Resources

ALTA Resources

ALTA Title Action Network (TAN)
ALTA Title Action Network (TAN) The Title Action Network is open to all employees of title insurance companies, title agents, independent abstracters, title searchers, real estate attorneys, etc.

  • TAN is free & takes only seconds to join!
  • TAN promotes the value of the land title industry to state and federal policymakers.
  • We don’t bog down your inbox & our action alerts are easy-to-understand.
  • We focus on issues that are important to you and your business.

Click here to learn more about TAN and to sign up.

Minnesota has the second largest number of TAN members in the country. Thank you to MLTA members for their participation in this important organization.

Map showing TAN membership in each state

ALTA’s RESPA Reform Resource Center

MLTA Adopts ALTA’s Principals of Fair Conduct 

ALTA Integrated Disclosure Resources

For purchase

Additional

Home Closing 101

Industry Links

STATE of MINNESOTA

Electronic Real Estate Recording Task Force (ERERTF)

Minnesota Certificate of Real Estate Value

Minnesota Department of Commerce

Minnesota Department of Health Well Disclosure/Property Transfer

Minnesota Legislation and Bill Tracking

Real Estate Uniform Conveyancing Blanks, Minnesota Department of Commerce

Septic Rules & Regulations

Standards for Documents to be Recorded or Filed MS Chapter 507.093

Statewide Recording Fees

FEDERAL

Bureau of Land Management – Official federal land patent records site for eastern public land states (including Minnesota) issued between 1820 and 1908.

Department of the Treasury SDN/Blocked Persons List

Federal Deposit Insurance Corporation (FDIC)

IRS-Federal Tax Liens

Office of Thrift Supervision

U.S. Department of Housing and Urban Development (HUD)

United States Bankruptcy Court

RELATED ORGANIZATIONS

American Land Title Association (ALTA)

Minnesota Association of County Officers (MACO) e-Counties

Minnesota Association of County Officers (MACO)

Minnesota County Recorders Association (MCRA)

Minnesota State Bar Association (MSBA)

OTHER LINKS OF INTEREST

Internet scams, hoaxes, and urban legends

CFPB
What did you do to prepare for 10/3/2015?

Kathy Austen, MLTA Membership and Public Relations Chair

The new Integrated Disclosures are that important, and we only have a little more than 2 months left! This is much more than a form change! If you consider everything that needs to be accomplished between now and October 3rd it can appear overwhelming, but don?t lose hope ? it can be done. We want all MLTA members to be ready, so this article and another TitleGram article soon will focus on several issues to consider as you plan for the implementation of the new RESPA/TILA Integrated Disclosures.

First, the facts:

  • Most loan applications taken on 10/3/2015 and thereafter must be processed using the new disclosures {Except Reverse Mortgages/HELOC’s/very small lenders (5 or fewer mortgages/year)}
  • The existing HUD-1 Settlement Statement will still be used, but in only very limited circumstances: Reverse Mortgages/HELOC’s/Cash/very small lenders (5 or fewer mortgages/year)
  • Timing and the delivery of information to the consumer (borrower) is critical under the new rule
  • Lenders must provide the new Loan Estimate (LE) within 3 business days of a consumer mortgage loan application, with limited knowledge available at that time
  • The new Closing Disclosure form will replace the HUD-1 Settlement Statement when the Loan Estimate form was given to the consumer on or after 10/3/2015
  • The new Closing Disclosure (CD) form must be received by the consumer at least 3 business days prior to closing with evidence of such receipt OR be provided 6 business days before closing
  • Only 3 circumstances would cause the need for a revised CD to be issued along with another 3-6 day waiting period prior to closing if they occurred after the delivery of the original CD
  • The creditor (lender) is liable for the accuracy & proof of delivery of the CD whether prepared by them or by a 3rd party settlement service provider
  • The CD form features new sections and the fees must be itemized & alphabetized within each section
  • The showing of the title insurance premium on the new disclosure forms is different from the typical premium rate filing calculation in the Midwest
  • Tolerances (variances/variations) are still involved
  • Sellers & Borrowers fees can be disclosed on the same CD or separate CD’s

