NAILTA Issues Foreclosure Crisis Memo

NAILTA has issued a detailed primer for all title insurance agents on the foreclosure crisis.  By now you have probably read about – and no doubt have heard about — the fact that bank foreclosure processes across the United States are under intense levels of scrutiny due to the fact that, in some foreclosure cases,…

CA: Introduces TOD Deed Legislation

The Senate Appropriations Committe of the California General Assembly recently held a hearing regarding a bill introduced in the California Assembly that would establish a revocable transfer on death deed in the state. The proposed bill is known as AB 724. The bill would, until January 1, 2015, create the revocable transfer on death deed,…

IL: CPL Requirements Have Changed

Under Illinois law, title insurance companies and agents will not be permitted to act as an escrow agent in a commercial or residential closing involving less than $2 million dollars unless a closing protection letter is issued. The bill mandates the use of closing protection letters (CPLs) for transactions under $2 million dollars and where…

NAILTA Responds to HUD’s ANPR

NAILTA seeks comprehensive RESPA reform through ANPR and highlights industry data to dispel notion that CBAs and “one-stop” shops are good for consumers. August 30, 2010 – The National Association of Independent Land Title Agents (NAILTA) has filed its public response to HUD’s Advanced Notice of Proposed Rulemaking (ANPR) concerning HUD’s proposal to amend the “required use” definition under…

New Home Sales Fell 12% in July.

<![CDATA[ August 25, 2010- In another stinging rebuke to the theories of economic recovery, the New York Times is reporting today that new home sales fell 12% in July over the same period in 2009. This is more bad news for any hope that housing could sustain itself without government intervention. We may be heading…

Ohio Supreme Court Says No to Equitable Subrogation

August 25, 2010 – The Ohio Supreme Court has reversed the Eighth Appellate District (Cuyahoga County, Ohio) and a trial court holding that the doctrine of equitable subrogation does not apply to allow a mortgagee-bank to take priority over a second mortgage to the Cuyahoga County Department of Development (CCDOD) when the mortgagee-bank refinanced the…

Privity Rule at Issue in Indiana

The Indiana Supreme Court recently held that a title agent not in privity of contract with the insured can be liable to a non-insured on a title insurance commitment. Facts: Texcorp, predecessor-in-interest to U.S. Bank, contracted with the title agent, Integrity Land Title, to perform a title search and issue a commitment and policy in the…

Ninth Circuit Sides with NAILTA

The U.S. 9th Circuit Court of Appeals has agreed with NAILTA, which filed an amicus brief in support of the borrower-plaintiff in a pending RESPA class action lawsuit against First American Title Insurance Company. The National Association of Independent Land Title Agents (NAILTA), as the national voice of the independent title agent, applauds the Ninth…