eClosings: An Underwriter’s Perspective

By Katherine C. Crawford, Southern Virginia Counsel, First American  and By Kris Sleeth, Virginia Agency Counsel, First American Electronic closings are the future.  Also known as digital closings or eClosings, the transition from wet settlements to hybrid closings to a completely paperless closing has begun. We are seeing increasing demand from the public to deliver … Continue reading eClosings: An Underwriter’s Perspective

Virginia Settlement Services – A Practical Review

Introduction Non-attorney settlement agents are governed at the state level by the Virginia Code[1], the Virginia State Corporation Commission Bureau of Insurance[2], and the Virginia State Bar RESA guidelines[3], legal ethics opinions[4], and unauthorized practice of law opinions[5].  The rules and regulations are not necessarily complex, but may be open to interpretation. The Seller’s Side … Continue reading Virginia Settlement Services – A Practical Review

How to have a successful Real Estate Settlement Agent Audit

Once a year you get notified that the agency’s RESA audit is due to be conducted. What will the auditor be looking for? According the Virginia Code § 55-525.24(A): All funds deposited with the settlement agent in connection with an escrow, settlement, or closing shall be handled in a fiduciary capacity… What does fiduciary capacity … Continue reading How to have a successful Real Estate Settlement Agent Audit

Claims, ALTA Risk Codes and Lessons from the Great Recession

By Skip Sacks, Virginia State Counsel Stewart Title Guaranty Company Our story begins in the spring of 2011. I was reviewing Stewart Title Guaranty Company’s Virginia claims totals for 2010 and it was clear that the recession was causing a huge increase in claims volume and losses. My colleagues at competing underwriters confirmed that they … Continue reading Claims, ALTA Risk Codes and Lessons from the Great Recession