MN Closer Pre-License Seminar June 4, 2012
Minnesota State Required
8 Hour Closer Pre-license Course:
“Closing the Residential Transaction”
June 4, 2012 St Paul, MN
Closing the Residential Transaction presents an overview of the closing process. This course is designed for those wishing to obtain their Minnesota Closer License and/or anyone desiring a better understanding of the closing process, principles and procedures guiding the closing of real estate sales and mortgage transactions.
The course addresses:
The role of Closers, Lenders and Real Estate Agents in the closing process
Purpose and use of Title Insurance and reading Title Work
Drafting of Legal Documents and handling Legal Issues relating to closing
The impact of federal laws and regulations on the closing process
Documents present or executed at closing
Avoiding common issues for litigation in residential real estate transactions
Closing the Residential Transaction discusses the law as it relates to real estate and fixtures, types of estates, types of multiple or co-ownership interests and drafting documents. It explains how to identify problems at the closing state, and includes an important discussion of the important role of the closer as a neutral third party in detecting and correcting errors to assure a smooth closing.
Midwest Abstracting Seminar Announced
May 14-15, 2012 St Paul, MN
WHY TAKE THIS SEMINAR?
To Improve and Update Knowledge of Title Abstracting
To Improve and Update Knowledge of Title Examination
To Review for the Minnesota State Abstracter’s License
AS A RESULT OF THIS SEMINAR, PARTICIPANTS WILL BE ABLE TO:
Read, Draw and Recognize Valid Legal Descriptions
- Follow the Public Land Survey System to Identify Parcels
- Identify and Diagram Metes & Bounds Descriptions
- Discover Critical Information shown on Plats and Survey Maps
- Recognize Legal Differences in single family, Townhomes, Timeshares,
Condominiums, Co-ops, Common Interest Communities, etc.
- Identify Atypical Title Issues for Manufactured Housing/ Mobile Homes
- Summarize Documents Accurately in the Public Real Estate Offices
- List the Eight Public Offices that All Abstractors Must Know and Use
- Demonstrate the Ability to Index and Find all Public Real Estate Documents
- Answer Where Needed Records are Indexed, and How they are Organized
- Compare/ Contrast Torrens Property with Abstract Property Searches
- Explain Fundamentals of Bankruptcy and Bankruptcy Searches
Construct and solve missing links in a “chain of title”
- Follow complete Chains of Title and Find Missing Links
- Correctly Define Rights, Title & Interests follow them as they’re Created and Change
- Apply the 30 & 40 Year Laws in Abstracting and Examining and ID the Exceptions
- Properly Execute Abstract and Torrens Name Searches in All Counties
- Recite Critical Updated Minnesota Real Estate Laws and Title Searches
Remember information for your abstracter’s license test
- Define and Use Scores of Key Real Estate Title Terms
- Respond to Dozens of Updated Abstracter Questions
- Answer questions regarding the State Licensing Requirements, Laws and Rules
- Respond to Ethics and Standards of Professional Conduct Questions
Jeanine W. (Jeanne) Johnson to Speak at ALTA Business Conference
Jeanine W. Johnson will be a conference speaker at the ALTA Business Conference in Louisville, KY March 26th. A primary function of the American Land Title Association (ALTA) is to provide important educational programs. A “Train the Title Trainer” session will explain adult learning styles and demonstrate how to teach important and complex title issues to staff. Ms Johnson is a professional speaker on title topics, and is often hired to speak at Land Title Association conferences. She also owns an online school for Professionals in Land Title Training. Online Courses include Title Insurance, Closing, Abstracting, Title examination and National Concepts in Title.
WHY ATTEND THIS SEMINAR? WHY EDUCATE STAFF?
- For a better understanding of customer needs
- For Fewer Claims!
- To grow staff, so they have opportunity for a better career path
- So that you can retire someday and they can take over
COME HEAR MORE Jeanne Johnson is a professional Land Title Association (LTA) public speaker and teacher. She has spoken at many Land Title Conferences. At the upcoming ALTA Business Strategies Conference,she will teach a workshop on how to explain complex title topics. While the workshop focuses on understanding adult learning and instructor delivery, she demonstrates tips for training title. A blueprint handout will show specific skills for teaching abstractors, examiners and closers complex title issues.Jeanne will actively demonstrate ways to teach to all types of learners about “rights, title and interests” so staff can identify title issues as “okay” or “problems” needing to be resolved.
