TRID Improvement Act Of 2017

Just got back from the ALTA annual meeting (ALTA One). Hot topics include Cyber Fraud And E-Closings.

Dear Members,

A bill to correct the inaccurate disclosure of title insurance premiums on TRID disclosures has been introduced in the House of Representatives. The TRID Improvement Act of 2017 is co-sponsored by Rep. French Hill (R-Ark.) and Rep. Ruben Kihuen (D-Nev.) The bill focuses on the title insurance premium disclosures and would amend RESPA to allow for the disclosure of a simultaneous issue discount when applicable.

It is about time! This will not likely move as quickly as we would like. And there will need to be some regulatory changes once the statute is amended. So it is hard to predict when we will see real change in closing documents. But it is progress! As events unfold, I will keep you in the loop.

Just got back from the ALTA annual meeting (ALTA One). It’s a big conference with a lot going on. My two primary take-aways are:

• Cyber fraud criminals are alive and thriving.
• E-closings are coming.

Cyber-Fraud

I don’t think I learned anything new at the conference about how these crimes are perpetrated so everything we have already told you about protecting yourself and your buyers and sellers remains true. While the FBI agent did not answer the question directly, I got the impression that very few… make that very, very few…… criminals have been apprehended and prosecuted. But the FBI has had many wins in getting money back for the consumer. The overall message is that the criminals are still finding gullible, unsuspecting folks that wire them money so they are not going away. Therefore, our job is to keep talking to you and you need to keep talking to realtors, buyers and sellers to prevent this from happening. If the well dries up, the criminals will leave us alone.

E-closings

I know we have heard this message before: "E closing are coming." But I am convinced that this time they really are just around the corner. It is important for you to learn how these work, what it really looks like in your office, how the experience of the buyer and seller will change, what technology is involved, etc. The Fund is gearing up to provide you with the information you need to be informed and to be ready. Stay tuned for more.

Let me know how we can help you.

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