Fund News and Alerts

FIRPTA Withholding Rate to Increase to 15%

Effective Feb. 16, FIRPTA general withholding rate increases from 10% to 15%.

01/06/2016

Email Hackers Update

Email hackers are changing wiring instructions in order to steal the seller's proceeds.

01/05/2016

Authorized Agent Program Available Through Old Republic

The Fund, through Old Republic, is pleased to announce the availability of our Authorized Agent Program.  This program, in conjunction with our Members' efforts to comply with the American Land Title Association's Best Practices, should provide lenders, clients, customers and consumers additional confidence and comfort that the title settlement transactions you process are done the right way, with integrity and ethics.

12/15/2015

Orange County Comptroller Change

Effective January 1, 2016, Orange County will no longer be using O.R. Book and Page. 12/09/2015

Fake Check Scam Reminder

Over the past several years, we have published several alerts and spoken at Assembly and other seminars about the Fake Check Scam. It is time to publish a reminder.

11/13/2015

Fund Software: Windows 10 Compatible

We are pleased to inform you that testing has been completed for Fund products with the Microsoft Windows 10 operating system.

The following products perform under Windows 10 and Internet Explorer 11:

 

       

 

11/03/2015

Email Hacks

Hackers sending emails to the closing agent directing a change to the disbursement instructions. 09/02/2015

TRID Effective Date has Moved!

The effective date is moved to October 3rd!

06/18/2015

Doral Bank of San Juan, Puerto Rico CLOSED

We have been advised that on Friday, February 27, 2015, Doral Bank, San Juan, Puerto Rico, was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank.

02/27/2015

International Promissory Notes

We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.

02/13/2015