The Trusted Adviser
May 2015 | Volume 8 · Number 4

Advocacy in Action:

ATG and ALTA Representatives Meet with Congress on TRID

ATG executives Peter Birnbaum and Hank Shulruff were recently in Washington, D.C., to attend the American Land Title Association (ALTA) 2015 Federal Conference and Lobby Day. They met with members of Congress to discuss the TILA-RESPA Integrated Disclosure (TRID) and ensure that TRID implementation, effective for mortgage applications after August 1, 2015, does not adversely impact real estate transactions.

Among the concerns in the industry is the difficulty in implementing such massive changes to the settlement process. "Implementing TRID requires more than simply updating our systems for two new disclosure forms. It requires a paradigm shift in the way real estate settlements occur in this country." Diane Evans NTP, ALTA President. For more information:

Birnbaum and Shulruff also discussed improving the disclosure of title insurance premiums on the new Closing Disclosure Form, which replaces the HUD-1. For more information on the new forms and procedures,see our ATG Trusted Adviser article, New CFPB Integrated Disclosures: ATG Will Help You Prepare for August Implementation.

A final topic of discussion included the practices of some real estate brokerages with regard to their captive title agencies. We believe that some of these practices may be violative of the Real Estate Settlement Procedures Act (RESPA) and a business model that represents a growing threat to the integrity of the real estate transaction, competition, and consumer choice. We believe Congress and the Consumer Financial Protection Bureau (CFPB) must act now to prevent these abuses. Read more about it in our April 17, 2015, Special Bulletin, Realtor-Controlled Business

Congresswoman Tammy Duckworth (at right) is an Iraq War Veteran and former Assistant Secretary of Veterans Affairs. She was re-elected to represent Illinois' 8th Congressional District in 2014 and was sworn in for her second term on January 6, 2015. Also shown are Hank Shulruff (ATG Senior Vice President) and Frank Pellegrini (Prairie Title CEO and ATG member agent);  seated with Congresswoman Duckworth are Mary Pellegrini (Prairie Title Principal) and Peter Birnbaum (ATG President and CEO).

Mike Quigley (second from right) was elected to Congress to represent Illinois' 5th District on April 7, 2009. A former Cook County Commissioner who began his career serving as an aide to former 44th Ward Alderman Bernie Hansen, Mike has served his community for more than thirty years. From left: Hank Shulruff, Frank Pellegrini, Peter Birnbaum, Congressman Mike Quigley, and Mary Pellegrini.

[Last update: 5-27-15]

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