Breaking News & Technology

Richard Cordray has resigned and is running for Governor; Technology is here to Stay; New Resource at The Fund; Estoppel Certificate Fees

Dear Members,

Breaking News! Director Richard Cordray of the CFPB has resigned his position to throw his hat in the ring for the Ohio gubernatorial race! I don’t know anything about timing or who Trump will appoint, but I am confident we will get plenty of speculation about that in the next 24 hours; and by the time you read this, we will know a lot more.

Technology Is Here to Stay

Technology is big on my mind right now. I just got back from an ALTA meeting at which e‑closings and online notarization was a major focus. I am also reading a lot about the trends in the banking industry toward technology. The challenge for lenders is to use technology to make the process safer, more convenient, and faster without losing sight of the need for personal interaction between borrower and lender, and I think this is also true of our industry. We all use our apps for finding restaurants, getting directions, events, buying stuff, checking into hotels, etc., but my sense is that buyers and sellers will continue to want contact with an experienced person to help guide them through the closing process.

We have to learn how to embrace technology but at the same time maintain our relationships with everyone in the process: buyers, sellers, lenders, brokers, title underwriter, and others.

New Resource at The Fund

We have created a new position to support our Fund Members: Regulatory Compliance Counsel. I have seen a growing need to help you with questions that apply more to the business side of what you do and not strictly title. So, our hope is that by devoting more resources to these topics, we can better support you. I am very happy to report that Bob Rohan, our resident TRID wizard, has accepted this position. He is getting up-to-speed on the Florida statutes and regulations pertaining to title insurance and title agents, refreshing his familiarity with RESPA and even branching into...gasp...The Florida Bar rules on advertising. We want to be your resource in a lot of areas; not just title. You can email any questions you might have to regulatorycompliance@thefund.com. I look forward to learning about the new ways in which we can help you.

Estoppel Certificate Fees

The new law is in place and I am hearing about how Associations and Management Companies are re-structuring their fees for preparing the estoppel certificate. Please send me examples of these new fees and charges so that I can get familiar with what the “new normal” looks like. Download the suggested request for an estoppel certificate and the certificate itself here. 

Let me know how we can help you.

Best Regards,
Melissa Jay Murphy, Senior Vice President and General Counsel