As we enter the holiday season in 2023, several versions or adaptations of the famous Charles Dickens’ 1843 novel, A Christmas Carol, broadcast on television or various streaming channels. As we approach the end of 2023, the Ghost of Title Searches Past has visited me and I recall the process for completing title searches in circuit … Continue reading Access to Deeds and Land Records in Virginia Part 1 – The Ghost of Title Search Past
Context and Background of New Law In response to growing global tensions between the United States and certain other adversarial nations, and concerns about such nations owning and acquiring lands within the Commonwealth, Governor Glen Younkin in the State of the Commonwealth address in January 2023 asked the General Assembly to send him a bill … Continue reading Virginia’s New Foreign Entities and Ownership Act
Thank you for the honor of being your VLTA President for 2023-2024. This year is particularly special because it culminates in our 50th Anniversary of the Association. The 2024 Convention in Virginia Beach will be spectacular and the year leading up to that will be filled with opportunities for you to explore this year’s theme … Continue reading VLTA 2023-2024 President’s Message
Title insurance serves as a safeguard promising protection against potential property ownership disputes. However, even with this coverage in place, homeowners may still be compelled to file a title insurance claim. These claims, often triggered by issues relating to unreleased liens or deeds of trust, boundary disputes, or fraud, can be complex and daunting. In … Continue reading The Claims Corner: Trends in Vacant Land Fraud Claims
Resource links: ALTA - ALTA Installs New President, Board of Governors"ALTA installed Don Kennedy as president as well as its Board of Governors for the 2023-2024 year, during ALTA ONE in Colorado Springs, Colo..."ALTA - FinCEN Renews and Expands GTO"The Financial Crimes Enforcement Network (FinCEN) on Oct. 20 renewed and once again expanded its Geographic Targeting Ordes (GTO) that requires U.S. … Continue reading What’s New With ALTA
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
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
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
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
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
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
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
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
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
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
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
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
