Nova Title & Closing Services, LLC

 

Newsletter

January 2011

 

In This Issue
Jim Mawhinney Joins Our Team
Ted Nickel Becomes Wisconsin's 33rd Insurance Commissioner
Nova President Re-Appointed to Insurance Commissioners Council
ATG Maintains High Financial Stability Rating
ATG President on ALTA Board of Governors

Jim Mawhinney Joins Our Team

We are pleased and honored to welcome Jim Mawhinney to our Janesville office staff. Jim has over thirty years of experience in the title industry and has been and will continue to be a valued contributor to the Janesville and Rock County communities.


 

Jim can be reached at 608-563-5120 or via email at

jmawhinney@nova-title.com.



Ted Nickel Becomes Wisconsin's 33rd Insurance Commissioner


 

Wisconsin Governor Scott Walker has appointed Ted Nickel as

Commissioner of Insurance and Dan Schwartzer as Deputy Commissioner.


"I am honored and grateful to Governor Walker for the trust he has

placed in Dan and me," said Nickel. "As one of the top ten industries in

Wisconsin, insurance plays a vital role in Wisconsin's economy and the

Governor's agenda for growth and job creation."


Prior to his appointment, Commissioner Nickel worked for nearly 18 years

with Church Mutual Insurance Company in Merrill, Wisconsin, as Director

of Governmental and Regulatory Affairs.


*I, David Silberman, am pleased to announce that I was recently re-appointed to the Insurance Commisioners Title Insurance Advisory Council for an additional 3 year term. This position along with being Vice Chairman of the Wisconsin Land Title Associations Legislative committee enable Nova Title and I to be in the forefront of matters and legislation that effect the real estate and title insurance industry.
 


Nova President Re-Appointed to

Insurance Commissioners Council
 

I am pleased to announce that I was recently re-appointed to the Insurance Commisioners Title Insurance Advisory Council for an additional 3 year term. This position along with being Vice Chairman of the Wisconsin Land Title Associations Legislative committee enable Nova Title and I to be in the forefront of matters and legislation that effect the real estate and title insurance industry.

 

ATG Maintains High Financial Stability Rating

In September 2010, Attorney's Title Guaranty Fund, Inc. our Underwriter has once again rated A Prime Unsurpassed by Demotech Inc.- the highest rating given to any title insurer in the United States, ATG has maintained this rating since 1995.


ATG President on ALTA Board of Governors


American Land Title Association Names ATG President Peter Birnbaum to Board

 

"I am delighted to have Peter on our board. He is one of the most talented title insurance professionals in the industry and we are fortunate to have him," said Kurt Pfotenhauer , chief executive officer of ALTA, based in Washington, D.C. Peter Birnbaum's appointment runs for the 2010-2011 year.


Record Mortgages Timely

Occasionally, we are asked by the lender to refrain from recording the mortgage for some reason for a period of time beyond 30 days after closing. When that situation arises, we will promptly notify the lender of the risks of waiting to record and will raise an appropriate exception on the Loan Policy of Title Insurance for the consequences of the failure to record within 30 days of closing, as follows:

Consequences, if any, of the failure to record the insured mortgage on or before 30 days after the borrower took possession of the property.


In addition to the risk that the mortgage will be subject to other, prior-recorded liens or interests in the land, the mortgage is also subject to the risk of being avoided by bankruptcy trustee if not promptly recorded. The bankruptcy code provides that a bankruptcy trustee may avoid any transfer or interest of the debtor in property that is made on or within 90 days before the filing of the bankruptcy petition.
 


 

We all wish you a Happy, Safe, Healthy, and Prosperous New Year!


 

  Sincerely,

Signature- Smaller
 

  David Silberman, President
  Nova Title & Closing Services, LLC


 

The information contained herein is a brief synopsis and not intended nor to be construed as legal or business advice. Please consult your own Attorney and/or advisers on any such questions.



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16535 W. Bluemound Rd.

Suite 333

Brookfield, WI 53005

Phone: (262) 784-5860

Fax: (262) 784-5384


 2000 E. Racine St.

Suite 3

Janesville, Wisconsin 53545

Phone: 608.563.5120

Fax: 608.563.5074


 

www.nova-title.com

dsilberman@nova-title.com











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Useful Links:


 

Wisconsin Circuit Court Access: CCAP

 http://wcca.wicourts.gov/index.xsl


 

Wisconsin Deaprtment of Fiancial Institution:  http://www.wdfi.org


 

 Wisconsin Bar:

 http://www/wisbar.org

 
 

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