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A Message from TIPAC Chairman John VosoSix down and six to go!!! 2009 has flown by and 2010 will be here before we know it. The industry benefited from an uptick in refinances over the last several months, and TIPAC has had its best six months in history. We finished June with $115,000 in contributions. The goal for 2009 is $250,000, and since summer and fall are convention season, we expect to reach our goal before December 31 rolls around. Year to date industry leaders: First American Title Insurance Company has generated $26,651 in contributions, and California has the most contributors (183) and dollars raised ($16,401). Keep up the good work! If you have questions regarding TIPAC please feel free to contact Alyssa Marois, Director of Government Affairs, at alyssa@alta.org or (202) 261-2935 or John Voso, Jr., TIPAC Chairman, at (216) 408-8866 or jvoso@oldrepublictitle.com. |
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Legislative and Regulatory Update
Sometimes, the best time to release proposals that you know will be controversial is when Congress is in recess because the pushback you receive is expected to be less strong since people are out of town. We saw this last Tuesday when the Administration released draft legislation to create a new sweeping Consumer Financial Protection Agency (CFPA). The Agency’s mandate is to “promote transparency, simplicity, fairness, accountability, and access in the market for consumer financial products or services,” and would have broad authority to establish and enforce rules governing financial products and services sold to consumers and the persons who provide them. Because of settlement service providers and title insurers are part of closing consumer home purchases, the title industry is swept up into this plan. Our team has found that on a 10,000 foot level, the most important aspect of the bill for the title insurance industry is that “consumer financial product or service” covered by the bill includes virtually all of the products or services provided by ALTA members (both insurers, agents, abstractors, and attorneys). ALTA has already reached out to others who would be included into this extraordinarily broad bill to form a coalition of organizations concerned with the sweeping authority it may allow the federal government to set limits on all fees charged to consumers for services rendered as part of the purchase of a home – this includes real estate appraisers, pest inspectors, surveyors, title services and any other item to which a consumer must pay. In opinion pages throughout the week, commentators have focused on improving disclosures to consumers, and “plain vanilla” has become a new catchphrase, but few have comprehended the changes planned for regulating the closing transaction. We will continue to work on this issue on Capitol Hill this month as a bill is expected to pass the House Financial Services Committee by August. As always, we’ll keep you posted. On June 18, 2009, ALTA’s own Frank Pellegrini testified before the House Financial Services Subcommittee on Oversight and Investigations. He suggested that all closing documents be given to the buyer at least 24 hours in advance to allow time to review the documents, rather than finding the sign-here stamps and hoping for the best. In a separate hearing a week later, Rep. Al Green (D-TX) advocated that all of the closing documents be available at least 24 hours in advance. It seems that Mr. Pellegrini got his message across. ALTA's 2009 Annual ConventionThe Breakers Palm BeachPalm Beach, FloridaOctober 21 – 24, 2009Join ALTA and title industry professionals at the single largest gathering of the industry this year! The
American Land Title Association is holding its 102nd Annual
Convention on the sunny coast of Palm Beach, Florida. ALTA’s convention
brings together title insurance agents, abstracters, and attorneys to network
and meet with other title industry professionals. ALTA, TIPAC, and the Land
Title Institute work together to offer title insurance industry professionals
a This year’s convention features an incredible lineup of speakers, education seminars, and social events. General sessions provide industry-wide information and collaboration, while small breakout groups tackle more technical and specific issues. ALTA has planned biking and snorkeling tours, as well as events to introduce new members to the industry community. The weekend’s keynote speaker, Hernando de Soto, is hailed as the most influential advocate for land titles in the world. ALTA visited Mr. de Soto this week at a separate lecture series, which generated great enthusiasm about his visit to the Annual Convention. Don’t miss the opportunity to network, learn, and enjoy at ALTA’s Annual Convention in Palm Beach, Florida. For more information about ALTA’s 2009 Annual Convention, including an up to date schedule of events, or to register now, visit ALTA’s 2009 Convention Website. You can also contact ALTA’s Erica Hampton at ehampton@alta.org or (202) 261-2942. Register and reserve your hotel room today to receive an early registration discount!
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