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CLTA eNews - August 2016 In This Issue
CLTA NEWS
SACRAMENTO REPORT
INDUSTRY NEWS
COURT CASES
CLAIMS AWARENESS
Simplifile Early Sullivan Wright Gizer & McRae LLP
CLTA NEWS
As reported by CLTA last week, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order (GTO) for San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara Counties goes into effect on Sunday, Aug. 28. ...
 
CLTA is pleased to offer: Bankruptcy Basics, a 1.5-hour live webinar delivered to your desktop on Thursday, September 22, 2016 from 10:00am - 11:30am. Participants requesting MCLE or PD will receive 1.5 CE credit for participating in the webinar. ...
 
The CLTA has moved the CLTA Manual and P&E Forms publications to an online format and will no longer be issuing either publication in the CD-Rom format. The new online platform will allow users to access the system online with a unique username and password.  At this time ...
 
CLTA is excited to announce that its newly updated website, www.clta.org, is launching this week. Changes have already been implemented and should be live between now and Wednesday.  The new design offers ...
 
SACRAMENTO REPORT
Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that will make it possible for heirs to take over mortgages when the borrower dies. The rule also addresses requiring servicers to provide certain borrowers with foreclosure protections more  ...
 
The CLTA will appear on the November ballot as Proposition 54. And no, it has nothing to do with title insurance. The CLTA on the ballot requires the state legislature to publish the text of legislation online and in print at least 72 hours prior to holding a final vote in either legislative house. It also requires ...
 
FHA announced that it will insure mortgages for properties that include PACE (Property Assessed Clean Energy) assessments, subject to certain state law requirements. The PACE obligation must be secured in the same manner as a special assessment and it cannot ...
 
Data Trace Union Bank
INDUSTRY NEWS
The Financial Crimes Enforcement Network (FinCEN) has issued Geographic Targeting Orders (GTOs) for a number of U.S. housing markets, including San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara Counties, effective for 180 days beginning on August 28, 2016. The GTOs require title insurance underwriters to ...
 
The Property Records Education Partners (PREP) will be holding its annual conference on Tuesday, September 20, 2016 at the Alameda County Training and Education Center.  ...
 
The Consumer Financial Protection Bureau (CFPB) proposed updates to its Know Before You Owe mortgage disclosure rule to formalize guidance in the rule, and provide greater clarity and certainty. The changes would augment implementation of ...
 
The Bureau currently provides on its website a comprehensive index of the questions addressed in the Bureau’s webinars on the Know Before You Owe mortgage disclosure rule. In order to facilitate access ...
 
President Obama signed H.R. 3700 – the "Housing Opportunity Through Modernization Act" into law.   The new law makes Federal Housing Administration’s recertification process "substantially less burdensome" and lowers FHA’s owner-occupancy requirement ...
 
Here is a question – how many residential loan closings in Los Angeles require a survey?   Well, according the Bankrate, apparently all of them, because a $500 survey cost is included in their list of third party charges in its 2016 survey of lenders. Now ask yourself ...
 
The CLTA sponsored Assembly Bill 1770 in 2014 to set up a process to terminate a HELOC so that a home equity lines of credit would be suspended and closed to allow for accurate payoffs. The new process became operative last July. Not coincidentally ...
 
Two loan policies were decertified by the ALTA because they have been effectively replaced by ALTA policy forms adopted in 2015. ...
 
Wendel, Rosen, Black & Dean LLP Hershorin & Henry LLP Adeptive Software
COURT CASES
The court of appeal reversed the trial court's dismissal of this action to enforce arbitration provisions in contract between plaintiff and the Tribe, finding that the Tribe's General Council authorized the Tribal Council to waive the Tribe's sovereign immunity. Interpreting the Tribe's Constitution, the court held ...
 
A borrower challenged a securitized trust's ownership of a deed of trust by alleging that the attempts to transfer the deed of trust to the securitized trust (which was formed under New York law) occurred after the trust's "closing date". Under New York law, transfers that violate the terms of the trust instrument are ...
 
In this action to establish a public right of way over a fire road, the court ruled in favor of defendant landowner, holding that 1) the doctrine of implied dedication set forth in Gion v. City of Santa Cruz (1970) 2 Cal.3d 29 applies to ...
 
CLAIMS AWARENESS
The latest issue of the CLTA's Claims Awareness Hot Sheet is now available on the CLTA website. This edition, Volume 27, Number 1, features an article by Dean Cloud of First American Title Insurance, entitled: "Criminal Restitution and Title Insurance Subrogation, or Cloud on Title IV".   [Please note:  this is a members only publication and login credentials are needed to access.]  
 
 

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