The Colorado Columbine

Insurance Regulation 3-5-1 Re-write and Notice of Hearing

The Colorado Division of Insurance has completed its draft of the proposed repeal and repromulgation in full of Insurance Regulation 3-5-1 - Title Insurance, and has posted the proposed version on the Internet. A PDF version of the clean regulation will also be posted on the Division's website.

Since the regulation is being repealed and then repromulgated in full, the version posted on the internet is a "clean" version, with no identifying marks where changes have been made. However, in order to make it easier to identify what is changing, Andy Helm, Title Insurance Analyst/Investigator prepared a "redline" version which highlights the substantive changes (changes are highlighted in yellow, deletions are in strikeout, and additions are in all CAPS). As a quick note, you will notice that the beginning of Section 6 has been highlighted, but the text is the same as the current regulation; we have simply shifted these first three sections from an introductory style to properly formatted paragraphs of the section.

The hearing date for this regulation is March 5, 2010 at 9:00 AM, at the Division offices ( 1560 Broadway, Suite 850, Denver, CO 80202). Because the Division will be hearing multiple regulations that morning, they are encouraging the submission of written comments at any time prior to the hearing, as well as the three-business-day period after the hearing. In order to ensure that your comments are received, please submit them via email. If you wish to provide testimony at the hearing, you are still strongly encouraged to provide your comments in writing beforehand. Please be aware, all comments submitted in connection with this proposed regulation are public.

The Colorado Division of Insurance has reported to us that in Colorado Springs, an order was opened with a title agent, and the person purporting to be the mortgage broker asked about the possibility of closing the loan himself while still having the agent do the title work. A few days later, someone claiming to be from the mortgage company came by and asked if she could have some pens and pads and sign up to use their closing room the next day. When told that she could not, as there were judgments and liens that still needed to be taken care of, she left. A few days after that, the buyer/borrower called, wondering where her refund wire was from the title agent. She said that a closer from the company had come by her office and had her sign all the documents, then left with the buyers cashiers check made out to the title agent. After alerting the bank's fraud department, they said the check was deposited in a bank account under the title agent's name that had been opened just a few days prior - with what turned out to be a phony opening deposit. To further complicate things, the buyer now claims she doesn't think it's a big deal, and has thrown away all her closing paperwork.

The Division asks that everyone be wary of unknown persons wanting to do their own closings, and trying to get company materials with which to do it. Please email Andy Helm at the Colorado Division of Insurance or call him at 303.894.2194, if you hear of anything similar.

Division of Insurance Annual Report Released

The Annual Report of the Commisoner of Insurance to the General Assembly on Title Insurance Enforcement Actions, Market Trends, and Consumer Complaints has been released  A PDF version is is now available for review.

2010 Initial Legislative Update Available

Cathy Wanstrath has issued a list of legislation before the Colorado General Assembly for 2010.  You can view this memorandum in the Reference Library.

RESPA Rule Effective January 1, 2010.  Will You Be Ready?

RESPA rules and TILA, too, are the framework for important classes offered by the Colorado Association of Certified Closers for all of your staff and employees. January of 2010 marks the introduction of new rules and  procedures that should be understood by everone in your office.  For more information about the training that CACC will hold in your offices or any further information, view this PDF.  These are important resources for LTAC members!

Click here to visit the Web site!Visit Votesmart to find your Elected Officials

You can find your elected officials and lots of valuable information to keep yourself informed this year.  Visit Votesmart.org for details.

New Board of Directors for LTAC

You can view the new Board of Directors and contact information on their leadership page, or in PDF format.

Division of Insurance issues Requirements for the Filing of Rates and more

This Bulletin provides companies with comprehensive guidance on filing property and casualty insurance rates, rules, loss costs, and forms. You can review the bulletin in PDF format here and in our Reference Library.

Click Here to Visit the DORA Web Site

Click on the Logo above to visit the DORA Web site.  Here are other Colorado Regulatory Agency sites:
Colorado Division of Insurance
Colorado Division of Real Estate
Department of Regulatory Affairs,
Property Taxation

For more helfpul links, visit our links page.

New Forms Required with Manufactured Homes

FYI for all title professionals who work with manufactured homes. House Bill 08-1260 is effective July 1, 2008. New Bradford forms will be in use by county officials and all others who are involved with documenting the status of manufactured homes as they are permanently placed, moved or destroyed. Training for county personnel is currently underway. You can review and download these forms in PDF format directly from this web site's Forms Section.  The forms are on the Division of Property Taxation web site as a PDF document. Contact your county clerk, assessor or treasurer with questions about the new process.

Click Here for more information from ALTAIn our Consumers Section: Home Closing 101

Consumers visiting our site are encouraged to review this very helpful and informative look at many aspects of the Home Closing procedures offered in layman's terms by the American Land Title Association.

Click on the image at left to view this important information in a separate browser window/tab.

