Land Title Association of Colorado News

Here are recent articles and items of interest to Association members.

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.

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 issues 2009 Title Insurance Industry Report

The Colorado Division of Insurance issued it's annual report to the General Assembly on title insurance market trends, consumer complaints, and enforcement actions.  The report has been submitted to the legislature and is available now on the Web site for your review and analysis.

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!

New Colorado Real Estate Commission-approved forms now available

New Real Estate forms are now posted for your review and use.  Both in the Division of Real Estate and Reference Forms sections, you can review view the new forms and compare them with the old forms which have been red-lined in PDF format to show the changes that are mandatory as of July 1, 2009.

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.

Board of Directors

In conjuntion with our Annual Convention, the new Board of Directors will be elected. Visit the Board Members link at left or download a PDF copy of the current Board of Directors.

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

First Two Best Practices Approved by Title Advisory  Council

The Colorado Division of Insurance Title Advisory Council has adopted the first two best practice documents developed by the best practices subcommittee. The first best practices document – Garbage Exceptions is available here in PDF format. The second best practices document, Short Sale/Short Payoff Negotiations is available here (see also, reference library, Best Practices).

Weekly 2009 Legislative Update Available

You can visit the Colorado Legislation page to read Cathy Wanstrath's memorandum summarizing the legislatiive activity for the previous week.  All weekly reports for the current legislative session are available chronologically in PDF or Word format in the Reference Library. 

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) yesterday.  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.

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:

• HERA Overview (PDF Format)
• Neighborhood Stabilization Detail (PDF Format)

LTAC Board Adopts ALTA Principles of Conduct

At the November meeting, the Board of Directors adopted the American Land Title Association's Principles of Fair Conduct. In doing so, LTAC joins with ALTA in its effort to promote behavior within the title industry that serves the needs and interests of consumers. LTAC encourages each of its members to adopt and adhere to the Principles of Fair Conduct.