Fund News and Alerts

Fraud and Forgery - Catch Me If You Can

The rise in instances of fraud and forgery in real estate transactions continues to sound alarms across the industry. The statistics governing fraud and forgery and the way the parties are targeted gives all of us cause for concern. CertifID, a third-party verification service, reports that 2023 data it collected revealed that there was a record fivefold increase in mortgage payoff fraud attempts from the first quarter to the second quarter alone.  Read the article

01/02/2024

Policy Provision Made Plain: Liability Noncumulative

With the recent rise in the number of fraudulent transactions, there has been a related increase in claims for complete failure of title. In these circumstances, both the insured owner and lender may have covered claims. Provision 10 of the 2021 Owner Policy, Liability Noncumulative, reduces the amount of funds available to be paid to the insured owner by the amount that the insurer has paid under a covered claim to the holder of a mortgage on the owner’s property. There has been similar language in the ALTA (American Land Title Association) policies since at least the 1970’s. Although the provision in the new 2021 polices is not new, it is still often misunderstood. Read the article

12/01/2023

Keep Everyone Updated with ClosingVue

Where Are We On…? How Soon Can I Expect…? When Should We Send…?

Imagine no more back and forth with everyone about the closing process status.  What would you do with the extra time? 

Find out with ClosingVue, the title and settlement production software for Fund Members. 

11/29/2023

Recognizing and Addressing Construction-Related Claims of Lien on Title

The Florida Construction Lien Law, Ch. 713, Part 1, F.S., (the Act) serves a dual purpose. Its origins were to establish financial protections to those who furnish labor, services, or materials to improve real property (a lienor) by creating a nexus linking those who improve the land to payment guaranteed by it. The Act also seeks to protect landowners from charges against their property when improvements are being made to their land.  Read the article 11/01/2023

Prevent Losses & Reduce Errors Automatically with ClosingVue

Experience the Power & Protection of ClosingVue

Does your closing software help you prevent losses, reduce common accounting errors and safeguard escrow funds? ClosingVue does! 

10/26/2023

FinCEN GTO Extended; Eight More FL Counties Must Report Beginning November 21, 2023

A new Geographic Targeting Order (GTO) has been issued effective beginning October 22, 2023, and ending April 18, 2024 for Miami-Dade, Broward and Palm Beach counties, and for the newly added counties of Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee and Collier, for which the effective date is November 21, 2023, ending April 18, 2024.

View the New Geographic Targeting Order (GTO)

10/20/2023

ALERT! Do Not Fall Victim to Fraud

Ensure that you have thoroughly vetted the parties to the transaction, especially the Seller!

10/17/2023

New Measures to Reduce Real Property Fraud

Session Law 2023-238: Florida Legislature Creates and Enhances Anti-Fraud Law, New Quitclaim Deed, and Recording Requirement

During the 2023 Legislative Session, the Florida Legislature passed House Bill 1419. On Jun. 14, 2023, the bill was approved by Governor Ron DeSantis and assigned Session Law Number 2023-238. Principally, the new law creates procedures and guidelines designed to thwart real property fraud. In addition, new provisions are included which govern actions to quiet title resulting from alleged fraudulent conveyances as well as mandating a new form quitclaim deed. Except as otherwise noted, the provisions of the new law are effective on Jul. 1, 2023.  This article will set forth many of the details of the legislation. 

Read the article

09/01/2023

Conveyances of Real Property Under the Foreign Entities Act

Florida Governor Ron DeSantis signed Senate Bill 264 (SB 264) into law on May 8, 2023. The law has an effective date of Jul. 1, 2023, and may have a tremendous impact on the ownership and conveyance of real property in Florida. The bill creates Secs. 692.201 – 692.205, F.S., and is commonly referred to as the Conveyances to Foreign Entities Act (Act).  The Act contains wide prohibitions with respect to foreign ownership of certain real property. Under the Act, ownership includes direct or indirect ownership of, or a controlling interest in, real property. Although the Act does not impose compliance liability on the issuing agent or underwriter, being familiar with its terms allows agents to be better prepared to discuss its implications with buyers and sellers. The Act applies to certain types of property and certain foreign principals, so it is important to understand how each of these is defined. 

Read the article

08/01/2023

ALERT! IRS Form 1099-S Filers Beware

All IRS Form 1099-S filers beware!  Obstacles lie ahead for both electronic and paper form submitters.

07/06/2023