What’s New With ALTA

Have you seen what ALTA is working on? Checkout the below resources and links. Risky BusinessALTA Warns Alternative Title Insurance Products Pose Danger to Lenders, Consumers... ALTA - Financial Crimes Enforcement Network (FinCEN) ALTA - Use These Wire Fraud Education ResourcesALTA provides several resources to help title and settlement companies protect against wire fraud and … Continue reading What’s New With ALTA

ALTA Urges FinCEN to Give Title Entities Access to Beneficial Ownership Information System

February 16, 2023Reprinted with permission from the American Land Title Association. View the original article here. ALTA submitted a letter in support of the development of the Beneficial Ownership Information (BOI) system being created by the Financial Crimes Enforcement Network (FinCEN). BOI is a critical tool for combatting money laundering through real estate transactions. The Geographic Targeting Orders (GTOs) … Continue reading ALTA Urges FinCEN to Give Title Entities Access to Beneficial Ownership Information System

ALTA Diversity, Equity and Inclusion (DEI) Advisory Council

In 2022, the American Land Title Association (ALTA) formed a Diversity, Equity and Inclusion (DEI) Advisory Council, bringing together leaders of various committees and association groups who are working on initiatives related to diversity, equity, inclusion, and access in the land title industry. The DEI Advisory Council will advise the Board of Governors in its strategic … Continue reading ALTA Diversity, Equity and Inclusion (DEI) Advisory Council

Lien on Me: The UDAAP Story of NTRAPS

The American Land Title Association (ALTA) has been leading the title industry in pushing back against Non-Title Recorded Agreements for Personal Services (NTRAPS). The prototype for NTRAPS is an agreement reserving a right to list real estate in the future. The right is secured by a filing in the local land records that effects constructive notice to … Continue reading Lien on Me: The UDAAP Story of NTRAPS

2023 Virginia General Assembly Legislative Wrap Up

During the 2023 session VLTA focused most of our efforts on the bills below: HB 2184 was patroned by Delegate Carrie Coyner and is the result of extensive negotiations between VLTA and the Creditor’s Bar throughout 2022. HB 2184 will allow settlement agents to release judgement liens under certain circumstances and with due diligence to … Continue reading 2023 Virginia General Assembly Legislative Wrap Up

Caselaw Affecting Ownership of Real Estate in Virginia – Part One

We are all generally knowledgeable about various concepts and rules relating to both title insurance and real estate in Virginia, but do you know the origin of the real estate related law that we are required to follow? The laws stem from either the Virginia Code or court decisions (caselaw) which is used as precedent … Continue reading Caselaw Affecting Ownership of Real Estate in Virginia – Part One

Underwriter, Oh the Many Meanings of the Word!

When you say “your underwriter,” do you mean the company for which you are an agent or do you mean the person that prepares your title insurance commitments and policies? (Let’s not even talk about the lender’s underwriter!) It feels as though this term is thrown around a lot these days and results in confusion. … Continue reading Underwriter, Oh the Many Meanings of the Word!