These classes are all available at Classes.Landrecs.com.
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The Minnesota Department of Commerce Enforcement Division is reminding mobile notaries who explain mortgage documents, notarize deeds, collect funds and handle other tasks incidental to closing, that they are required by Minnesota Law to obtain a Closing Agent License. The closer licenses are licenses that expire June 30th two years after they are issued. The online course listed above, “Principles of Closing,” satisfies the state requirement for the license.
We all use auxiliary help when times are busy. Signing agents and temporary help. But beware; are you giving “non-employees” dangerous access to personal information that you are responsible for?
The DOJ has issued a press release regarding a temporary employee who’s job was simply copying loan documents. In that capacity, she stole personal information belonging to over 250 would-be home buyers and used that information to obtain fraudulent credit cards.
Use due diligence in the hiring and overseeing of all of your help and assure they are properly licensed. Even non-employees require oversight in the title and closing business.
Department of Justice Press Release – Temporary Help Steals Information to Get Fraudulent Credit Cards Read article here at the Department of Justice Website
ALTA released the following statement in response to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s announcement of a proposed amendment to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) regulation to October:
Minnesota is sending out Enforcement Notices to Mobile Notaries reminding them that under Minnesota Law, those who notarize deeds, mortgages, affidavits and other documents to assist a party in buying or selling real estate in Minnesota are required to have a Closer’s Licence from the Minnesota Department of Commerce.
The Commerce Department is authorized to penalize those who are not compliant, so please be sure to obtain the proper license. More information about Closer Licensing can be found here on the Commerce Department Website.
Title Companies should also assure that any closing agents they use are duly licensed under the law.
This article reminds us that “Actual Knowledge of a Problem requires the buyer to take care of the problem!” It also let’s a title company off the hook for claims.
A judge in Grand Rapids, Minn., has ruled that if someone else’s garage sits partially on your property, it’s OK to saw it in half.
Good case on the statute of limitations for Title Policies. The case shows that the owner’s claim for breach of their title insurance policy doesn’t start until the title insurer refuses to adequately compensate the owner for a covered loss – Spalding v. Stewart Title Guar. Co., Case No. SC 94580, 2015 WL 2228547 (Mo. May 12, 2015) (affirming amended judgment after jury trial).
Remember, all loan applications taken through July 31, 2015 fall under the existing HUD regulations using the existing HUD-1 and Truth in Lending Rules, regardless of the closing date.
Loan applications taken as of August 1st will require the TRID change. In the real world, that means we will be alternating between BOTH TRID and the OLD HUD-1/RESPA/TIL forms well into August, September and October.
Good article from Locke, Lord, LLP about the CFPB’s “Sensitivity” to issues faced with TRID – the new Truth in Lending and Respa form changes that start with loan applications taken August 1st.
Interesting case out of Alabama. See more detail.
Her mortgage had been foreclosed, but the mortgagor challenged the foreclosure by appeal, saying the lender who foreclosed had no legal interest because the note was not properly assigned. The appeal court agreed and the foreclosure sale has been reversed and remanded to the trial court.
Moral of the story: Dot your I’s and cross your T’s when it comes to assignment of mortgage notes.
THE ABSTRACTER LICENSE RENEWAL PROCESS HAS CHANGED
For corporate licenses, a renewal ID is no longer needed; instead, you will need a user name and password. Detailed instructions for creating a user name and password are found on the second page of your printed license. To print your license or get renewal information, go to Pulse Portal.
INDIVIDUAL ABSTRACTER LICENSES Just a reminder that the State of Minnesota had many changes to Abstracting laws and rules this year. Individual abstracter licenses cannot be renewed until any associated company license has been renewed. Individual licenses will lapse unless the company license and insurance documentation are received before 4:30 PM Central time on June 30. It is highly recommended that you complete your renewal by June 15th.
Excellent article for title companies, and especially smaller title agencies by Aaron Prenger of Spencer, Fane, Britt and Browne, called” Snail Mail: a Whale of a fail…” pointing out the importance of title copanies and lenders proving the dates documents were sent out and received.
” With the upcoming regulatory changes going into effect on August 1st, it is more important than ever for mortgage lenders and title companies to have an electronic disclosure system…”
” Practically speaking, this means lenders and title companies that do not use electronic disclosures will not be able to begin collecting required documentation until four days after taking an application by phone or online. Likewise, such lenders will need to have their closing packages prepared at least seven days prior to closing.
Read the whole article here: “Snail mail: a whale of a fail that will make your borrowers bail, your lenders flail, and leave you on the rail”