 

Board and Committee Meetings Scheduled

February 8, 2010 -  11 AM - LOCATION: Organization Management Services, 1799 Pennsylvania St., #260, Denver
March 8, 2010 -  11 AM - LOCATION: Organization Management Services, 1799 Pennsylvania St., #260, Denver
April 12, 2010 -  11 AM - LOCATION: Organization Management Services, 1799 Pennsylvania St., #260, Denver

2009 Legislative Updates Available

You can visit the Colorado Legislation page to read Cathy Wanstrath's weekly legislative updates or download any one of the updates in PDF or Word format from the Reference Library.  Weekly updates will be posted throughout the current Session of the Colorado Legislature.

What the Housing & Economic Recovery Act means for Colorado

HERA (the Housing and Economic Recovery Act of 2008) will have an impact on Real Estate in Colorado.  Two documents that outline the requirements, funding sources and intentions for fund usage can be read here:

New Final RESPA Rule Significant Victory for Title Insurance Industry

The Department of Housing and Urban Development (HUD) released its final rule on the Real Estate Settlement Procedures Act (RESPA) recently.  The final rule and accompanying commentary is 341 pages long.  HUD accepted many of the recommendations made by ALTA in its comments, testimony before Congress, and many meetings with the agency.  Significantly, HUD has shortened the GFE and HUD 1/1A; dropped the closing script, volume discounts, and the “optional” reference to owners’ title insurance; extended average cost pricing to all settlement service providers; and provided a right to cure for amounts in excess of tolerances and for HUD 1/1A errors. 

Read the full story in Adobe PDF or MS Word format.  See our Federal Regulations Section for detailed information.

About LTAC

The Land Title Association of Colorado is a non-profit trade organization designed to promote and advance title insurance issues in Colorado. We were incorporated in 1963, but our organization history dates back to 1906, when a concerned group of title professionals joined together to ensure competency and thoroughness in Colorado title work. Their legacy lives on today in LTAC. Our members, businesses or individuals, come together to protect Colorado real estate transactions. Real estate buyers, sellers, financers and developers all benefit from the quality title work fostered by LTAC and its members.

Our organization provides education to its members, outreach to the consumer community, and insight to legislators and regulators about the title insurance industry. We are proud of our history, engaged in the present, and challenged by our future.

Check the News section for links to the latest Legislative Updates on the Colorado State Assembly current session. The latest LTAC Newsletter is also now available.

  • Worked with the Colorado Department of Regulatory Agencies (DORA) to refine legislation to provide appropriate rules and enforcement regarding affiliated business arrangements. (House Bill  06-1141)
  • Filed an amicus brief in the Hicks v. Londre case that successfully protected the ability to apply the principle of equitable subrogation to prevent unintended results.
  • Worked with the Real Estate Commission and Forms Committee to achieve withdrawal of a new real estate contract provision (12a) that would have made our work product public information.
  • Represented our title industry in meetings and groups such as the Real Estate section of the Colorado Bar Association; the Interprofessional Committee; the Colorado Housing Council; the Title Advisory Council of the Division of Insurance; and the Real Estate forms committee.
  • Met with County Clerks and Recorders representing various counties to clarify their recording policies and procedures for our members throughout the state.
  • LTAC Lobbyist Cathy Wanstrath, along with members of the Association’s Legislative Committee, monitored and successfully lobbied for amendments on legislation being proposed at the state legislature that could positively or negatively affect our title industry and the protection we afford our consumers.
  • Attended ALTA national conferences and advocated for our industry with Colorado’s Congressional delegation in Washington D.C.
  • Hosted the annual Legislative Luncheon for LTAC members to meet and talk with members of the Colorado General Assembly.  Approximately 150  people attended this event.
  • Enhanced our education programs by adding additional classes on a broader range of title industry topics.
  • Hosted our Spring and Fall schools together with additional programs at the Legislative Luncheon to provide continuing education credits for the association’s C.T.I.S. designation to over 300 industry members.
  • Hosted the 85th Annual LTAC Convention in Vail, Colorado.  Over 110 title and closing professionals from both small and large companies, agencies and underwriters throughout the state participated. 

These are only a few of things LTAC has recently accomplished for our industry.

OTHER NOTEWORTHY ACHIEVEMENTS:

  • Initiated a bill which will establish clear standards for the timely recording and indexing of real property  documents by County Clerk and Recorders (Senate Bill 04-047).
  • Initiated and passed a bill to amend the name variance statute(s) to streamline the process of correcting errors on real property instruments (House Bill 03-1194).
    Successfully amended a bill with a change in the law (see CRS §38-35-124.5) that has already saved LTAC members many thousands of dollars that were previously lost due to inaccurate payoff statements (Senate Bill 02-161).
  • Worked with the Colorado Mortgage Lenders and the Division of Insurance to create a new good funds agreement.
  • Formed an Operational Task Force with the Colorado Mortgage Lenders Association to encourage communication and promote more efficient processes between our two industries.
  • We are proud to be represented by the services of a professional management team and lobbyist to take the lead in implementing the direction of the LTAC members.
  • Implemented technologies that saved the association thousands of dollars by introducing an electronic system for distribution of newsletters and other member communications.

Don't be left out!

Your association is hard at work for you.  We’re building more and better services and more political clout for you! If you are not a member, join today! If you are a member, keep supporting LTAC, help us find new members, and tell us what else we can do for you!

THE LAND TITLE ASSOCIATION OF COLORADO . . .it’s your title association.  Become a member today!

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