Fund News and Alerts

Email Hacks

Hackers sending emails to the closing agent directing a change to the disbursement instructions. 09/02/2015

TRID Effective Date has Moved!

The effective date is moved to October 3rd!

06/18/2015

Doral Bank of San Juan, Puerto Rico CLOSED

We have been advised that on Friday, February 27, 2015, Doral Bank, San Juan, Puerto Rico, was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank.

02/27/2015

International Promissory Notes

We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.

02/13/2015

REVISED ALTA ENDORSEMENTS AND FORMS

On May 19, 2014, Florida's Office of Insurance Regulation ("OIR") approved certain revisions to the 2006 ALTA 9 and 14 endorsement series, the ALTA 10 Endorsement and minor revisions to the MF6, SF6 and USA Policy forms.  In addition, OIR approved the discontinued use of the 2006 ALTA 9.3 and 9.5 endorsements, as well as Florida's Assignment of Mortgage Endorsement and Florida's Form 9.1.  The foregoing revisions are discussed below.

08/08/2014

Valley Bank, Fort Lauderdale, Florida

We have been advised that on Friday, June 20, 2014, Valley Bank, Fort Lauderdale, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank.

06/27/2014

Title Insurance Policy Surcharge Begins September 2, 2014 - Frequently Asked Questions

Beginning on September 2, 2014, all Florida title insurance agents must collect a surcharge of $3.28 per policy and remit it to the insurer.  Please see the Fund Alert dated June 11, 2014 for information on the purpose and authority for the surcharge.

06/13/2014

Title Insurance Policy Surcharge to Begin September 2, 2014

On June 4, 2014, the Office of Insurance Regulation (OIR) ordered that a surcharge totaling $3.28 per policy be charged to reimburse the receivers assigned to administer the receivership of two underwriters who have gone out of business – National Title Insurance Company ($.28) and K.E.L. Title Insurance Group, Inc. ($3.00).

06/11/2014

Deeds Transferring Title to Fidelity Land Trust Company, LLC Are Rescinded and Deemed Null and Void

The Office of the Attorney General's Consumer Protection Division ('the Office”) has asked FLTA to alert our members and other title industry stakeholders that certain titles to homeowners' residences deeded to The Fidelity Land Trust Company, LLC ("Fidelity Land Trust"), an LLC unrelated to Fidelity National Title Insurance Company, may be clouded. Assistant Attorney General Fulvio Joseph Gentili reports that Final Judgment has been issued against Fidelity Land Trust in the case of Office of the Attorney General v. Edward Cherry, et al, Case No. 12-269807(12)(17th Jud. Cir.), a case which involves a scheme that resulted in the execution and/or recording of a large number of quitclaim deeds or warranty deeds that have since been declared null and void.

06/04/2014

Tallahassee Report – Contact your legislators in support of HB 321 and SB 570

This year, The Fund and Old Republic National Title Insurance Company are leading the charge to support important legislation that will ensure Florida citizens have ready access to local title insurance agents, including attorney agents. As described in the February 2014 Concept, the need for this legislation was created by the Florida Supreme Court’s significant limitation of the economic loss rule and decades of precedent in its March, 2013 decision: Tiara Condominium Association, Inc. v. Marsh & McLennan Companies, Inc., 110 So.3d 399 (Fla. 2013).

04/01/2014