July 2016 - Virginia Land Title Association

VIRGINIA LAND TITLE ASSOCIATION NEWSLETTER
JULY 1, 2016
PRESIDENT’S MESSAGE
Greetings! The 2016 VLTA Convention was a great success with over 200 attendees and fun was had by
all. The theme was “Hollywood” and many attendees chose to dress in costume. They were all great
costumes. The costume contest winners were Fred and Wilma Flintstone (in real life Mike & Bella
Trowbridge). Congratulations Fred & Wilma. They played the part quite well and looked so real you
might have thought you were in Bedrock!
The education sessions were very informative and interesting. The Sessions were filled with Agents,
Underwriters, and Attorneys.
We have put another year under our belt and have again come a long way. As our Past President, Kevin
Pogoda detailed for us in his message in the June Newsletter, our membership is the biggest since VLTA’s
inception in 1974. This next year we will continue to go upward and onward, expand our membership,
and add more value to be a member of the VLTA family.
GLENDA BROOKS, VCTE, VCTSA | VLTA PRESIDENT 2016-2017
BETTER KNOW YOUR BOARD: JULY 2016
COLLEEN TAYLOR
DIRECTOR OF COMMUNICATIONS
Colleen is currently serving her fourth term on the VLTA Board of Directors, and has recently returned as
our Director of Communications. Colleen is an AVP and Agency Sales Consultant for WFG National Title
Insurance Company, managing agency operations in Virginia, West Virginia and Alabama and is an
experienced title professional. Originally from Merrillville,
Indiana, Colleen is a graduate of Purdue University and
holds a Bachelor of Arts in Communications. Colleen started
her career as a mortgage loan officer at a small bank in
Northwest Indiana. She started as a Construction Risk
Analyst for Lawyers Title and served in various other
positions for a total of 8 years, and managed Homebuilders Title for Beazer Homes
from 2000-2007. Colleen joined WFG in August 2011 where she has happily served
Virginia’s title insurance agents through some of the toughest market conditions. In her
free time, Colleen is passionate about animal rescue, with a particular interest in
Doberman Pinschers. She served in Board positions for a Doberman rescue
organization and taught dog obedience for a number of years. She is also a Pet First Aid
instructor for the American Red Cross. Colleen enjoys traveling to Costa Rica, where the
wildlife is diverse and astounding.
Colleen helps to keep VLTA’s members informed of industry news through our newsletter, website, and social media. Colleen also
helps to maintain our new Job Board, and helps to educate the public on the value of title insurance through targeted partner
education and press releases.
If you’d like to join the VLTA Communications Committee, please contact Colleen Taylor at ctaylor@wfgnationaltitle.com.
INDUSTRY NEWS
SCC ORDERS CHANGES T O RULES GOVERNING SE TTLEMENT AGENTS EFFE CTIVE JULY 1, 2016
“The Bureau considered the comments filed and responded to them in its Statements of Position, which the Bureau filed with the
Clerk of the Commission on April 29, 2016. The Bureau made changes to several of the definitions and consumer protection
provisions in response to the comments. The Bureau also clarified that a Notary Public acting on behalf of a settlement agent may
obtain signatures on closing documents without being licensed or registered provided that the Notary Public does not receive or
handle money, and/or does not sell, solicit, or negotiate a contract of title insurance. The Bureau recommended that the Commission
adopt the proposed regulations as modified.
NOW THE COMMISSION, having considered the proposed regulations, the comments filed, the Bureau's Statements of Position, the
record herein, and applicable law, concludes that the proposed regulations should be modified to incorporate certain suggestions
that were made by commenters and the Bureau. The Commission further concludes that the proposed regulations, as modified,
should be adopted with an effective date of July 1, 2016.”
Virginia Land Title Association will host a conference call on July 6, 2016 at 10:00 a.m. to review the changes and implications for our
industry. To join the call, DIAL 866.206.0131 and enter the PIN 31390196#.
