Fund News and Alerts

Valley Bank, Fort Lauderdale, Florida

We have been advised that on Friday, June 20, 2014, Valley Bank, Fort Lauderdale, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank.

06/27/2014

Title Insurance Policy Surcharge Begins September 2, 2014 - Frequently Asked Questions

Beginning on September 2, 2014, all Florida title insurance agents must collect a surcharge of $3.28 per policy and remit it to the insurer.  Please see the Fund Alert dated June 11, 2014 for information on the purpose and authority for the surcharge.

06/13/2014

Title Insurance Policy Surcharge to Begin September 2, 2014

On June 4, 2014, the Office of Insurance Regulation (OIR) ordered that a surcharge totaling $3.28 per policy be charged to reimburse the receivers assigned to administer the receivership of two underwriters who have gone out of business – National Title Insurance Company ($.28) and K.E.L. Title Insurance Group, Inc. ($3.00).

06/11/2014

Deeds Transferring Title to Fidelity Land Trust Company, LLC Are Rescinded and Deemed Null and Void

The Office of the Attorney General's Consumer Protection Division ('the Office”) has asked FLTA to alert our members and other title industry stakeholders that certain titles to homeowners' residences deeded to The Fidelity Land Trust Company, LLC ("Fidelity Land Trust"), an LLC unrelated to Fidelity National Title Insurance Company, may be clouded. Assistant Attorney General Fulvio Joseph Gentili reports that Final Judgment has been issued against Fidelity Land Trust in the case of Office of the Attorney General v. Edward Cherry, et al, Case No. 12-269807(12)(17th Jud. Cir.), a case which involves a scheme that resulted in the execution and/or recording of a large number of quitclaim deeds or warranty deeds that have since been declared null and void.

06/04/2014

ALTA is the Voice of the Title Insurance Industry

ALTA is the national voice of the title insurance industry whose members include underwriters, agents and title insurance service providers such as The Fund. You may have recently received an invoice from The American Land Title Association, ALTA, for your 2014 membership dues or license for the use of ALTA’s policy forms.

04/25/2014

Tallahassee Report – Contact your legislators in support of HB 321 and SB 570

This year, The Fund and Old Republic National Title Insurance Company are leading the charge to support important legislation that will ensure Florida citizens have ready access to local title insurance agents, including attorney agents. As described in the February 2014 Concept, the need for this legislation was created by the Florida Supreme Court’s significant limitation of the economic loss rule and decades of precedent in its March, 2013 decision: Tiara Condominium Association, Inc. v. Marsh & McLennan Companies, Inc., 110 So.3d 399 (Fla. 2013).

04/01/2014

Title Insurance Policy Surcharge Combined and Extended Until No Sooner Than June 13, 2014

In January 2014, the collection of the surcharge in  connection with the National Title Insurance Company receivership was delayed  until April 4, 2014.  The Office of  Insurance Regulation is currently in the process of combining the surcharge for  National Title Insurance Company with a surcharge for the new K.E.L. receivership  and determining the amount of surcharge to cover both.  Accordingly, the earliest that the surcharge  will be collected is June 13, 2014.

03/31/2014

Wells Fargo Releases Expectations Regarding ALTA's Best Practices

Wells Fargo, one of the nation's largest lending institutions released a newsletter to its network of settlement agents on March 6, 2014.  In this communication, Wells Fargo states "As expectations on lenders increase so will expectations on third party service providers."  Wells Fargo added they plan to "continue to expand and enhance third party oversight capabilities for title and settlement companies in order to monitor and measure performance."

03/11/2014

Fraud Alert in Miami-Dade, Broward and Palm Beach Counties

Based on our research of the pertinent land records and court records in connection with insuring title to real property in Miami-Dade, Broward and Palm Beach counties, the following names have been red-flagged in ATIDS:

• Antoaneta Iatova
• Issak Almaleh
• Mihail Yotov
• New York Sport Foundation
• American Home Mortgage Servicing

02/06/2014

Florida's Title Insurance Data Call FAQ

What is the Data Call?
For many years, title insurers have provided financial information to state regulators. Beginning in January, 2014, licensed title agencies must start capturing certain information regarding their practices, income and expenses to be reported annually. The information captured in 2014 will be reported to the Office of Insurance Regulation (OIR) in 2015.

01/17/2014