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The Consumer Financial Protection Bureau has published a consumer warning on attempts to steal consumers’ closing funds which echoes the tips in ALTA's recent alert and has finalized its series of amendments to for the Know Before You Owe mortgage disclosures. Although the 560-page amendment includes a number of helpful clarifications, it still fails to fix the requirement which causes inaccurate title insurance pricing disclosures for consumers at closing. Follow the links below for additional resources:
ALTA Consumer Alert: Beware of Wire Fraud Schemes When Buying a Home
Buying a home is an exciting time. You’ve saved, found the perfect home and planned the move. Now, the closing day for your home is just around the corner.
The American Land Title Association wants to make sure your home purchase doesn’t get derailed by a dangerous threat that could keep you from getting the keys, painting walls and decorating. Criminals have stolen money meant for the purchase of homes through malicious wire fraud schemes targeting consumers across the country.
HR 1073 Passes and moved to The Legislative Budget and Finance Committee in 2017
On October 27, 2016 the House of Representatives voted in favor of HR 1073; the vote was 184 - 1. The resolution reads: "A Resolution directing the Legislative Budget and Finance Committee to conduct a comprehensive review of the scope of records maintained and fees collected by the county recorder of deeds offices in this Commonwealth and to make recommendations." The Legislative Budget and Finance Committee will be reaching out to stakeholders in the early part of 2017 before commencing their study which is estimated to take several months.
You can find the resolution and other information at: the Pennsylvania House of Representatives website.
To read the resolution: HOUSE RESOLUTION No. 1073
December 17, 2015 — American Land Title Association (ALTA)
Please be advised that the updated Realty Transfer Tax Statement of Value form recently distributed has been updated to correct an inadvertent rounding issue of the Common Level Ratio Factor. All links on our website as well as on the PA Department of Revenue’s website will direct you to the corrected form. Many thanks to our Title Issues and Records Committee for following up on this issue. REV-183 EX (10-14) form (click to download).
PLTA In The News
August 2014 - The Title Report, October Research, LLC - "Free Download: eTransactions Special Report"
For nearly 15 years, the PLTA has been vigilant in protecting its members from recorders who impose “unreasonable and illegal recording requirements,” and fail to properly discharge their responsibility to record submitted documents, according to Shatz.
To read more download the free report to read PLTA's Leonard A. Shatz, Esq., CLTP - page 14 "eRecording not a cure-all" article.
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