Advocacy

Title Waiver Pilot

The Biden Administration released a plan aimed at lowering housing costs that includes a pilot to waive the requirement for lender’s title insurance on certain refinances. ALTA called the announcement a political gesture offering a false promise of savings for homeowners while exposing consumers, lenders and taxpayers to greater financial risk.

Unregulated Alternatives to Title Insurance

ALTA continues to take the lead in engaging with state regulators, the FHFA, Fannie Mae, Freddie Mac and lenders about the risks of waiving title insurance requirements.

FinCEN

Financial Crimes Enforcement Network (FinCEN) requires title companies to collect and report beneficial ownership information on certain real estate transactions.

Non-Title Recorded Agreements for Personal Service

ALTA supports efforts to protect consumers by prohibiting the filing of unfair real estate fee agreements in property records. ALTA advocates for state laws and regulations preventing enforcement of NTRAPS.

Good Funds

The use of various payment rails in real estate transactions is governed by state Good Funds laws. These laws set requirements for acceptable forms of closing funds.

Seller Impersonation Fraud

Sophisticated fraudsters are using the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials, which may be applied without the notary’s knowledge.

Alert: Phishing Email Appears to Come From Ellie Mae Targets Title Industry

October 3, 2024

The fraudulent email has the subject line "You have a new Title & Closing request from the Encompass Title Center."

 Florida Court Rules MV Realty’s Contract ‘Unconscionable’ Under State Law

October 1, 2024

In its holding, Florida’s Circuit Court of the 13th Judicial Circuit in Hillsborough County found that MV Realty’s Homeowner Benefit Agreements contract is unconscionable under Florida law and violated the state’s Deceptive and Unfair Trade Practices Act and Telemarketing Sales Rule.

Minnesota Joins List of States Suing MV Realty

October 1, 2024

MV Realty faces similar lawsuits in California, Florida, Georgia, Illinois, Indiana, Massachusetts, New Jersey, North Carolina, Ohio and Pennsylvania.

 Calif. Court Orders Preliminary Injunction Against MV Realty

September 19, 2024

The Superior Court of California for the County of Los Angeles on Sept. 13 issued a preliminary injunction against MV Realty, a Florida-based company that engaged in a predatory scheme to lure vulnerable homeowners looking for financial help with an immediate payment and then locked them into so-called Homeowner Benefit Agreements.

Revision to ALTA Best Practices Published as Final

September 17, 2024

The revisions have been made with the objective of allowing agents and direct operations to continue to optimize their practices and procedures to ensure financial safety, data security and operational stability, and to provide lenders with the assurances that their needs are being fulfilled by improved operations. Revisions address password management and closing transactions not involving state regulated title insurance policies.

 Mapping out Elements of a Robust Cybersecurity Implementation Program

August 28, 2024

The purpose of a cybersecurity plan is threefold: to ensure the security and privacy of sensitive customer data, to meet the strict regulatory requirements that exist to protect customers from fraud and ensure fair transactions, and to build and maintain client trust through appropriate risk management protocols. Read on as Shawn Fox of Premier One offers four key steps to consider when establishing a strong cybersecurity program.