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July/Aug 2017 - Volume 8, Issue 4 (Web version)

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  VOL 8, ISSUE 4, JULY/AUG 2017   Click Here for a PDF of This Newsletter    
 


IN THIS ISSUE

FNTG’s Kevin Gugenheim Highlights Key Points of TRID’s Final Amendment

Company Announces Strong First-half Financial Results: $3.5 Billion in Total Revenue

New Suite of Spanish Marketing Materials Available to Agents


Claims Prevention: Florida Agent Obtains Release and Cures Title Defect

Real-time Resources: Linking Agents to the Latest Resources and News

Share Your News With Us!



HAVE A SUBMISSION?

Agents can send a brief submission and any related photos to their agency rep. Agency staff can share submissions with Linda Grahovec, NTP, VP, National Communications, and Regional Director of Education and Marketing, FNTG, at linda.grahovec@fnf.com or 630.222.0778.
 

 
 

FNTG’S KEVIN GUGENHEIM HIGHLIGHTS KEY POINTS OF TRID’S FINAL AMENDMENT

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On July 7, 2017, the Consumer Financial Protection Bureau published its final amendment to the TILA-RESPA Integrated Disclosure (TRID) rule. The effective date of the changes is 60 days after publication in the Federal Register; however, the date of publication is still not stated. The amendment requires a mandatory compliance date of Oct. 1, 2018, and it is likely that Lenders may phase in their related compliance changes. The final amendment is over 550 pages and thus contains quite a bit of detail for Lenders.

The final amendment clarifies certain mortgage disclosure provisions implemented in Regulation Z. To support implementation of the 2017 TRID rule, the CFPB has issued an Executive Summary.

The CFPB has also issued a notice of proposed rulemaking regarding when a creditor may use a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith and within tolerance. The 2017 TRID rule does not make changes or clarifications related to this issue. Comments on the proposal are due 60 days after it is published in the Federal Register.

KEY POINTS OF THE AMENDMENT
• Does not contain any changes to the disclosure of simultaneous issuance title premiums nor does it contain any changes to the word “optional” shown on the borrower’s Closing Disclosure for the payment of the owner’s title insurance premium.

• Clarifies that the settlement agent may provide the Creditor with a copy
of the Seller’s CD.

• While providing guidance that no regulation or requirement existed which prohibits the Lender or settlement agent from providing a copy of the Closing Disclosure to parties other than the borrower (e.g., real estate agents), the amendment provides no affirmative direction to provide such copies. Therefore, settlement agents should continue to look to Lenders for authorization/guidance on whether providing copies of the CD to persons other than the borrower is permitted.

• Expands the scope of the consumer finance law to cover loans secured by
cooperative units.

• Does not address major policy issues in CFPB’s rulemaking, including liability and/or cures.

RESOURCES
• Click here to access the CFPB’s July 7 press release, which includes additional embedded links to the finalized amendments and proposal.

• Click here to access the CFPB’s Implementation and Guidance page, and scroll down to the Quick Reference section to link to the Executive Summary.

I recommend reviewing and distributing a copy of the Executive Summary to your staff, which provides highlights of the clarifications that have been made.

Please continue to voice your opinions and concerns about other areas of the rule by visiting the consumerfinance.gov website and clicking “Submit a Complaint.”

I also encourage you to take a moment to read the press release that was issued by the American Land Title Association in response to the CFPB’s announcement of the finalized amendment. Click here to link to it.

   
           
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FOR MORE
INFORMATION


To learn more, visit FNF’s website at www.investor.fnf.com.




 

 
 

COMPANY ANNOUNCES STRONG FIRST-HALF FINANCIAL RESULTS: $3.5 BILLION IN TOTAL REVENUE


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Fidelity National Financial reported strong earnings for its Title segment during the second quarter of 2017, generating $1.9 billion in total revenue for the quarter and $3.5 billion for the first six months of 2017.

