Cyber fraud is NOT going away.

Dear Members,

Well, it's summer. Hot and steamy in Central Florida and elsewhere across the State. Same with the real estate business, eh? We are hearing that all of you are busy, busy, busy! Music to my ears………

So how can I brighten your day? Let's start with misinformation we sent you about international wires last week.

International Wires

Last week we sent out an alert informing you of the need for pre-approval for international wires and a prohibition against wires to banks in certain countries. The alert was sent prematurely to Members so here is the bottom line:

• Pre-approval of wires to banks located in another country is not required.
• We strongly encourage you to become familiar with the inherent risks related to wiring funds to financial institutions in other countries including those identified as “high risk.” Here's a list of "high risk countries."
• Send inquiries you may have to underwriting@thefund.com
• The alert we sent last week was in error and has been removed from the Fund website. Sorry for the confusion.

More stuff to brighten your day. Cyber fraud.

Cyber Fraud

This threat to your business is NOT going away. At the recent National Settlement Services Summit, several large underwriters reported that the threat of defalcations used to keep them up at night. Now it is Cyber Fraud that causes nightmares…...and with much higher losses! So, I am going to keep it front and center in my mind and yours. To that end, here is a new graphic we created for your email signature block to draw attention to this issue. Please add this to your signature block that goes to everyone! We also have created a very short, 2 question survey that I would like you to complete.

Take the Survey

Let's turn now to our Nation's Capital.

What has Acting CFPB/BCFP Director Mick Mulvaney been up to? His appointment as Acting Director expires on June 22, but he won't be moving out of his office right away. Kathy Kraninger, currently at the Office of Management and Budget, has been nominated as the new Director by President Trump. Acting Director Mulvaney will remain in charge until the President's nominee is confirmed by the Senate (more or less……. it’s a complicated process). Ms. Kraninger's nomination is not without controversy so I will be keeping a close eye on the hearings.

Congress finally passed a law amending some of Dodd-Frank but don't expect many changes affecting your day to day closing process. S. 2155, signed into law by President Trump, amends many of the regulations affecting smaller banks and credit unions. Proponents of the new law argued that the regulations were too onerous for small financial institutions. There is one change that might affect your closings: if a lender offers a lower interest rate between the first delivery of the Closing Disclosure and the closing, a new 3 day waiting period after delivery of revised CD is not required.

Here is GREAT news about the TRID Improvement Act, which would "fix" the upside-down way TRID requires title insurance premiums to be disclosed. This bill has been included as a rider to the Financial Services Appropriations Bill. According to ALTA, government funding bills (like this one) have been must-pass pieces of legislation and riders included on this type of bill are often narrow and non-controversial. I love talking about this bill because it is so simple and straightforward; it is only one and a half pages long! Keep your fingers crossed that this fix to TRID will remain uncontroversial and will be passed along with the larger legislation. Hang in there - we will get there.

Let me know how we can help you.

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