News

Dear DCLTA Members and Friends:

     

The Consumer Financial Protection Bureau (CFPB) will be considering changes to the TRID rule later this summer. We need your help to ensure TAN’s voice is stronger than ever as we work to convince the CFPB to fix portions of TRID.

 Let your voice count – Join TAN now!

Join by JULY 22^nd for a chance to win a 3-NIGHT CARIBBEAN CRUISE!

 Each person that you recruit to join TAN between today and July 22 will enter you to win a 3-night Caribbean cruise! All they have to do is join TAN at www.titleactionnetwork.com and enter your name as their “referral.” All new TAN members must join by July 22 to be counted toward this contest. The more you recruit, the more you win! Learn more at www.titleactionnetwork.com/cruise/. 

 

Washington, D.C. - October 7, 2015 — The American Land Title Association (ALTA), the national trade association of the land title insurance and real estate settlement services industries, released the following statement following tonight’s passage of the Homebuyers Assistance Act, H.R. 3192, by a vote 303 to 121 in the U.S. House of Representatives:

 “Tonight’s overwhelming bipartisan and veto-proof vote shows that the House of Representatives recognizes the need for consumers to continue to receive a positive and compliant real estate transaction,” said Michelle Korsmo, ALTA’s chief executive officer. “We greatly appreciate the support of Reps. Reps. French Hill (R-AK) and Brad Sherman (D-CA) and their efforts to pass this important legislation.”

 "We urge the Senate to pass this bill immediately so that our ALTA members and the broader real estate members can focus on delivering quality service to consumers when buying a home or refinancing a mortgage. Without certainty, service providers are likely to close fewer transactions to ensure compliance with TRID, which will delay homeownership for consumers around the country,” Korsmo continued.

 “Members of the Title Action Network sent nearly 8,000 emails and letters supporting H.R. 3192. We look forward to activating our grassroots network once again to support Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN) to bring S. 1711, the Senate version of H.R. 3192, to the Senate floor as soon as possible.”

###

Wayne M. Stanley

Director of Public Affairs

American Land Title Association

The DCLTA annual meeting and election of Officers

June 17, 2015.

Sworn in by Madeline Nagy of ALTA, are the following:

Board Members and Officers:

Betsy Russo – President , Ben Soto – Vice President, Brian Thompson – Treasurer and President Elect (to take over after the 2016-2017 term)

Barbara Kemp - Secretary

 Board Members at Large:

Stuart Kruger, Bradley Runyan, Michael O’Neal, Scott Sweitzer,
and
Manus Holmes, Kevin Anderson, Chris Darby, Jack Reid

DC's Mr. Torrell Thomas a Real Property Program Specialist Assessment Services Division as advised that the best way to search for Public Space and Vault Rental information is to contact him directly.  The information available on the searchable database is not complete.

Mr. Thomas can be reached at the following:

Mr. Torrell Thomas,

1101  4th St, SW, Suite W550

Washington, DC 20024

P: 202.442.6769| F: 202.442.6691

torrell.thomas@dc.gov
http://cfo.dc.gov

THANK YOU TO MR. THOMAS FOR REACHING OUT TO PROVIDE THIS VALUABLE INFORMATION.

Regards,

Mike Russo

President, DC Land Title Association

On March 27, 2015 DCLTA joined with the American Land Title Association (ALTA) to write to DISB Acting Commissioner McPherson to express or continuing concerns  with the DISB rate review process.  The letter can be reviewed by clicking this link: DCLTA & ALTA Letter to DISB Acting Commissioner McPherson.  We have not yet had any formal response from Mr. McPherson.  We will continue our efforts.

Should you have any questions or comments regarding this process, please do not hesitate to contact us.

Regards,

Mike Russo, President

DC Land Title Association.

DISB Insurance Commissioner Philip Barlow has responded to DCLTA's letter regarding the proposed DC settlement agent rate examination.  The response can be read at the following link: DISB's Response to DCLTA 021915.

While I am certain you will agree that the response is somewhat disappointing, it also sheds some light on DISB and Mr. Barlow's expectations from the process.  In particular, Mr. Barlow states, as follows: "I also want to reiterate that the purpose of looking at
information from individual producers is not intended to be a compliance audit. Rather, we are using the examination format as the safest and most effective method of getting the information needed for Mr. Birnbaum' s charge and to better enable the DISB understand the elements necessary to carry out our responsibilities under District law for reviewing rate filings."  He also notes his interest in DCLTA's future presentation on rate avoidance issues specific to DC settlement practice. 

We are preparing the presentation and hope to get a date on the calendar for March to meet again with DISB for this presentation.  DCLTA will need your assistance in preparing for this.  In particular we are looking for an "in the DC trenches" perspective on your most pervasive DC risk avoidance problems; practical examples of these issues; and, any memos, guidelines or other written material that will illustrate the problems or necessary remedial processes.   In our last letter to DISB we included an outline of some such issues.  A copy can be reviewed at this link: DC Title Considerations.  Please contact me if you are able to assist us in moving this process forward.  

As always if you have any questions let us know and if you are able to help, please do hesitate to contact me.

Regards,

DC Land Title Association

Mike Russo, President

mailto:russo@CouncilBaradel.com

Through the enormous effort of Amy Klein, Roy Kaufman and Betsy Russo and with the generous cooperation and contribution of many members,  DCLTA has responded to DISB with our comments regarding their proposed settlement agent Rate Exam Questions.  Our response can be read at this link:DCLTA Letter to DISB with attachments 2/16/2015.

We are planning to follow up with a presentation to DISB regarding risk avoidance obligations and other activities unique to being a responsible settlement agent in the District of Columbia.  We will be calling on members once again to assist with that process.

We are hopeful that DISB will choose to continue this important dialogue.  However, DISB is free to proceed as it chooses.  We will continue to keep you informed of developments as we learn of them.  Likewise, we ask you to contact us with any questions, comments or observations you may have.

Regards,

DC Land Title Association

Mike Russo, President.

Law on Examinations - DC Code Title 31, Chapter 14

Insurance Title Producers - DC Code 31, Title 50B

DISB Rate Exam Warrant

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

As most settlement agents and attorneys know too well, escrowing the correct amount for outstanding utility bills is crucial during residential transactions when final bills are not available until after closing has occurred.

To assist our members, I have attached the preferred form to request the outstanding DC Water balance prior to closing.

Certified Balance Request Form (2).docx