Fund News and Alerts


Heritage Bank of North Florida, Orange Park, Florida

Heritage Bank of North Florida, Orange Park, Florida

We have been advised that on Friday, April 19, 2013, Heritage Bank of North Florida, Orange Park, 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 FirstAtlantic Bank, Jacksonville, Florida, to assume all of the deposits of Heritage Bank of North Florida.

04/22/2013


FDIC to Reserve Oil, Gas & Mineral Rights

FDIC to Reserve Oil, Gas & Mineral Rights

The FDIC announced last week that it will implement a program to reserve oil, gas and mineral rights in any land it conveys in its capacity as receiver for a failed bank. Effective April 1, 2013, contracts for the sale of Owned Real Estate (ORE) assets will include these mineral reservations.

04/02/2013


Scam Alert from The Florida Bar

Scam Alert from The Florida Bar

The Florida Bar website reports that it has become aware that someone posing as a Florida Bar employee is calling members and telling them that their Bar fees are unpaid.

03/05/2013


Title Insurance Policy Surcharge Again Delayed

Title Insurance Policy Surcharge Again Delayed

The Florida Office of Insurance Regulation (OIR) has delayed the implementation of the title insurance policy surcharge to May 6, 2013.

01/18/2013


Title Insurance Policy Surcharge Delayed

Title Insurance Policy Surcharge Delayed

The Florida Office of Insurance Regulation (OIR) has delayed the implementation of the title insurance policy surcharge to August 6, 2013. As The Fund previously alerted you, OIR has ordered a surcharge of twenty-eight cents ($0.28) to be collected on each title insurance policy issued in Florida. This now applies to policies with effective dates of August 6, 2013, and thereafter until further notice by OIR.

01/18/2013


CFPB Proposed Rule - Your Comments Are Important

CFPB Proposed Rule - Your Comments Are Important

No. 2 The Three-Day Rule

10/19/2012


ALTA Advocacy Update

ALTA Advocacy Update

The Fund is pleased to share with you this ALTA Advocacy Update addressing the vetting issue that is of great concern to many of you today. We believe that ALTA's newly developed best practices will satisfy lenders' needs to respond to regulatory and market pressures to "know your customer" when considering settlement agents to handle lenders' funds and closing requirements.

10/18/2012


CFPB Proposed Rule - Your Comments Are Important

CFPB Proposed Rule - Your Comments Are Important

No. 1 Owner's Title Insurance - Optional?

10/16/2012


Change Is In the Air - CFPB is Rewriting the Rules

Change Is In the Air - CFPB is Rewriting the Rules

The federal rules regulating the forms, processes and procedures employed for residential mortgages will be changing. The new Consumer Financial Protection Bureau (CFPB) has published a proposed rule that seeks to radically change existing residential loan disclosure and settlement documents, processes and procedures.

10/03/2012


Third Parties Vetting Title Agents

Third Parties Vetting Title Agents

In April, 2012 the federal Consumer Financial Protection Bureau (CFPB) released a bulletin regarding "service providers". The bulletin indicates that the CFPB expects lenders to "have an effective process for managing the risks of service provider relationships."

08/22/2012

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