NAILTA joins PRODA and files Amicus brief in current litigation against MERS

National Association of Independent Land Title (NAILTA) has joined with the Pennsylvania Recorder of Deeds Association (PRODA) to file an Amicus brief on behalf of NAILTA and in support of the Montgomery County Recorder’s Office in their current litigation against MERS. Nancy Becker, Montgomery County Recorder and supporter of NAILTA, requested we file an Amicus with PRODA to support the position that all transfers be recorded in the County records to preserve the integrity of our countries land records. NAILTA’s attorney, Greg Happ, Esq. acted in consort with attorney(s) for PRODA, to prepare and complete this brief you now find attached. Gregory was assisted in preparation of this brief, and special recognition should be given to the  learned and supporting  legal talent which included Robert Franco, Esq., Robert Holman, Esq., Jeff Shank, Esq. and Craig Hillwig, Esq. These gifted attorneys assisted in preparing  this brief Pro Bono, i.e. at no cost to NAILTA and its members. NAILTA cautiously  anticipates the affirmation of the trial court’s previous ruling that assignments of Mortgages, Deeds of Trust must be recorded in the county where the property is situated is sustained on appeal.   A positive reaffirmation of the Trial Courts previous ruling against MERS and in favor the Recorder of Montgomery County, would be a welcome step in the preservation of our counties land records.   Anthony L. Affatati, Sr President For the Board of...

NAILTA Joins Escrow Institute of California in Concern over Misleading Mortgage Forms

National Association of Independent Land Title Agents Joins Escrow Institute of California… — FREEHOLD, N.J., Jan. 29, 2015 /PRNewswire-USNewswire/ — FREEHOLD, N.J., Jan. 29, 2015 /PRNewswire-USNewswire/ — The National Association of Independent Land Title Agents (NAILTA), a national trade association representing independent land title agents, settlement agents and escrow agents has released the following statement from President Anthony L. Affatati, Sr., in response to Consumer Financial Protection Bureau Director Richard Cordray’s recent speech at the Brookings Institute: “NAILTA and its independent members support all of the efforts of the CFPB and Director Cordray in protecting the consumer. However, we agree with the American Land Title Association and the Escrow Institute of California in the assertion that the bureau’s Loan Estimate and Closing Disclosure, which replaces the current loan disclosures, creates more issues than it cures for consumers. “Our members and colleagues have pointed to the confusion which we believe will result, for the consumer, at the time of application and at closing, based on the disclosure of title insurance premiums as now proposed under the rules for the Loan Estimate and Closing Disclosure. It is our opinion that these Disclosures fail to fully take into account the nuances and variations in premium determination and quoting to the consumer the actual ‘out of pocket’ costs of title insurance pursuant to each state’s regulatory scheme. “We urge Director Cordray to revisit the initial reason these forms were proposed.  Putting together a comprehensive form that allows the consumer to readily understand the true cost of their real estate transaction furthers the process of understanding the transaction. “We concur with Director Cordray’s philosophy that...

SUPPORT NEEDED FOR DEBT FORGIVENESS ACT – NOW ON THE HILL

Congress is scheduled to vote on the Mortgage Forgiveness Debt Relief Act (MFDRA) today.  The bill is an attempt to reclassify and thereby forgive foreclosure-related debts as taxable income.  The MFDRA has been reinstituted several times since it was originally passed in 2007.  Congress must pass this bill in the remaining days of the 113th Congress in order for the IRS to apply favorable tax treatment to struggling homeowners who use it. Proponents of the MFDRA say it will help to provide housing market flexibility by allowing homeowners to short sell underwater mortgages thereby foregoing the specter of foreclosure and keeping banks out of the business of owning real estate.  Opponents of the measure believe the MFDRA is akin to a government subsidy for the housing market because tax dollars that otherwise would have gone to the U.S. Treasury will now be forgiven as debt and not collected. NAILTA previously issued a revised white paper in support of extensions to the MDRA. Many of our members and represented industry colleagues have handled the ever-growing number of short sale transactions that have helped homeowners avoid foreclosure and maintain the continuity of land transfers. Without the MDRA, the short sale market will collapse and foreclosures will increase putting an already strained real estate market on the way backward. Support for the MFDRA from the housing industry is unanimous and the measure is likely to pass both the Senate and the House and be signed into law.  To voice your view on the measure, please contact your member of Congress today.  To determine who your representative is, please click here:  http://www.opencongress.org/people/zipcodelookup. For more information, please...

Independent Michigan Title Agents Form State Organization

We are proud to announce that Michigan independent land title agents have formed the Michigan Association of Independent Land Title Agents (MAILTA) in affiliation with the National Association of Independent Land Title Agents (NAILTA). The newly-formed organization is now taking membership applications from interested parties. If you would like to out more information about MAILTA membership opportunities, please send your email inquiries to info@nailta.org or info@mailta.org and to get in touch with this exciting new group. Earlier this spring, several independent land title agents met in Grand Rapids, MI to outline the objectives of the new organization. The meetings centered on the need for independent organizations in states like Michigan and touched on the concerns faced within the state and the relationship of local MI issues to federal issues. It was a very positive discussion that led to the result of a new organization. While MAILTA leadership encourages continued membership in MLTA, it appears now that a separate independent land title agent representation in the state is necessary to protect independent & consumer interests. Having representation at the independent agent level through MAILTA and through MLTA gives important professional perspective and coalition power to the title insurance industry. MAILTA joins similar organizations in Kentucky (KAILTA), Indiana (IAILTA), Ohio (OAITA), New Jersey (NJAILTA), Arkansas (AAILTA)  and Louisiana (LAILTA) in serving the state needs of independent land title agents. Membership in NAILTA as an Michigan resident will automatically entitle you to membership in MAILTA and reciprocity will also apply if you join MAILTA (i.e. membership in one affords membership in the other).  For more information on becoming a member of NAILTA and MAILTA, please visit www.nailta.org. If you are interested...