Assembly, Loss of a Friend, and More

Hello Members!

We wrapped up the 2025 Fund Assembly at 10:30 Saturday morning and it was an eventful one!  Great program.  Great conversations between Members.  The gala was a fantastic event.  Who knew we could all dress up and look so nice??  The best part was the private by-invitation-only pajama party held in the lobby Saturday morning at 1 am.  And if you attended Fund Assembly, please fill out the survey you will receive and let us know your thoughts.  Later this summer, all Members will get a survey about Fund Assembly in general as we begin our planning process for the future.  Thanks.

R. Norwood Gay; December 26, 1937 – May 5, 2025.  We lost someone very, very special recently.  Norwood Gay was a mentor to many of us.  He was a dear friend to many of us. He was a leader in this industry for decades at both the state and national levels. His intelligence, wit and passion inspired us all and he will be sorely missed.  We plan to honor Norwood in the July Fund Concept and I hope you will find it worthy of what he accomplished and meant to all of us.  Godspeed, Norwood.

February 2025 Bar Exam Pass Rates.  I don't know why I always find this interesting but I do.  Here they are for what it's worth.  I feel badly for the one person at Ave Maria that didn't pass…….

FNMA Updates Title and Closing Requirements for Multifamily Mortgage Loan Closings.  Fannie Mae issued an update to its Multifamily Selling and Servicing Guide that modified title and closing requirements for multifamily mortgages. The changes went into effect on loan applications received on or after May 8. The major change impacting you is that Fannie Mae now requires title insurance underwriters to perform all funding functions—except where limited by law. This means the underwriter must handle all of the closing funds AND prepare the settlement statement.  Do not despair or throw something against the wall in frustration.  WE ARE HERE TO HELP.  Our commercial and escrow services staff are trained to support you efficiently and effectively.  So for goodness' sakes, do not turn business like this away!  Give us a call.

Something of Interest.  A Member called us the other day with a question about the proper way to refer to the large body of water off the west coast of Florida in legal descriptions.  Here is our position.  Today the legal name of that body of water in Florida is the Gulf of America.  For insuring FL land that was previously described with the Gulf of Mexico as a reference point it is best to refer to "the Gulf of America f/k/a the Gulf of Mexico." However, absent unusual circumstances, since the Gulf of Mexico and the Gulf of America refer to the same body of water either is acceptable for insuring.  

Fraud Alert Tid-Bit.  If you ask a client (whether buyer or seller) to call you to give you their wire instructions, consider this protocol.  Fraudsters have learned to mask their phone numbers to make it look like it is coming from the correct person and giving you the fraudster's wire instructions.  So YOU need to initiate the call to a trusted phone number and not have the client call you.

How Can I Resist?  Based on the support I got at Fund Assembly for my references to the Florida Gators, here goes…..I am now obsessed with the baseball team.  They finished up the season on a tear!  Their start was dismal but then they really picked it up.  They finally got into the top 25 rankings this past week and ended up at 23. 

That's all for this week.

Let me know how we can help you.

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