Regarding Attorney Opinion Letters in Lieu of Title Insurance In 2022, as part of new Equitable Housing Finance Plans, the Federal National Mortgage Association (FNMA or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (FHLMC or “Freddie Mac”) announced that they would accept Attorney Opinion Letters (AOLs) in lieu of a loan policy of … Continue reading Virginia Land Title Association Advisory Bulletin
Sovereign Citizens and Realtors/Title Agents: Close Encounters of A Different Kind
Over the last few months, several realtors and title agents have reported feelings of suspicion about an encounter with a potential client based on how the individuals identified themselves. In each encounter, there was indeed a sovereign citizen nexus causing the question, “What were they trying to do?” “Sovereign citizens” are not of a singular … Continue reading Sovereign Citizens and Realtors/Title Agents: Close Encounters of A Different Kind
What’s New With ALTA
Resource links: ALTA - Use These Wire Fraud Education ResourcesALTA provides several resources to help title and settlement companies protect against wire fraud and to raise awareness about the threat with customers... ALTA - Risks of Alternatives to Title InsuranceALTA continues to take the lead in engaging with state regulators, the Federal Housing Finance Agency … Continue reading What’s New With ALTA
Message from VLTA President Long to VLTA Membership: BOI Response Letter
On March 16th, 2023 I reached out to the Bureau of Insurance to seek further clarification of its letter of February 4, 2022 regarding “split settlements”, and the Bureau’s subsequent FAQs, dated February 16, 2022. Because VLTA members have expressed differing opinions and interpretations of the original letter, my intent was to ask the Bureau … Continue reading Message from VLTA President Long to VLTA Membership: BOI Response Letter
“STICKS AND STONES”: CHOOSE YOUR WORDS CAREFULLY
There’s an old childhood saying, “Sticks and stones may break my bones, but words will never hurt me.” Any adult KNOWS that’s not true. Often the words do a person more permanent damage than any physical injury, which brings me to my point: WORDS MATTER. USE THEM PROPERLY. Using terms properly (or to be more … Continue reading “STICKS AND STONES”: CHOOSE YOUR WORDS CAREFULLY
ALTA Revises Best Practices
Changes Focus on Enhancing Closing and Settlement New digital payment options, increasing fraud threats and new regulations and laws, as well as changes to business and market needs led to the recent revision to the ALTA Title Insurance and Settlement Company Best Practices. The changes, which went into effect May 23, are focused on the … Continue reading ALTA Revises Best Practices
Homeownership Trends in Virginia and Beyond
June 9, 2023 June is National Homeownership Month, a time to reflect on the important role homeownership plays in our lives. From fostering strong communities, to building household wealth, the benefits of homeownership can be powerful. While the benefits are clearly there, the dream of owning a home remains elusive for many Americans. Mounting financial … Continue reading Homeownership Trends in Virginia and Beyond
ALTA Advocacy Summit
May 8th through May 10th brought several members of VLTA’s past and present Board and other interested parties to Washington, DC for ALTA Advocacy Summit. Never having attended before, but having participated in numerous trips to Richmond for VLTA’s Day on the Hill, I was somewhat familiar with the process. What I hadn’t expected was … Continue reading ALTA Advocacy Summit
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
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
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
LEGAL ACCESS TO PRIVATE CEMETERIES IN VIRGINIA
Even America’s most notorious dueling families have found themselves in a legal fight over cemetery access. In Kentucky, a McCoy descendant filed suit against a Hatfield descendant who had blocked access to a cemetery on his land where deceased McCoy relatives are buried. McCoy v. Vance, No. 2005-CA-000501-MR, 2006 WL 507599 (Ky. Ct. App. Mar. … Continue reading LEGAL ACCESS TO PRIVATE CEMETERIES IN VIRGINIA