Read the full Order
Read VLTA’s Summary Comments on the Order
PHH SAYS SUPREME C OURT RULING HELPS CASE AGAINST CFPB
PHH, a New Jersey mortgage company, has appealed a June 2015 decision by CFPB Director Richard Cordray that ordered PHH to give
up $109 million in payments that Cordray said were tied to violations of the Real Estate Settlement Procedures Act (RESPA). The case
is an important test of the CFPB's enforcement authority, and its ability to apply a reading of RESPA that PHH says is contrary to
previous interpretation and practice. Read more.
BIG BANKS HAVE NEARLY ABANDONED THE FHA MARKET
Big banks have drastically reduced their share of the Federal Housing Administration market, a massive shift that has big implications,
according to new analysis by the American Enterprise Institute. Large banks — which had a 60% share of FHA refinancings in late 2013
— had a 6% share as of May 31, according to Stephen Oliner, a resident scholar at AEI. Nonbank lenders currently originate 90% of
FHA-insured refinancings, according to new data released by the group. Read more.
BREXIT MAY PUSH MORT GAGE RATES BELOW 3% - READY FOR ANOTHER REFI BOOM?
Britain shocked the world by voting to exit the European Union (EU). “Brexit” roiled world markets. Investors flocked to U.S. mortgage
bonds. Mortgage rates, in turn, broke through a floor of previous lows. So, what’s next for mortgage rates? Do they go lower, or drift
higher as markets absorb the news? The answer could surprise us. We may be headed for a “new normal” for mortgage rates: 30year fixed mortgages in the 2s. Read more.
A DISBARRED REAL EST ATE LAWYER SENTENCED TO PRISON FOR STEALING $4.5 MILLION FROM CLIENTS.
Luigi Rosabianca, 41, former head of Rosabianca & Associates, got four to 12 years behind bars in exchange for his plea to multiple
counts of grand larceny. Starting in 2013, Rosabianca began stealing money from real estate transactions that was kept in an escrow
account and in two other accounts he had access to. One of his victims was former Daily News editor-in-chief Martin Dunn, who was
ripped off for $630,000 by Rosabianca while his wife was gravely ill with cancer in 2013. Read more.
SENATE TO CONSIDER ZOMBIE FORECLOSURE BILL
Mortgage lenders and servicers could soon have a whole new set of responsibilities for maintaining foreclosed homes, as Sen. Bob
Menendez, D-NJ, introduced a new bill on Friday that would address what his office calls the “zombie foreclosure crisis.” Zombie
foreclosures are homes that are vacant or abandoned during the foreclosure process, and in the last several years, several states have
undertaken efforts to stem the rising tide of abandoned homes. Read more.
Follow VLTA on social media to receive daily industry news articles and important VLTA updates.
VLTA EVENTS
Your membership is valuable. VLTA members have access to the highest quality industry education, networking opportunities, fun
events, advocacy and legislative support, and discounts on products and services. Your membership is worth so much more than your
dues. Check out everything we will offer in 2016, and be sure to take advantage of each and every benefit of your membership! If you
have not yet renewed, or if you’d like to learn more about how to join, please refer to the “Membership” section at the end of this
month’s newsletter or visit www.vlta.org/membership for more information.
REGIONAL EVENTS CALE NDAR
In 2016, VLTA’s All-Inclusive members will have access to regional events for FREE! We’ve added 2 new events to the calendar, so
check out the schedule below. Registration will open 6-8 weeks before each event. The 2016 events will take place on:
September 22, 2016
October 20, 2016
November 5, 2016
November 9, 2016
Fairfax – Dulles Hyatt (CE, CLE, TSA)
Lynchburg – Craddock Terry Hotel & Event Center (CE, CLE, TE, TSA)
Fairfax - First Virginia Community Bank (TE Only)
Fredericksburg – FAAR (CE, TE, TSA)
Register for all your 2016 Events at once! Visit www.vlta.org/events for more information and pricing.
