Questions About TRID Rules

DoubleTime, ALTA, and a New Information Center

Dear Member,

There is a lot to report on this week. Members are really starting to pay attention to the new TRID rules and have lots of questions about the process and the implications. This email will cover as many things as I can and still get it out to you on time.

DoubleTime®:

If you are a DoubleTime® user, you will soon be downloading the latest and greatest version, DoubleTime® 7.0. Emails alerting you that it is time to do this will start in early August. In order to access the upgrade, you will need the FundNet logon associated with your DoubleTime® license. Some of you have logons for both your law firm AND your title agency – so make sure you have the correct logon associated with DoubleTime® ready to go. You can test your logon by visiting TheFund.com/dt7. At the top of the page you will see a link to test your logon. If your logon is not successful then you will be presented with a form requesting your logon be sent to you.

ALTA Town Hall on Facebook:

Here’s a new idea: ALTA is sponsoring a Town Hall on Facebook on July 28 at 11 am ET. To attend, simply "like" ALTA on Facebook. Also, make sure you "join the event" on ALTA's Facebook page so you receive a reminder to attend the event. The panel will offer advice on what TRID readiness looks like, how you can keep employees energized for implementation and the small details that may fall through the cracks leading up to October 3. I am living in the 19th century I guess because I don't have a Facebook page but one of my co-workers has offered to let me watch with her! I am curious as to whether this will be an effective way to deliver information to folks in the industry. Let me know what you think if you tune in.

Buyer Pay All:

In those areas where the buyer pays all of the title insurance (or if the contract otherwise provides for this), are there any issues or “push back” from buyers about purchasing an owner’s policy? I would like to get some feedback from you on this situation. Under the new TRID rules, when a buyer pays for all title insurance, the owner’s policy will be listed as “optional.” I come from a seller pay area so I am not familiar with the issues encountered in this area.

New Information Center webpage:

I am very pleased to announce we have "gone live" with a new page on The Fund website: the Information Center. This replaces our "Readiness" page. The information was so voluminous that it needed reorganized for your use. We also firmly believe that there will be life after the TRID implementation and this new page is where you will go to get all kinds of information – beyond CFPB. Visit TheFund.com/InfoCenter. We look forward to your feedback on this new resource.

Regions Bank Communication:

Regions Bank is not going to be using Closing Insight to communicate and share information with closing agents. Its "platform" is going to be TRID Tracker. Here is a PDF copy of the notification that a Member shared with me yesterday that gives us a little bit more detail about this. If you close loans for Regions, you should have received one of this notifications. If not, you should reach out to your contact at Regions and confirm how they want you to proceed.

Whew! Things are heating up and it ain’t just the weather! I hope you have found this helpful and, as always, thank you for your support of The Fund.

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel