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IN THE NEWS:

Eleventh Annual Harold I. Levine Real Estate Institute

What Every Real Estate Attorney Must Know - NOW

ATG brought together an outstanding group of speakers covering of vital array of topics pertinent to today's rapidly changing real estate practice. Key executives from Wells Fargo, First American, and ALTA, along with ATG senior staff provided mortgage lender and title industry perspectives on the recent TILA-RESPA Integrated Disclosure Rule and the implementation of ALTA Best Practices. Scott Renfroe from the ARDC provided Professional Responsibility credit in a presentation directed to attorney/title agents. Experienced attorneys including Samuel Levine (son of the late Harold I. Levine) focused on recent case law and statutory changes in real estate law, with special emphasis on Illinois condominiums.

The New Closing Process – Lender and Title Agent Perspective
Kate Steineman and John Crawford, Vice Presidents, Wells Fargo Home Mortgage, Minneapolis, Minn.

Kate and John discussed lender liability and title agent accountability under the Dodd-Frank Act and CFPB regulation. They outlined the cooperative efforts Wells Fargo is making with its title insurance and settlement provider partners, such as ATG, in order to meet new demands of federal regulation. They presented an updated report card on how initial transactions are working under the new TILA-RESPA Integrated Disclosure Rule, highlighting the electronic sharing of data between Wells Fargo, ATG, and ATG agents.

ALTA Perspective
John Hollenbeck, ALTA President and Executive V.P., First American Title Insurance, Santa Ana, Cal.

John's presentation was timely and insightful, focusing on key issues facing lawyer title agents under the new standards for mortgage lending and settlement services under rules promulgated by the Consumer Financial Protection Bureau. Mr. Hollenbeck first noted that due to the massive fines that the CFPB can impose on lenders who fail to make proper disclosures on residential mortgage loan transactions, lenders are now justifiably concerned both about the integrity of the documents delivered to consumers and the settlement service provider handling those documents along with the settlement funds. He cautioned that in order for settlement agents, including lawyer/title agents, to continue to provide title and settlement services, they must meet strict standards legitimately imposed by lenders and reflected in ALTA Best Practices. A highlight of John's presentation included the following quote, which was met with warm applause:

"ATG members, you should thank Peter Birnbaum for his service on the ALTA Board of Governors. He thinks like an attorney and brings that perspective to the matters we discuss at ALTA. He is the best person to advocate on your behalf as real estate attorneys."

John's presentation was followed by a panel discussion, Lender and Title Agent Cooperation, with Peter Birnbaum, Kate Steineman, John Hollenbeck, and Christine Sparks. The most frequent questions audience members asked had to do with last minute changes due to walk-through or other credit issues. Several members voiced concerns about the CFPB mandate that misquotes title charges in seller pay states. Noting the strict standards imposed by lenders, many members raised concerns about their own liability during this confusing start-up.

Jerry Gorman, ATG Senior Vice President and head of the ATG Legal Education effort, center, with the speakers from the 11th Annual Harold I. Levine Real Estate Institute, from left: John Crawford, Vice President - Business Liaison Consultant, Wells Fargo Home Mortgage, Minneapolis, Minn.; Kate Steineman Vice President - Business Liaison Manager, Wells Fargo Home Mortgage, Minneapolis, Minn.; John Hollenbeck, Current ALTA President, Executive Vice President, First American Title Insurance, Santa Ana, Cal.; and Steven Lindberg, ATG Compliance Manager.

From left: Hank Shulruff, ATG Senior Vice President, Chicago; Pam Campbell, ATG Senior Account Manager, Gurnee, Ill.; Mike Brandt, ATG Vice President, Champaign, Ill.

From left: Kate Steineman Vice President - Business Liaison Manager, Wells Fargo Home Mortgage, Minneapolis, Minn.; John Crawford, Vice President - Business Liaison Consultant, Wells Fargo Home Mortgage, Minneapolis, Minn.; John Hollenbeck, Current ALTA President, Executive Vice President, First American Title Insurance, Santa Ana, Cal.; Hank Shulruff, ATG Senior Vice President, Chicago; and John G. O'Brien, ATG Vice President, Chicago.

The Levine program is always a sell-out, and this year was no exception. ATG members asked Wells Fargo speakers many questions about the new closing procedures and their own personal liability for misquoted title charges.

Related topics:

• Ethical Issues for Lawyer Title Agents: Escrow Account Rules and Protection of Non-Public Personal Information
  Scott Renfroe, Chief of Supreme Court Practice, Illinois Attorney Registration & Disciplinary Commission, Chicago
• Case Law and Legislative Update
  Samuel Levine, Miller Canfield, Chicago and Tania Stori, ATG
• Illinois Condominium Law Update
  Jeff Richman and Matthew Goldberg, Bancroft, Richman & Goldberg, LLC, Chicago

[Last update: 11-16-15]

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