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August 2013 | Volume 6 - Number 6

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Update from ATG Administration

ALTA Best Practices - The Updated Version

New Language Clarifies and Simplifies Compliance

The American Land Title Association (ALTA) published an updated version of its Best Practices document on July 19, 2013. The updates followed numerous meetings with title agents, underwriters, major lenders, and regulators. The new version clarifies several matters and adds a new section that incorporates definitions of key terms. The most significant change was in Best Practice #2, removing the requirement to conduct credit checks on employees.

For a summary of the new changes and more information, read our article, ALTA Best Practices 2.0.

EDITOR'S NOTE TO ATG AGENTS: You will see this information again in the August issue of ATG Casenotes and Underwriters' Bulletin. We cannot overstate its importance and urge you to review it.

Jerry T. Gorman
ATG Senior Vice President - Downstate Operations

ATG MEMBERS | Underwriters' Bulletin

Procedural Updates

ATTN CHICAGO-AREA ATG AGENTS: New Rates for Chicago-Area Transactions Effective September 1

ATTORNEYS | Practice Notes

Legislative Update

Illinois
Notary/Notarization: Public Act 98-0029 — Requires every notary to create a notarial record for each residential real estate transaction they verify.

Casenotes

Illinois
Mortgage Foreclosure: EMC Mortg Corp v Kemp — In a mortgage foreclosure action, no appellate jurisdiction exists to review a challenge to non-final orders in the absence of applicable Supreme Court rules

Indiana
Easements: Bay Colony Civic Corp v Pearl Gasper Trust — Neighborhood association did not exceed the scope of an easement burdening resident’s property when it allowed non-waterfront residents to access the reservoir and did not violate the association’s bylaws in using association funds to provide the access.

Wisconsin
Mortgage Foreclosure: Central Bank v Duncan — When relying exclusively in an affidavit in support of a motion for summary judgment, personal knowledge must be satisfied to establish a prima facie case for summary judgment.

WHAT'S NEW | Trust, CLE, Process, and Auction Services

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Fall Seminars - Register Now!

◻ 9-12-13 | ALTA Best Practices Town Hall Meeting (Oak Brook, Illinois)

◻ 9-12-13 | ALTA Best Practices Town Hall Meeting (Peoria, Illinoi)

◻ 9-18-13 | The New Illinois Laws on Directed Trusts and Decanting (webcast)

◻ 9-19-13 | ALTA Best Practices Town Hall Meeting (Moline, Illinois)

◻ 9-19-13 | ALTA Best Practices Town Hall Meeting (Wheeling, Illinois)

◻ 10-18-13 | Real Estate and Mortgage Issues for Lender's Counsel (webcast)

Save the Dates for These Upcoming Programs:
Wisconsin Underwriting Forum, Part 3
    ◻ 10-9-13 | webcast
Harold I. Levine Real Estate Institute
    ◻ 11-7-13 | Chicago

Watch your e-mail and our website, we'll be posting more Fall-Winter programs soon.

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[Last update: 8-22-13]