Our Blog
Thought leader and industry expert, Jeanne, shares important information regarding the real estate and title industries.
CFPB Finalizes TRID Amendment Allowing Lenders to Disclose Closing Cost Increases
The Consumer Financial Protection Bureau (CFPB) finalized an amendment to its TILA-RESPA Integrated Disclosure (TRID) rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing...
Fitch: Does Blockchain Represent a Paradigm Shift for the Title Insurance?
April 26, 2018 In a report titled “Blockchain and Insurance - The Trust Machine,” Fitch Ratings views blockchain as a potential game-changing technology for the insurance industry over the long term. Fitch concludes that blockchain offers several benefits, but...
Property Records Industry Association and GIS
The Property Records Industry Association (PRIA) has released its latest whitepaper on GIS and Land Records Integration. Although Geographic Information System (GIS) is a relatively new tool for anyone interested in land records, the recording of property records has...
Fidelity National Signs Merger Agreement with Stewart Information Services
Industry News Monday, March 19, 2018 Fidelity National Financial, Inc. (FNF) has signed a merger agreement to acquire Stewart Information Services Corp. for $1.2 billion in cash and stock. If approved by regulators and stockholders, Fidelity would pay $50 per share of...
The Life Skills Gap
I have always been concerned about what and how we help learners. Do we teach them "by the book," using specific outlines that are given, or do we consider real life situations when providing educational training. I've always thought there was a gap. A young niece of...
E-notarization vs. Distance E-notarization
E-Notarization has been here for some time. Effective July 1, 2006, the Minnesota Legislature enacted electronic notary legislation pursuant to Minnesota Statutes 358 and 359, allowing electronic notarization to be applied to a document so that the document can be...
Acting Director Mulvaney Calls for Evidence and Public Comment on CFPB Functions
Seeks Public Input on Ways to Better Fulfill Statutory Obligations JAN 17, 2018 WASHINGTON, D.C. — The Consumer Financial Protection Bureau today announced that it is issuing a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions...
Carver County Requires Subsurface Sewage Treatment System Form
Effective January 1, 2018, Carver County requires on all sales a Subsurface Sewage System Treatment Form along with the certificate of real estate value, to be presented to the county auditor's office. While I think it's a good idea to handle such things at the time...
Don’t Believe Those Online e-Notarize Ads
In Minnesota and other states, electronic notarization (e-Notarization) is moving fast. But DO NOT BELIEVE THE ADS. It is complicated. Each state has its own laws, rules, and especially its own legal terminology. In Minnesota, a notary may perform electronic notarial...
eClosing and buying a home: Technology’s role in closing on a mortgage
CFPB POST Technology is transforming everything; it is changing the way we communicate, the way we access goods and services, and even the way we purchase homes. Soon, more and more consumers may increasingly find themselves being offered technology that allows them...
National Association of Realtors on the Tax Cuts and Jobs Act – What it means for Americans
The National Association of REALTORS® (NAR) worked throughout the tax reform process to preserve the existing tax benefits of homeownership and real estate investment, as well as to ensure real estate professionals would benefit from proposed tax cuts. Many of the...
CFPB Announces New HMDA Tool
CFPB Regulatory Implementation Team Consumer Financial Protection Bureau The Bureau is pleased to announce the launch of the HMDA Check Digit Tool and Rate Spread Calculator. The CFPB provides the new Rate Spread Calculator for use with data collected in or after...
HUD Releases Guide to Help Struggling Homeowners Avoid Foreclosure
Press Relelase December 20, 2017 The U.S. Department of Housing and Urban Development today released the Homeowners Guide to Success as part of a public-private partnership between federal agencies and industry partners. The guide provides homeowners with information...
Reimagining Land Records and GIS
An event, "Reimagine Land Records - Join the Conversation" orchestrated by the Legislative Committee of the Minnesota State Bar Association, Real Property Section, took place on October 20th. In attendance were an assortment of County Recorders and other County...
