 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Since the regulation is being repealed and then repromulgated in full, the version posted on the internet is a "clean" version, with no identifying marks where changes have been made.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!
 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.
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.
 In 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. |