And, on top of all that, you might just find a speaker for your next land title conference!
For more information on the conference, go to this ALTA Link
State Takes up Question of Mortgage Inspection Reports
The Oklahoma State Board of Licensing for Professional Engineers and Land Surveyors is considering a position statement. The Board has been reviewing ways to alleviate the public misunderstanding and misuse of Mortgage Inspection Reports. The problem originates with homeowners who receive copies of these reports at closing and then rely on them to build improvements (even though there is disclaiming language on the drawing itself.) The report appears to mislead homeowners into thinking they can rely on the information shown thereon. Read more on this at The American Surveyor
Time Is Running Out To Register For Land Title Abstracting Class
Don’t forget to Register for the Annual Title Abstracting Class In St Paul, MN on May 2&3. The 200 page “Principles of Abstracting, Searching and Land Records Management” manual has been updated for 2011 to reflect many additional topics including: UCC’s; dealing with Manufactured Housing and Mobile Homes; changes in foreclosure laws; and statute of limitation changes on liens. If you haven’t been to a title abstracting class recently for updates, or if you are looking to obtain your license, this is the time to sign up. Hope to see you there!
FEDERAL REGULATION OF TITLE INSURANCE – WHY NOT?
There has been much discussion about regulating insurance, including title insurance at the federal level.
Of all the lines of insurance, none are as inexorably entwined in state and local laws as title insurance. Local practices regarding real estate vary from state to state and even county to county within a state. The abstracting, examining and underwriting of title insurance involves a review and assessment of these state and local-specific records, so that title policies can only be properly issued in connection with inherently understood local transactions. I believe it would represent an enormously burdensome and expensive undertaking for a federal agency to establish federal regulations that would reflect variations in the real property law of all 50 states. State regulators are much closer to local practices and can respond to changes in the marketplace more quickly. Therefore, I believe state regulation remains the most effective form of supervision for our industry.And since when is a “bigger government agency” better than local government?
MN Department of Commerce Announces Staff
ST. PAUL, MN – Department of Commerce Commissioner Mike Rothman announced Steve Carlson as Deputy Commissioner of Administration. Kevin Murphy was re-appointed as Deputy Commissioner of Financial Institutions and Jaki Gardner will continue as Assistant Commissioner of Insurance. More detail on staff appointments in Commerce Press Release
Minnesota Department of Commerce Seeks Information on Escrow Accounts
The Minnesota Department of Commerce(Department) is conducting an informal investigation regarding
the interest or other monies earned on title trust and escrow accounts. Please submit detailed responses
to the following questions no later than February 28, 2011.
An officer of the agency must attest to the accuracy of the responses and sign the responses. Failure to
comply with this subpoena may result in legal action being taken against your company to compel
compliance pursuant to Minn. Stat. §45.027, subd. 3 (2008), and may be subjected to civil penalties of up
to $10,000 per violation.
Please direct any inquiries concerning the above questions to the undersigned.
Thank you for your cooperation.
Kerry Banks
Minnesota Department of Commerce
kerry.banks@state.mn.us
Phone: 651-296-9082
Fax: 651-296-4328
SURVEY
Company Name (as licensed):
Company NAIC Number (if underwriter)/License Number (if agency):
Mailing Street Address:
City:
State:
Zip Code:
Date:
As an officer of the company to whom this letter is addressed, who is authorized to sign on behalf
of the company, I do hereby attest to the accuracy of the above responses.
Company Officer:
Company Officer Title:
Company Officer Telephone Number:
Company Officer E-mail Address:
We are seeking Minnesota specific information only. Responses provided should only reflect
monies related to Minnesota transactions. If you are unable to provide Minnesota-specific
information, please provide a detailed explanation, in the space provided under question number
15 below, of what other states are included in your figures as well as the approximate
percentage that reflects Minnesota transactions.
Trust Account Questions
1. Is your company’s trust account an interest-bearing account? Y/N
2. If your company’s trust account is interest-bearing, is the interest a fixed or variable rate?
2a. If fixed, what is the interest rate?
