New FinCEN GTO is Now in Effect!

Plus, did you know we have a team of commercial underwriting attorneys?

Dear Members,

Opening weekend for NCAA Football was quite exciting! Gator fans always sigh in relief when we get through the first weekend with a win. There were plenty of upsets to go around, but FSU escaped and UCF got started off on the right foot, too; I haven't checked on Miami and the others quite yet.

FinCEN Update: Here is a link to FAQs recently issued by FinCEN. Even better – here's a link to our webpage, where all information about FinCEN GTOs is accessible to you. The new GTO that covers Miami-Dade, Broward and Palm Beach Counties is in effect now, so if you are handling a transaction in those counties that might be a "covered transaction," please be sure you review these resources ASAP and consult with your underwriting counsel here at The Fund.

FinCEN is also weighing in on the epidemic of cyber-fraud. Here is a link to a very recent publication that you should read.

This week, I want to give a little love to our commercial services department. Were you aware that we have a team of experienced commercial underwriting attorneys? These folks can assist you with underwriting complex commercial transactions, provide referrals for due diligence assistance, help with authoritative title objection letter responses, survey reviews, escrow services and closing document consultations.

Here's an example of an unusual title situation: Are title issues presented regarding noise issues surrounding airports and military bases? The concern with noise is that it can be so great as to amount to an ‘easement'/inverse condemnation and/or taking over of one's land for which some have made claims on policies if that ‘easement' is not excepted. There are two key cases regarding aviation noise that have been relied on when dealing with possible aviation easements. In the context of a title commitment, it is important to recognize and understand that such situations impact title to the property, regardless of whether the easement is express or prescriptive. The commercial services underwriting attorneys are available to assist our Members in understanding and dealing with this unusual issue.

Look for an update soon about the continued collection of the $3.28 surcharge on title policies and on any changes to the unlawful inducement rule regarding estoppel certificate fees. Not to drive you nuts with a hint of something exciting to come, but I think we will have some news on these two topics soon.

Also, ALTA has approved a new standard commitment form. The Office of Insurance Regulation is reviewing it now, as are members of FLTA. I am pretty sure it will be adopted in Florida in the near future. Stay tuned for more information on this topic, too!

I hope you have found this information helpful. Thank you for your support of The Fund!

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel