Fund News and Alerts

Industry Leadership at its Finest! Yesterday, Florida Land Title Association (FLTA) members installed Fund General Counsel Melissa Jay Murphy as their 2024-2025 President.

In today’s real estate market, one can never be too careful when it comes to mortgage payoffs. The mounting increase in payoff fraud and wire diversion continues to disrupt the real estate market as fraudsters find more creative and devious ways of defrauding unsuspecting parties who fall victim to their ploys. This article will revisit mortgage payoffs, address some common underwriting questions, and recommend some best practices and tips to incorporate into the daily practice of handling transactional closings. Read the article

DoubleTime 9.5 includes the following enhancements: 2024 Standard Commitment Clause and Affidavit, the Commitment (C21) template, and the Old Republic Privacy Notice. 

Although not easily recognized by its formal name, EX001, the pre-closing update clause appears on nearly every commitment for title insurance prepared by The Fund. The requirement is an important reminder to obtain a title update prior to closing: “An update of the title search must be completed just prior to the closing, and the commitment must be endorsed to require clearance of or take exception for, any additional title defects or adverse matters found.”  While this requirement seems simple enough, its satisfaction is critical before closing and issuing a policy of title insurance. 

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Powers of attorney are used to facilitate a transaction when a party is unable to sign the closing documents in person. The purpose of a power of attorney is to give authority to another person, the “agent” or “attorney in fact,” to act on behalf of the person granting the power of attorney, the “principal.” In Florida, Sec. 709.2105(1), F.S., provides that the agent may be “a natural person who is 18 years of age or older or a financial institution that has trust powers, has a place of business in this state, and is authorized to conduct trust business in this state.” Chapter 4 of the Fund Title Notes discusses powers of attorney in detail. The purpose of this article is to provide Fund Members with the key points of powers of attorney and how they are used in real estate transactions.

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Fund Members should be aware of Freddie Mac’s Bulletin Number M2024-4, issued August 15, 2024, which updates the Freddie Mac Multifamily Seller/Servicer Guide.

Fund Members should be aware of Freddie Mac’s Bulletin Number M2024-4, issued August 15, 2024, which updates the Freddie Mac Multifamily Seller/Servicer Guide.

We have recently been alerted to an unpaid mortgage involving Silverlake Loan Servicing, a Wyoming based loan servicing company. Because of this, please exercise caution when relying on payoff letters from Silverlake Loan Servicing. It is crucial to verify that SilverLake Loan Servicing is the legitimate servicer for the mortgage being paid off.

During the 2024 session, the Florida Legislature passed House Bill 1029 (HB 1029), establishing an important pilot program for hurricane mitigation designed to help protect condominiums in Florida. The bill was approved by the Governor and assigned Session Law 2024-108, effective July 1, 2024. This article will highlight the significant provisions of the new law. 

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By: Rene Rutan, Manager, Events &  Affiliate, REC & Realtor® Relations

Florida ARECs Recognizes Patricia Nugent

On May 4th, I had the honor of presenting an award on behalf of Florida ARECs to Fund Member Pat Nugent.  It’s been over ten years since former Fund CEO Jimmy Jones, Fund General Counsel Melissa Murphy and I worked closely with Pat and others to design the statewide umbrella organization to support the real estate councils.