ours now is, and cannot be avoided. 


The proposed questions can be found at this link:
DISB - draft request to title agents 1-22-15.pdf


 Once DISB gets this information it will publish a report on the industry in DC and will make recommendations as to whether DC policy premium rates are too high.  THIS WILL HAPPEN. 

The question for DCLTA and its members is: What can we do about it?  Our concern is that if DISB’s examination is not comprehensive enough they will fail to determine the nature and scope of all the work DC agents perform and expenses they incur to provide first class service to the DC community.

 

Phillip Barlow invited the agents to volunteer examination of their business operations and or to share any information that they believe would be useful for DISB’s understanding of the business, even if the information is not included in the draft requests, attached above.  DISB would like information about title issues unique to DC.  DCLTA WILL NEED YOUR COOPERATION IN PROVIDING THIS INFORMATION EVEN IF YOU ARE NOT ONE OF THE SELECTED AGENTS.

 

We urge you to review the draft questions and provide me with your concerns as soon as possible.  Also, I need your comments on how best to inform DISB of the realities of our industry in DC.    Finally, please let me know whether you would be willing to provide DCLTA with your own company’s answers to these questions – even if you are not one of the selected companies – so that we can compile the responses and forward them to DISB (without identifying your agency).

   

THE ENTIRE BILLING STRUCTURE WILL CHANGE FOR AGENTS IN DC.  THE QUESTION IS HOW IT WILL AFFECT EACH OF OUR MEMBER AGENTS AND WHAT WE CAN DO TO INFLUENCE THAT CHANGE. DCLTA cannot help without your cooperation.

 

We encourage you to get involved and have a voice in the process.

 

Regards,

 

Mike Russo,

President, DC Land Title Association.


DISB - draft request to title agents 1-22-15.pdf

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