TITLE PREMIUMS & ESCROW
Second-quarter results — The Title segment’s total revenue of $1.9 billion for the second quarter of 2017 is based on:
• title premiums for direct and agency operations of $1.3 billion;
• escrow, title-related and other fees of $575 million; and
• interest and investment income totaling $33 million.

Agents were responsible for generating $726 million in title premiums, which represents 56 percent of the Title segment’s total direct and agency premiums earned during the second quarter.

First-half results — The Title segment’s total revenue of $3.5 billion for the first six months of 2017 is based on:
• title premiums for direct and agency operations of $2.3 billion;
• escrow, title-related and other fees of $1.1 billion; and
• interest and investment income totaling $61 million.

Agents were responsible for generating $1.3 billion in title premiums, which represents 56 percent of the Title segment’s total direct and agency premiums earned during the first six months of 2017.

1sthalfresults

Title segment financial information in the above chart is based on the three- and six-month periods ending June 30, 2017, and June 30, 2016, respectively.

FOR MORE INFORMATION
To learn more, visit FNF’s website at www.investor.fnf.com.

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FOR MORE
INFORMATION


Please contact your agency representative or manager for assistance with co-branding or to order printed or PDF versions of the fliers.

 
 

NEW SUITE OF SPANISH MARKETING MATERIALS AVAILABLE TO AGENTS


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FOR MORE
INFORMATION


Has your agency successfully handled a challenging claims situation? If so, please let us know about it. Contact Andrei Korotkov, AVP and Claims Counsel, FNTG, at andrei.korotkov@fnf.com or
904.701.6421. You might be featured in an upcoming issue of the newsletter!

 
 

CLAIMS PREVENTION: FLORIDA AGENT OBTAINS RELEASE AND CURES TITLE DEFECT

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“I find your lack of faith disturbing.”
— Darth Vader, Star Wars: Episode IV — A New Hope, 1977


As years pass, my faith in the institutional lender’s ability to cancel a mortgage upon receipt of the funds in a timely fashion is incrementally diminishing. Title agents continue to have difficulty in obtaining mortgage releases from lenders after transmitting the payoff funds, pursuant to estoppel letters.

Despite the fact that a majority of jurisdictions enacted statutory provisions imposing liability on lenders for failing to record mortgage satisfactions within set time limits, unreleased mortgages remain a regular occurrence. To avoid delayed or canceled closings, title agents might rely upon mutual indemnity agreements and statutory mechanisms (i.e., statutes of repose or limitations) if the unreleased mortgage loan meets certain underlying requirements. However, more often than not, there are times when unreleased mortgages fall outside the purview of the mutual indemnity agreement or statutory mechanisms, forcing title agents to file claims or seek alternative solutions.

In this issue of Agency Insights, we share a story about David Bacon, Chris Furlong and their staff at Bacon, Bacon & Furlong, P.A., in St. Petersburg, Florida. David is a seasoned real estate attorney who has been practicing law for nearly 40 years. Several months ago, he had to address an unreleased mortgage loan that was outside the scope of both the mutual indemnity agreement and the statutory provisions. This loan was properly satisfied in 1997 but was unreleased according to record, creating a cloud on the title.

Due to the age of the transaction, obtaining a mortgage release proved problematic. The original mortgage holder was administratively dissolved a decade ago, and there was no apparent successor-in-interest to the dissolved business entity. Nonetheless, Jodi Furlong, a paralegal at Bacon, Bacon & Furlong, was able to identify the current mortgage holder and request a mortgage release.

Unfortunately, after several weeks of following up, the mortgage holder remained silent in response to Jodi’s ongoing requests. To address the cloud on title, David was forced to file a lawsuit on behalf of the property’s record title holder, naming the mortgagee as a defendant. Once the service of process was effected, the mortgage holder contacted Jodi, agreeing to execute and record the previously requested release of mortgage.

