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January 2018 | Volume 11 - Number 1

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IDFPR Issues Proposed Regulatory Guidance on Title Agent Compensation

Choose Your Underwriter Carefully: Those "Too Good to be True" Examination Fees May Violate the Law

The method by which Illinois title insurance agents are compensated was the topic of a January 3, 2018, Town Hall meeting hosted by the Illinois Department of Financial and Professional Regulation (the Department). The Department shared and is seeking comment on its proposed regulatory guidance publication entitled, Title Insurance: Title Agent Compensation. The publication covers what the Department perceives to be allowable practices relating to title agent compensation and what may or may not constitute one or more of the following: (1) Improper Inducements or Compensation; (2) Improper Splitting of Premium; and (3) Improper Splitting of Fees. Read more...

Henry L. Shulruff
ATG Senior Vice President - Business Development

ATG MEMBER AGENTS | Underwriters' Bulletin

Procedural Update

Effective Immediately: Changes to ATG Bylaws - Article II, Shares — Reminder of mailed notice dated January 2, 2018.

Hot Topics

REMINDER - Effective January 1, 2018: Illinois State Tax Lien Registry: New ATG Underwriting Procedures — New IDOR registry will significantly affect our search procedures.

Looking Back — A lot happened in 2017. As we reach the close of the year, the ATG Underwriting Department would like to remind you of the key information you’ll need to carry into 2018:

• From February Issue: New 1099-S Requirements — Additional checkbox and requirements when transferor is a foreign person or entity.
• From April Issue: Condominiums and Limited Common Element Parking Spaces — How to determine if parking is included in your client's condo purchase and the type of parking if the answer is yes.

EMAIL FRAUD WARNING: Beware of Email Phishing Schemes, Wire Fraud, and Other Internet Crime — Our industry is a target, ATG and agents receiving fraudulent emails with attachments and links.

ATTORNEYS | Practice Notes

Real Estate and Title News

URGENT WIRE FRAUD REMINDER: Confirm Wire Instructions before Sending Funds — Including when transmitting funds to the closing agent and making payoffs of mortgage loans.

Effective January 1, 2018: Champaign County Recording Fee Change in 2018

NEWS

Holiday | ATG closed January 15 for Martin Luther King, Jr. Day. Click image for full holiday calendar.

Follow ATG on LinkedIn | Keep up with news and views.

ATG SUBSIDIARIES

LLCs in your Future - The 2017 Amendment | January 17 | Connect | IL (1.00 MCLE) | Learn what you need to know about the significant 2017 changes to the Illinois Limited Liability Company Act from guest speaker attorney Thomas Sisul. Who Should Attend: ATG Illinois member agents, Illinois real estate attorneys, and their support staff. Learn more (account required).

Post-Foreclosure Jurisdictional Challenges | January 24 | Connect | IL (1.00 MCLE) | Learn the red flags to watch for in foreclosure case files to better protect your clients and prevent claims from attorneys James A. Larson and Nathan B. Grzegork of Plunkett Cooney. Who Should Attend: ATG Illinois member agents and Illinois real estate attorneys who insure title following a foreclosure (and their support staff). Learn more (account required).

What Is ATG Trust Company? — ATG Trust is an independent trust company established in 1998 with a mission to provide creative, collaborative, and committed trust and estate administration to advisors and their clients. See our brochure for a list of services and answers to frequently asked questions. Visit our website to learn more about us. Feel free to contact a trust associate if you have questions.

FAST AND FLEXIBLE: The Process Server Responsive to Your Needs — Explore our new website and learn about the difference we can make in your practice. Place your order today! Find us with Google Plus.

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[Last update: 1-10-18]