Our Own March Madness: Data Call Update, Cyber-Security Scare and Important ALTA Survey

Resources to keep you current, safe and involved.

Dear Members,

This is such a busy time of year: legislative session, keeping up with the ever-changing RON landscape, Assembly right around the corner, supporting Members who are busier than ever, and……dare I mention it…….March Madness less than two weeks away.  MY FAVORITE TIME OF YEAR

But we have business to take care of.

Florida Data Call. I have an update for those of you who have title agencies. 

In November 2018, we notified you of possible amendments to the Data Call Worksheet for Title Agencies. The proposed changes have been adopted and the revised worksheet is now available. Please ensure that you are using this form to report your 2019 Data Call, which is due by May 31st.  Below is a link to the worksheet which can also be found on our website, www.thefund.com, under Support…… then Data Call.

Download revised Data Call Worksheet here.

DoubleTime Release 8.5, which includes updates to the Data Call module, will soon be available for download. Since some of the worksheet changes affected the data that DoubleTime captures, you must upgrade your DoubleTime to obtain an accurate report.

I know many of you utilize reports prepared by our Finance Department to complete your Data Call Worksheet. We are diligently working on those reports and will let you know as soon as these have been updated and posted to our website. You will then be able to access your individual reports.

If you have any questions, please contact Fund Risk Management Supervisor Leslie Anderson at 800.336.3863 ext. 7280 or via e-mail to datacallquestions@thefund.com.

Cyber security - close call for Member!   A Member recently reported to us that a fraudster had hacked his email and set up a rule that automatically forwarded any incoming email with the word "wire" in it to the fraudster's email account.  This allowed the fraudster to intercept emails about an upcoming closing and perhaps insert false wire instructions to the party sending money to or receiving money from the Member!  This just reinforces the need to be super diligent ALL OF THE TIME.  We have two excellent webinars that address cyber security.They are free!  Watch them!  Make all staff members watch them!  Bribe them with candy!  Here are links to the webinars:

Third Party Security Vetting for Law Firms
https://www.thefund.com/ondemand/legal-education/third-party-security-vetting and Computer Security in the Age of Cyber-Crime

ALTA Survey - PLEASE HELP!  ALTA is conducting a national survey to assess the impact of TRID on YOUR operations and on your customer's closing experience.  This truly is a good opportunity for Fund Members to provide feedback on TRID so please, please complete it. It takes roughly 8-10 minutes to complete.

The Consumer Financial Protection Bureau (CFPB) is in the midst of a mandatory assessment of TRID. ALTA seeks to ensure the assessment report reflects YOUR actual experience and shows the need for fixing the title fee disclosure and removing the optional tag from owner's title insurance. We can only meet our goal if ALTA and the CFPB have the data necessary to build that narrative.

The results from the survey are intended to help ALTA's advocacy and engagement with CFPB on the assessment. The data will also be helpful for understanding differences in closing practices and experiences across the states. 

Important Notes: 

  1. Your personal information will not be collected for use in the survey.   Only aggregated data will be reported at the conclusion.
  2. Before you start the survey we suggest you discuss this topic with the others in your organization. 
  3. Please attempt to answer each question to the best of your ability with actual data or estimates. While the survey asks for some detailed information, it is not necessary to go back in your files to complete the survey.

The survey is divided into four parts – Section I asks questions about your experience implementing TRID. Section II asks questions about changes to the consumers experience after TRID. Section III looks at the impact of TRID on sales of owners title insurance. Sections IV concerns the impact of TRID on disclosure accuracy and the sharing of information between you and the lender.  

Thank you for helping ALTA and its members better understand the impact of TRID on title and settlement professionals and the closing experience.  
Here's the link to the survey: https://www.surveymonkey.com/r/PFQ6FD7

Note: Question 17 asks about "enhanced" owner's policies, which we do not have in Florida.  Just answer "0-25%" to this question.  You have to give an answer so pick that one.

All for now.  Let me know how we can help you.


Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
General Counsel and Secretary