Items a settlement service provider should consider:

  • How will more communication/coordination much earlier and throughout the process be accomplished? Telephone/Fax/E-Mail/Shared Portal/Integrated Interface with lender’s system
  • Talk with your lender customers today and frequently over the summer so you know what they will be expecting of you
  • Different lenders will likely have different processes and expectation of closers
  • How will this impact our communications with the Realtors and other parties involved?
  • Talk with your Realtor customers today and frequently over the summer so you know what their approach will be
  • Electronic communication (without re-entry of data) will likely be required by many lenders
  • Security of private data will remain a top priority
  • Accurate fee quotes from settlement service providers will be even more important to lenders giving a LE
  • How will you be able to provide auditable proof of the delivery of the CD’s you deliver?
  • What does this mean for scheduling closings?
  • What about your software? When will an upgrade be ready? Training? Cost? Additional integration?
  • What will all this cost?
  • Learn & teach your staff the new CD form today, so that the software training can be focused on the software later this summer and not the form itself
  • Customize any local forms necessary to complement the CD form
  • Train employees today on the value of an Owners Title Insurance policy, so they can easily explain it to the consumer at or before the closing

For more information, review the various CFPB articles and links throughout this issue of TitleGram and visit the following web sites:
www.alta.org/cfpb
www.consumerfinance.gov/regulatory-implementation/tila-respa
www.homeclosing101.org

Our MLTA Membership & Public Relations Committee is working hard to assist you, if you have suggestions of topics you’d like more information on let me know! I can be reached at (952) 826-3010 or austenk@ctt.com.

Download article

CFPB Resource Links

CFPB DISCLOSURE FORMS COMPARISON
Before After
Current: Initial TIL Disclosure + Good Faith Estimate  New: Loan Estimate
Current: Final TIL Disclosure + HUD-1 Settlement Statement  New: Closing Disclosure
more
 
CFPB WEBSITE NAVIGATION TIPS
Industry Consumers
About the Rule
The rule Final rule submitted to the Federal Register Effective date Compliance-related information What this means for consumers Proposals
 Know Before You Owe
The new disclosures What makes them better How we got here More resources
Implementation of the Rule
Compliance Guide Guide to forms Closing Fact Sheet Disclosure timeline Videos Readiness Guide Data Standards: Freddie Mac and Fannie Mae Integrated loan disclosure forms & samples
 Owning a Home
Interest rates Loan options Closing checklists Closing documents

Report Mortgage Fraud

The FBI would like to hear from you if you suspect suspicious mortgage activity.  Complete a Citizen Suspicious Activity Report and e-mail the report to

FIRPTA

Effective August 1, 2015, the Minnesota Association of Realtors Purchase Agreement specifically addresses FIRPTA (Foreign Investment in Real Property Tax Act) and inquires whether the seller is a foreign person. In the same spirit, the MLTA has adopted standardized FIRPTA forms for the exclusive use of MLTA members. FIRPTA applies to every sale of U.S. real property. The applicable tax is as much as 15% of the gross sale price (not net proceeds). In many cases, a tax exemption or reduction will apply, most likely being that the seller is a U.S. Person as defined in the Act. This should be documented in all cases. If an exemption does not apply, then a withholding will be required.

The MLTA forms include a Q&A, along with certifications and affidavits pertaining to seller status as well as buyer withholding requirements.

MLTA’s standardized FIRPTA forms are available for members only and can be found in the documents section of the MLTA website once logged in.

If you have questions about the legal or tax consequences of FIRPTA, contact your legal counsel or tax advisor. If you have questions about the forms, please contact Chad Novak or Lisa Brecount:

Chad Novak
Commercial Partners Title, LLC
612-643-1050
chadn@cptitle.com 

Lisa Brecount
Burnet Title
952-886-6770
lisa.brecount@burnettitle.com