Have you been seeking clarity as to what is disclosed in a title insurance commitment? Ever come across an exception on a title commitment and weren't sure exactly what it meant?  Wonder if an exception will jeopardize your title coverage?

A title commitment and policy may be one of the most important, yet most misunderstood documents in the real estate transaction. A few minutes reviewing the commitment is one of the best ways to prepare the way for a smooth transaction at the closing table. 

Join us for this interactive webinar to help clear up these questions and more, as well as help you gain a greater understanding about your client's title policy.

Presented by David S. Florio, Training Director at Investors Title Insurance Company.

Managing and Assessing Environmental Risk Associated with Real Property Used as Collateral 

While brownfields, commercial, and industrial properties have a higher likelihood of contamination than residential or new development, all real estate, regardless of use, can pose environmental risk. 

For lending institutions, environmental risk is an important consideration in evaluating overall credit risk.  Environmental issues can (among other concerns) impact borrower financial stability, limit property use and development, disrupt site access, create bodily and property injury liability associated with the collateral or other properties, and damage a bank's reputation, brand and image. 

There are ways banks can assess and limit exposure to environmental risk associated with collateral, including proper site assessment, lender liability protections and programs, and contractual agreements.

In the September FREE webinar, Williams Mullen environmental attorney Lynne Rhode will discuss these issues and answer your questions about managing environmental risk associated with property used as collateral.

Lynne C. Rhode, Attorney Williams Mullen

Read More About Lynne's Background

With experience in all aspects of environmental law, Lynne Rhode can help you or your business work through all issues relating to the environment. She can help you comply with federal and state regulations and guide you through the permitting process. She has worked on projects related to brownfields redevelopment, water development, and alternative and renewable energy. She has also worked on issues regarding waste management issues, all appropriate inquiry in real estate transactions, and environmental litigation.  Lynne also has experience in general complex litigation, energy, local government and land use, government affairs, and animal law matters.

Lynne has been recognized for her accomplishments in her environmental law practice by several publications. She has been named a Virginia Leading Lawyer in Environmental Law by Chambers USA and a Virginia "Rising Star" in Environmental & Natural Resources by Virginia Super Lawyers. She was also given the 2009 James C. Roberts Outstanding Achievement in Pro Bono Award. In 2011, she served on the Department of Environmental Quality's Combustion Regulatory Advisory Panel.

Lynne received an M.S. from The London School of Economics, her J.D. from the University of Virginia, and her B.A. from the University of North Carolina.

 
Be watching for more details and registration information in future communications. 

It has been two years since the Consumer Financial Protection Bureau (CFPB) opened its doors. In that time, a lot has changed. New mortgage forms have been proposed for use at closings, and new lending standards have been finalized and are ready for lenders to implement. The CFPB also effectively changed the lender/title agent relationship when it issued a bulletin outlining financial institutions' responsibility to oversee their third-party service providers.

In the midst of all this activity, the CFPB has made great efforts to be a transparent agency. For the past two years, representatives have brought insight to attendees at the National Settlement Services Summit.

The Legal Description has produced this free special edition, sponsored by RedVision, to provide an inside look at the issues that have been addressed in the last two years, as well as the issues that will remain a focus as the CFPB enters its third year.

The report provides in-depth coverage on the following:

• Lender liability issues
• Mortgage disclosures
• Qualified mortgages
• Affiliated business arrangements
• Marketing agreements
• UDAAP supervision
• ...and more!

Click here to download your FREE copy of the Special Edition published by The Legal Description.

Investors Title Company Announces Second Quarter 2013 Results

 

 

Investors Title Company announced its results for the second quarter ended June 30, 2013. Net income attributable to the Company increased 19.6%, or $1.92 per diluted share, compared with $1.57 per diluted share, for the prior year quarter.

 

Revenues increased 29.2% versus the prior year quarter, primarily due to a 30.9% increase in net premiums written. The premium growth reflects substantially higher levels of purchase transactions, as well as increases in average home values in many parts of the nation, driven by improvements in the overall economy. Refinance volume was also up slightly as interest rates remained near historically low levels.

 

Operating expenses increased 29.6% versus the prior year quarter, primarily due to increases in agent commissions and other variable expenses which fluctuate with premium volumes. Claims expense was higher than the prior year quarter, but both periods were abnormally low due to adjustments for favorable loss development. Favorable claims expense trends are also impacted by the absence of large fraud-related claims in recent years, as well as an increase in business in states with historically lower loss provision rates. The increase in payroll expense was largely driven by higher staffing levels to support ongoing software development initiatives.

 

For the six months ended June 30, 2013, net income attributable to the Company increased 54.4%, or $3.54 per diluted share, compared with $2.24 per diluted share, for the prior year period. Revenues increased 24.8% and operating expenses increased 19.1% versus the prior year period. Results for the first half of the year have been shaped predominantly by the same factors that affected the second quarter.

 

Chairman J. Allen Fine added, "After a lengthy period of sluggishness in the economy, we are pleased to see the recent increase in home sales, as well as a developing trend of overall increases in real estate prices. Both of these factors, coupled with an active mortgage refinance market, contributed to all-time high revenue for the second quarter. With housing affordability still favorable and consumer confidence improving, we are optimistic that recent trends in home sales will continue. Over the long term, we remain focused on enhancing our competitive strengths and capitalizing on opportunities to profitably expand our market presence."

 

For more information, please visit the Investors Title Company website.

Did you know that, pursuant to Item Number 4 under Schedule A of your Master Home Equity Loan Title Insurance Policy (MHELP), an advance made to a borrower on an equity loan after the first ten years from funding or recording, whichever is later, is not covered under the MHELP?

The insurance on a particular loan must be renewed every 10 years in order to continue coverage under the policy for funds disbursed after the initial 10 year term.

To renew the insurance coverage for a particular loan under the MHELP product, the insured must send a request for a renewal at which time a renewal confirmation along with an invoice for the additional premium must be issued.