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Archive for the ‘Laws & Regulations’ Category

Are You Designated?

          Being involved in insurance continuing education, I often search the Utah Insurance Department’s web site to determine the title insurance license number of my students. As I review the information available, I am often surprised with the status of an individual’s license. Often a title insurance licensee is listed on a company for which they no longer work, and/or are not listed on the title company’s list where they are currently working.

          The Utah Insurance Code requires an insurance agency to designate all licensed individuals who work for that agency.

31A-23a-302. Agency designations.

(1) An agency shall designate an individual that has an individual producer, limited line producer, customer service representative, consultant, managing general agent, or reinsurance intermediary license to act on the agency’s behalf in order for the licensee to do business for the agency in this state.

          This will require that all those employed and/or working as an independent contractor with a title and escrow company and who have a title, escrow or marketing rep’s title insurance license be designated. If an individual is not designated, they may be subject to an administrative action by the Utah Insurance Company.

          I would recommend that all title insurance licensees double check to make sure they are designated by the title and escrow company for which they are associated. It would also be appropriate to have a designation removed from any company for which you are no longer employed.

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          The Title & Escrow School has received approval for their online RESPA Reform Seminar. With the new changes to RESPA taking affect on January 1, 2010, it is important that all land title and escrow professionals understand these changes and be able to implement them into their company’s operation.  The new rule requires a new HUD-1 Settlement Statement, with a page 3. This page 3 includes two items.  First, it includes a comparison of information contained on the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement.  Second, it includes a disclosure of the terms and certain provision of the new mortgage loan.

          The Real Estate Settlement Procedures Act (RESPA) has been modified by a rule published November 17, 2008. While certain provisions took affect on January 1, 2009 (delayed until April 16, 2009), compliance with the major provisions, requirements and modified forms will become effective on January 1, 2010.  RESPA is a consumer protection statute that involves most professionals associated with a real estate transaction.  The focus of the new rule supports the concept that a consumer can shop for a mortgage loan among loan originators.  However, the implementation of the new rule’s provision will affect all those associated with the closing of a residential real estate transaction.

          This Online CE course has been prepared to help land title professionals better understand the recent changes to RESPA. As part of the course, you will review the new Good Faith Estimate form and the new HUD-1 Settlement Statement form. This seminar will help those involved in a closing of a real estate transaction to understand the new changes and to be able to prepare the new settlement statement. The seminar has been approved for 3 hours of CE credit by the Utah Insurance Department.

          A RESPA Reform seminar has also been approved for a classroom presentation in both a 2 and 3 hours CE format.  This seminar will be excellent training for a staff meeting or other types of training meeting.  The Title & Escrow School will present this seminar in any appropriate location.  We provide handouts and all the equipment necessary for a professional training seminar.  We can also provide this seminar as a sponsored CE seminar to your clients.  Seminars can be provided to real estate agent and and mortgage lenders.  This seminar has also been approved for CORE CE credit by the Utah Division of Real Estate for both real estate agent and mortgage lenders.  Both a 3 hour and a 2 hour CE seminar is available.

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