PLEASE NOTE: THE SEPTEMBER 22 EVENT HAS BEEN MOVED TO THE DULLES HYATT
CONVENTION
Wow! This year’s Convention was spectacular! With over 250 attendees, 11 hours of Continuing Education, and cocktails and parties
galore, we had a fabulous time – and we hope you did, too! Stay tuned for more information about next year’s Convention in
Leesburg, Virginia at the Lansdowne Resort, June 1-3, 2017.
ONLINE EDUCATION
Are you an all-inclusive member of VLTA? Congratulations! You and your staff will benefit from 100% FREE online continuing
education in 2016, and 50% off our premier courses, including the VCTE-Online, the VCTSA-Online, and our online Title Insurance PreLicensing Class.
VIRGINIA LAND TITLE INSTITUTE
VLTA is excited – tickled – ecstatic – to announce the arrival of our new world-class, online title insurance
education platform. Virginia’s title insurance professionals now have access to our state of the art training system
featuring CE, CLE, VCTE, and VCTSA credits online in a variety of entertaining formats from the convenience of
your laptop, tablet, or phone! Our site is mobile optimized. Visit www.pathlms.com/vlta to view our complete
catalog of courses. Our catalog includes hundreds of hours of CE, CLE, VCTE, and VCTSA continuing education courses – including
ETHICS hours! Don’t miss out on this valuable resource.
ONLINE PRE-LICENSING EDUCATION
Virginia Land Title Association is excited to announce that the Title Insurance Pre-Licensing course is now online
via the Virginia Land Title Institute. Our online course will help your staff get the training they need from the
convenience of the home or office setting. The course is $260 for VLTA members; $520 for nonmembers. Course
materials are available on-demand, shipped directly to your home or office. Our course has been updated to
focus more strictly on the exam content outline to help better prepare students for the title insurance licensing examination.
Sign up for the Pre-Licensing class at www.pathlms.com/vlta.
LIVE PRE -LICENSING EDUCATION
If you prefer live classes, VLTA maintains an active partnership with Shipman & Butler Consulting, who provide live Pre-Licensing
education throughout the year. Click here for live class information. VLTA members get $25 off live classes!
VIRGINIA CERTIFIED TITLE EXAMINER (VCTE ™)
The Virginia Certified Title Examiner (VCTE)™ course has been migrated to our new online system and is now
ACTIVE! Register for this online course at www.pathlms.com/vlta/1562. The VCTE program is approved for 16
hours of CE for Title Insurance Agents and 16 hours of CLE for attorneys.
NEW CLASSES ARE AVAI LABLE ONLINE!
Commissioners of Accounts
When Things Don’t Go as Planned
Marketing Services Agreements
1 HR - CE, VCTE, VCTSA
1 HR - CE (ETHICS), CLE (ETHICS), VCTSA
1 HR - CE (Law/Regs), CLE (Title), VCTSA
This session reviews these various
qualifications, requirements, and capacities of
a Commissioner of Accounts. CLE approval is
pending review.
This session reviews Ethics in the context of
Title Searching, Closing, and Post Closing
Issues in the Real World. This session is
suitable for Real Property Attorneys, Title
Insurance Agents, and Title Examiners.
This session examines MSAs in conjunction
with the CFPB compliance bulletins. Sign up
online to learn more and remain compliant:
https://www.pathlms.com/vlta/courses/2910
NEARLY 200 VCTEs and VCTSAs HAVE EARNED CCE CREDITS. HAVE YOU?
Learn how to access your online user account at www.vlta.org/how-to-vlti. Login and take CE credits online!
AUGUST 18-19, 2016
PRE-LICENSING CLASS
Charlottesville, Virginia – Register online at http://shipmanbutler.com/schedules.htm
OR Take your class online 24/7 at www.pathlms.com/vlta/courses/1560
SEPTEMBER 22, 2016
!