To the employees at Bacon, Bacon & Furlong, we applaud their due diligence and perseverance in obtaining the mortgage release and curing the title defect.

In summary, we must keep faith in the post-closing process and in lenders to release liens upon receipt of funds in a timely fashion.

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Linking you to real-time resources for you and your customers. Links are updated each issue, so be sure to visit often!

 
 

AGENT LINK






Check out FNTG’s National Agency Website (some sections are password-protected):

Recent Website Updates
Cyber Crime Updates and Information: Important resources and contacts for agents.
Cyber Insights Bulletin: Facts about security patch updates.

Training & Education
FNTG Fact Sheets: A great tool to share with customers and prospects that highlights the financial strength of your underwriter. Click here to link directly to the 2017 Second-quarter Fact Sheet.
Want to Learn, We Love to Teach: The ALTA/FNTG-sponsored Title Topics webinars cover timely topics, including:
Recruiting Talent: Blueprint for Staffing the Future Title Company
The Evolution of Best Practices: Tools to Aid Implementation


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Co-branded Marketing Tools & Resources
FNTG offers agents a variety of sophisticated brochures and fliers to use with customers. The pieces can be co-branded with the agent’s underwriter logo and the agent’s logo. Contact your local account manager or rep for details. Available pieces include: marketing one-pagers; policy comparison fliers; state laws and area customs fliers; and a variety of other brochures, fliers and trifolds. We also offer a Spanish language suite of fliers for use with customers.


TRID resources

FNTG CFPB Website
FNTG’s CFPB website was created with agents’ customers in mind. It’s a tool agents can use for customer presentations.

Calendar Feature
This closing calendar (found on our CFPB website) helps real estate agents assess potential closing dates and helps customers know when they should receive their CD prior to a targeted closing date.

Lender Updates & Correspondence
This section provides a full listing of recent lender correspondence.




FNTG Solution Partners Website
Our Solution Partners website easily connects FNTG agents and their customers with our hand-picked service providers.

Solution Partners Listing (PDF)
Link to an alphabetized, printable PDF of FNTG’s Solution Partners listing.




FNTG’s NewsDesk
The NewsDesk provides industry news from a variety of resources. It’s a simple way to boost your social media efforts. Post one or two articles to Facebook, Twitter or LinkedIn. We’ve done the work for you!

Upcoming Industry Events & News Blog
This blog offers a great synopsis of upcoming industry events across the country.




FNF’s Fraud Insights: Vol. 12, Issue 8
Fraud Insights is produced for company staff and agents. Click above to link to a recent issue. If you aren’t receiving the newsletter and would like to, contact your agency representative.




Websites, Programs & News
ALTA’s Website — Visit ALTA’s website for the latest on business tools, advocacy, education and news.
Upcoming ALTA Conferences and Events
• Recent news: ALTA Says CFPB Missed Opportunity to Ease Consumer Confusion
ALTA’s “Whatever You Call Home” Ad Campaign helps educate consumers about the closing process and the benefits of title insurance.
Home Closing 101 Website is dedicated to consumers and the buying process.
Homebuyer Outreach Program: ALTA members can share the benefits of owner’s title insurance. Also includes a Spanish language suite.

   
           
 


Agents can send a brief submission and any related photos to their agency rep. Agency staff can share submissions with Linda Grahovec, NTP, VP, National Communications, and Regional Director of Education and Marketing, FNTG, at linda.grahovec@fnf.com or 630.222.0778.

 
 

SHARE YOUR NEWS WITH US!

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Agency Insights
is produced for our valued agents and staff. We’d like to hear from you! We invite you to submit write-ups of special events, achievements and activities, including:
• involvement in industry-related events;
• compliance or Best Practice stories; and
• involvement in community-focused activities.


Send your submissions to: Linda Grahovec, NTP, VP, National Communications, and Regional Director of Education and Marketing, FNTG, at linda.grahovec@fnf.com or 630.222.0778.
 

   
           
 

Agency Insights
 

 

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