Be Sure To Check Out Our Online Classes

Click HERE for a complete list of course descriptions or any of the following individual courses:
Online Classes

Principles of Closing

Principles of Abstracting (National Edition)

Principles of Abstracting (Minnesota Edition)

Title Exam for Title Insurers (Midwest Edition)

Reading and Drawing Legal Descriptions

These classes are all available at Classes.Landrecs.com.

For information on new classes contact me.

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Mobile Notaries Require Closing Agent License

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.

Due Diligence Required of ALL Closing Staff

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

Truth in Lending Respa Disclosure Delay

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:

http://www.alta.org/news/news.cfm?newsID=28275

 

Mobile Notaries – Do You Have the Required Minnesota Closer License

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 primary Closer License Laws are MN Statute 507.45 and MN Statute 82.641

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.

Judge Rules OK to Saw off Half a Garage if on your Property

beseman_garage-630x471

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.

From Minnesota Public Radio Blog.

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.

The ruling comes in the case against Roger Weber of Nashwauk who sawed Mark Besemann’s garage in half in April 2013. Besemann had purchased the house from Weber’s sister, unaware that a family feud was raging over the location of the garage.

Besemann sued Weber but Judge Lois Lang has ruled that Weber had a legal right to remove the portion of the garage that sat on his property, Forum News Service reports.

The house Besemann purchased had been owned and lived in for years by Roger Weber’s father, Robert Weber. But after the elder Weber died in 2012, and the home passed to the sister, Roger Weber claimed that half of what had been his father’s garage was in fact built on property the younger Weber now owns.

Sometime between April 22 and April 27, 2013, Roger Weber sawed the garage in half and removed the portion he claimed was on his property.

Besemann discovered the damage April 27, just days after closing on the property, and eventually filed a civil suit asking for $20,000 in damages for the ruined garage and another $20,000 in punitive damages from Weber.

Besemann also has to pay Weber’s legal costs.

“I’m obviously being railroaded by a small group of ‘public servants’ with their own agendas,” Besemann tells Forum. “(He) has destroyed my garage and rendered the house unlivable by damaging the septic system. What’s next? He now has an open ticket out there to do what he wants so it’s anybody’s guess. I have no choice but to keep fighting what now appears to be a losing battle.”

The dispute arose during Weber’s campaign as the endorsed Republican for the District 06 seat in the Minnesota House of Representatives. He lost.

Statute of Limitations on Title Policies

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).

Get Your Closing Paperwork Right with the New TRID

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.

Mortgage Note NOT Assigned to Foreclosing Lender?! OOOPS -It’s all in the Details

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.

MN ABSTRACTOR LICENSE RENEWALS HAVE CHANGED

IMPORTANT REMINDER

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.

Can You Prove the Dates Required Under TRID?

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”

Info On Home Closing

Home Closing 101: An Educational Initiative of the American Land Title Association