CFPB Announces Beta Launch of new HMDA Platform
The CFPB is pleased to announce the beta launch of the new HMDA Platform. The main objective of the beta release is to provide financial institutions an opportunity to become familiar with the HMDA Platform and, in particular, determine whether their sample LAR data...
CFPB Charges Title Company with $1.25 million Dollar Fine
The CFPB takes RESPA matters seriously. While many states, like Minnesota, require a disclosure form describing the relationship between lenders, real estate agents, title companies, appraisers, etc., those who do not disclose those relationships are up for serious...
CFPB Issues Summary of Changes and Clarifications to TRID
To support implementation of the recently issued 2017 TILA-RESPA Rule, the Bureau has issued a Detailed Summary of Changes and Clarifications. You can access the Detailed Summary of Changes and Clarifications here.
FinCEN Advisory on Money Laundering Scams
See Advisory HERE
Lender Sues Specialty Insurer for Cyberspace Crime
A California-based mortgage company hit its insurer with a lawsuit in a New York federal court Tuesday seeking to recoup under a $3 million policy "substantial" losses incurred when an impostor duped the mortgage lender into wiring money for a nonexistent transaction....
E-Mortgage filing in North Carolina
Industry News, Technology update Thursday, August 10, 2017 North Carolina has been at the forefront of eMortgage and eClosing transactions, and Thursday saw the state at the center of another milestone. The state’s first eMortgage purchase transaction was completed...
E-Recording Continues to Grow at Rapid Pace
Technology Thursday, August 10, 2017 Since the start of the second quarter, CSC has added 61 counties in 25 states to its eRecording network, the company announced. “By partnering with CSC, these counties and their clients will now enjoy the benefits of award-winning...
Housing Sentiment Hits Record Low
Market Data Thursday, August 10, 2017 During July, the share of Americans who said now is a good time to buy a house decreased to a survey low, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). The HPSI dropped 1.5 percentage points in July to 86.8,...
Protect Your Money from Wire Fraud Schemes – ALTA Video
Buying and selling a home is an exciting time, but there can be pitfalls for unsuspecting consumers . The American Land Title Association wants homeowners and sellers to be aware that criminals are using wire fraud schemes to steal money meant for home purchases or...
CFPB Loses Case Over RESPA
A lawsuit brought by the Consumer Financial Protection Bureau against a Louisville law firm was dismissed on Friday. In a summary judgment ruling, the U.S. District Court for the Western District of Kentucky found that law firm Borders & Borders PLC followed the Real...
At First Look Emails Seem Legitimate
At first glance the emails look legitimate. But businesses get defrauded of millions of dollars daily by people using spoof emails and other false documents to steal funds, said Randy Roewe, chief risk officer for First Financial Bank. “We get things from time to time...
First Time Homebuying Reaches 15 year High
Since the housing crash, first-time homebuyers who finance their homes through the Federal Housing Administration (FHA) and the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have outnumbered repeat buyers every year, according to data in the Urban...
CFPB Finalizes Updates to “Know Before You Owe” Mortgage Disclosure
Press Release July 7, 2017 The Consumer Financial Protection Bureau (CFPB) today finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments that are intended to formalize guidance in the rule, and provide greater clarity and certainty. The...
License Renewals for MN are Due by June 30th
Real estate agents, abstracters, closing agents and brokers are reminded that they must renew their licenses on or before June 30th. So please check your license for renewals. Information from the Commerce Department on MN state licensing can be found here....
OCC Adds Information for Third Party Vendors
On June 7th, the OCC added bulletin 29 to third-party relationships to clarify the way lenders should interact with third party vendors, to us, that means how lenders deal title and closing providers. Get the entire OCC bulletin here . As a part of the lengthy...
Title Agent Charged with Negligence and Compensatory Damages
A Connecticut title agent was held liable for $77,500 that was paid by a Title Underwriter to clear title to property it insured, as well as more than $20,000 in compensatory damages for fees and expenses incurred in negotiating the settlement. The case showcased...