OCTOBER 4-7, 2016
FAIRFAX REGIONAL EVENT
Hyatt Regency Dulles – HERNDON – NOTE CHANGE
Learn more at www.vlta.org/regional-event-fairfax
ALTA ANNUAL CONVENTION
Scottsdale, Arizona – Fairmont Princess Hotel
Learn more at http://meetings.alta.org/annual/.
OCTOBER 20, 2016
!
OCTOBER 31, 2016
LYNCHBURG REGIONAL EVENT
Craddock Terry Hotel & Conference Center
Learn more at www.vlta.org/regional-event-lynchburg
MCLE CREDITS DUE FOR ATTORNEYS
Attention Attorneys – your MCLE credits are due each October. Looking for some last minute ethics
hours? Try the Virginia Land Title Institute at www.pathlms.com/vlta. We have 3 hours of Ethics online!
NOVEMBER 5, 2016
!
NOVEMBER 9, 2016
!
NOVEMBER 20, 2016
TITLE EXAMINER MINI-REGIONAL EVENT – FAIRFAX
First Virginia Community Bank
Registration Details will be available in August 2016
FREDERICKSBURG MINI-REGIONAL EVENT
Fredericksburg Area Association of Realtors
Registration Details will be available in August 2016
CE CREDITS DUE FOR TITLE INSURANCE AGENTS
Attention Licensed Title Insurance Agents! Your credits are due in even-numbered years by November
30th. Try the Virginia Land Title Institute for last-minute credits at www.pathlms.com/vlta.
DECEMBER 31, 2016
CCE CREDITS DUE FOR CERTIFICATIONS – VCTE & VCTSA
Attention VCTE and VCTSA – Your credits are due in even-numbered years by December 31st. Earn
credits at regional events or online at www.pathlms.com/vlta.
JOIN OR RENEW YOUR MEMBERSHIP
RENEW YOUR VLTA MEMBERSHIP & GET FREE CONTINUING EDUCATION FOR YOUR WHOLE STAFF!
If you’re not a member of VLTA – you’re missing out! Virginia Land Title Association is proud to announce that
in 2016, our membership benefits will expand. Looking for continuing education for you and your staff? VLTA’s
all-inclusive members enjoy FREE online continuing education and FREE regional events year-round. VLTA
membership has increased by over 40% since March – visit www.vlta.org/benefits to find out why.
JOIN OR RENEW ONLINE
CHOOSE YOUR LEVEL OF BENEFITS
This year, Virginia Land Title Association is offering a tiered member benefits program. Companies can choose their level
of benefits based on their needs. We encourage all members to consider the all-inclusive membership model. For just a
few dollars more each year, members will have access to our new, world-class online continuing education portal, deep
discounts on Convention, and free attendance at regional events. Who could ask for more?
STANDARD Membership
ALL-INCLUSIVE Membership
25% off online continuing education for all members of your company
100% free online continuing education for all members of your company
Up to 15% off VLTA’s Annual Convention
50% off licensing & certification courses for all members of your company
Discounts on products and services offered by our vendors
FREE attendance at up to 3 regional events each year
Legislative and Advocacy Support
Up to 50% off VLTA’s Annual Convention
Networking Opportunities
Discounts on products and services offered by our vendors
Exclusive training opportunities, workshops, and webinars
Legislative and Advocacy Support
Digital subscription to the VLTA Examiner Magazine
Networking Opportunities
News, updates, and more!
Exclusive training opportunities, workshops, and webinars
Digital subscription to the VLTA Examiner Magazine
News, updates, and more!
Reserved online branding for sponsors at the Virginia Land Title Institute
YOU!
Virginia Land Title Association. Where our industry comes together.
Virginia Land Title Association
14001-C Saint Germain Drive, Suite 822 | Centreville, VA 20121 | (800) 929-8730 | (703) 995-0649 fax | www.vlta.org | vlta@vlta.org