2b. If variable, please describe how the interest rate is calculated and provide the rate,
effective 12/31/2010.
3. Please provide the average daily balances for your company’s trust account, whether
interest-bearing or not, for the following months:
February, 2010:
May, 2010:
August, 2010:
November, 2010:
4. What does your company do with any interest earned from the trust account? Please select
the best option and provide a detailed explanation of how the money is returned, used,
donated or otherwise treated. If you select option “d,” please include a breakdown, by
percentage, of how each option is applied.
a. The interest earned is returned to the buyer/seller/borrower
b. The company keeps the interest
c. The company donates the interest
d. A combination of the above
e. Other
5. If applicable, approximately how much interest did your company’s trust account earn
during the calendar year 2010?
Escrow Account Questions
6. Does your company maintain any interest-bearing escrow accounts? Y/N
7. If your company’s escrow account is interest-bearing, what monies are typically deposited
into such accounts?
8. If your company’s escrow account is interest-bearing, is the interest a fixed or variable
rate?
8a. If fixed, what is the interest rate?
8b. If variable, please describe how the interest rate is calculated and provide the rate,
effective 12/31/2010
9. Please provide the average daily balances for your company’s escrow account(s), whether
interest-bearing or not, for the following months:
February, 2010:
May, 2010:
August, 2010:
November, 2010:
10. What does your company do with any interest earned from escrow accounts? Please select
the best option and provide a detailed explanation of how the money is returned, used,
donated or otherwise treated. If you select option “d” please include a breakdown, by
percentage, of how each option is applied.
a. The interest earned is returned to the buyer/seller/borrower
b. The company keeps the interest
c. The company donates the interest
d. A combination of the above
e. Other
11. If applicable, approximately how much interest did your company’s escrow account earn
during the calendar year 2010?
Other/Combined Questions
12. If your company’s trust or escrow account is not interest-bearing, do those accounts
provide your company with value in some other way (through account analysis, short term
CD’s, value-added accounting, etc.)? Y/N
13. If your answer to question 11 is yes, please describe the nature of the value provided.
14. If your answer to question 11 is yes, please quantify to the best of your ability the value
provided during calendar year 2010.
15. Does your company contract out any closing and/or settlement services?
If “yes,” please complete the following:
15a. What types of services do you contract out, and when do you contract these services?
15b. From whom do you contract out these services? Please provide name and contact
information for ALL entities with which you contract.
15c. For services contracted, are escrow monies (other than title premiums) ever returned
to the agency for disbursement?
16. Please provide any additional information you may deem necessary to support or explain
the answers you supplied above.
Familiar Minnesota Title Company Owner Charged in Theft of Escrow Funds
Linda Tuttle-Olson, owner of Albert Lea Abstract Company was charged this week with 13 felony counts in a theft that has left at least a dozen victims out more than $1 million. Most of those victims had placed tens of thousands of dollars in escrow accounts overseen by Tuttle-Olson’s company. According to the criminal complaint, Tuttle used a chunk of that money for gambling.
People “don’t think twice” about putting money in escrow accounts, said Albert Lea Police Chief Dwaine Winkels. “There’s just disbelief among the victims that this could happen and that there’s not much regulation or protection for people. These businesses are entrusted with large sums of money.”
More at the StarTribune.
Yes, Virginia, You Must Attend the WHOLE Class
I take my real estate educators license very seriously. I put in a great deal of time to come up with current, relevant courses that I believe will be of value to attendees. I keep all appropriate records, verify the identity of attendees at my classes, get all required course approvals, etc. And I don’t bread the “rules.” I have people ask for credit when they did not attend an entire class. Sorry, I can’t do it. And surprisingly for many, the Department of Commerce is watching. One instructor now faces $90.000 in state fines for flagrant non-compliance.
The instructor told commerce investigators he started teaching in the mid-1990s and was a registered instructor for insurance professionals. However, he threw the rules out and seriously abused the system. As a result, licensed agents who took his “education courses” have lost their licenses, and the instructor and the company he teaches for have been a July 20 administrative hearing. More at the Star Tribune.
Home Closing 101: An Educational Initiative of the American Land Title Association
