Fund Alerts

Fraudsters Impersonating Title Companies & Targeting Real Estate Agents

Fund Members should be aware of Freddie Mac’s Bulletin Number M2024-4, issued August 15, 2024, which updates the Freddie Mac Multifamily Seller/Servicer Guide.

Fund Members should be aware of Freddie Mac’s Bulletin Number M2024-4, issued August 15, 2024, which updates the Freddie Mac Multifamily Seller/Servicer Guide.

We have recently been alerted to an unpaid mortgage involving Silverlake Loan Servicing, a Wyoming based loan servicing company. Because of this, please exercise caution when relying on payoff letters from Silverlake Loan Servicing. It is crucial to verify that SilverLake Loan Servicing is the legitimate servicer for the mortgage being paid off.

Fund Members should be aware of a requirement to include government-issued photo identification (IDs) with electronically submitted deeds in Lee County effective June 1, 2024. Florida Statute 28.2225 created the Title Fraud Prevention Through Identity Verification Pilot Program in Lee County for the purposes of assisting law enforcement to verify the parties engaged in a property-related transaction

A new Geographic Targeting Order (GTO) has been issued effective beginning October 22, 2023, and ending April 18, 2024 for Miami-Dade, Broward and Palm Beach counties, and for the newly added counties of Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee and Collier, for which the effective date is November 21, 2023, ending April 18, 2024.

View the New Geographic Targeting Order (GTO)

All IRS Form 1099-S filers beware!  Obstacles lie ahead for both electronic and paper form submitters.

The legislature was busy this year, and while there are several laws impacting real estate that we are analyzing for our Members, here is one to note in particular:

• SB 264, Chapter No. 2023-33, effective July 1, 2023. See, https://laws.flrules.org/2023/33

Among other things, this law sets some distinct requirements on the timing and type of interests foreign principals may maintain, if at all, in certain Florida real estate.

La legislatura estuvo ocupado este año, y aunque hay varias leyes que afectan bienes raíces que estamos analizando para ustedes, aquí explicamos una nueva ley en particular:

• SB 264, Capítulo No. 2023-33, efectivo a partir del 1 de Julio de 2023. Ver, https://laws.flrules.org/2023/33

Entre otras cosas, esta ley establece algunos requisitos distintos sobre cuando y la calidad o tipo de interés que un principal extranjero puede mantener, si es que puede tener, en ciertas propiedades en la Florida.

I am very pleased to update you on the legislation filed earlier this month that changed the way title premiums are set (from promulgated to "file and use").

An amendment has been filed that removes this provision from the Senate version of the bill.  (It was not in the House version of the bill from the beginning.)  This is great news for us.