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Update from ATG Administration

Stormy Weather Update:

ATG and ALTA Respond to Regulatory Proposals

In our September issue, were reported on the "perfect storm" of regulation that could dramatically alter the title and settlement industry in the near future. The two most significant issues on the table are the replacement of the Good Faith Estimate (GFE) and HUD-1 Settlement Statement with new loan and closing disclosures and the proposed insertion of third-party vetting companies into the process of approving and auditing title agents.

On November 14, at our eighth annual Harold Levine Real Estate Institute, Michelle Korsmo, CEO of the American Land Title Association (ALTA) and Justin Ailes, ALTA’s Vice President of Government and Regulatory Affairs, along with Peter Birnbaum, ATG President and ALTA Board member, updated more than 170 attendees on the current status of ALTA's response to these regulatory changes. Read more...

Jerry T. Gorman
ATG Senior Vice President - Downstate Operations

In Memoriam

Because of Stan, in our 48-year history, consumers in Illinois have been represented by lawyers in more than three million ATG-insured transactions. Nationally, companies that were formed because of Stan’s efforts represent nearly five million real estate transactions. Read full tribute...

IN THE NEWS | ATG Member Pellegrini ALTA President; Levine Institute; ATG Holiday Reception; Holiday Schedule

ATG Member Pelligrini Named President of the American Land Title Association — ATG congratulates its agent, Frank Pellegrini (at right), President of Prairie Title, Oak Park, Illinois, who recently became President of the American Land Title Association (ALTA). Frank, along with past ALTA president Chris Abbinante and ALTA CEO Michelle Korsmo, addressed more than 700 ALTA members during the recent ALTA convention at the Broadmoor in Colorado Springs, Colorado. In this photo, Frank is with his wife, Mary, at an event to honor Top ATG Members in Chicago. Read more about Frank...

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ATG Sponsors Lawyers Feeding Illinois — ATG is sponsoring the Illinois State Bar Association’s new initiative, Lawyers Feeding Illinois. As we head into the winter holiday season, the timing seems perfect to turn our thoughts to helping others. Read more...

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ATG's Eighth Annual Levine Institute — View photos from the Eighth Annual Harold I. Levine Real Estate Institute at the UBS Tower in Chicago, November 14, 2012.

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Holiday Schedule for ATG and Subsidiaries — Our offices will be closed for the holidays as follows:

• 12/24 | Christmas Eve* - All Offices Close at 12 noon
• 12/25 | Christmas Day - All Offices Closed
• 12/31 | New Year's Eve* - All Offices Close at 12 noon
• 1/1/13 | New Year's Day - All Offices Closed

We hope this advance notice allows you to arrange your schedule accordingly. Thank you, we appreciate your business!

ATG MEMBERS | Underwriters' Bulletin

Claims Corner

Unpaid Utility Bills – Water Bills — Without a recorded lien, an unpaid utility bill does not fall within the covered risks of the Owner's Policy.

Procedural Updates

Commercial Mortgages Must be Crane-Compliant — The bankruptcy court's holding in this case means a new ATG underwriting guideline for Illinois commercial mortgages.

Transfer on Death Instrument - Underwriting Guidelines — ATG explains the complex title issues surrounding transactions involving a TODI. Use these guidelines to effectuate a valid transfer.

ATTORNEYS | Practice Notes

Real Estate and Title Insurance News

New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac — The Federal Housing Finance Agency's announced standardized guidelines for short sales went into effect on November 1, 2012, providing servicers of Fannie Mae and Freddie Mac loans with guidelines designed to make it easier and quicker to qualify eligible borrowers for short sales.

Legislative Updates

Indiana

Liens: Public Law 130-2012 — This Act adds language to articles 28 and 29 of Title 32 on Property in the Indiana Code to reflect a decreased statutory period for which a lien will remain actionable.

Casenotes

Illinois

Mortgages: United Community Bank v Prairie State Bank & Trust — A title insurer’s failure to except a defect does not constitute negligence or defeat an equitable claim.

Wisconsin

Mortgage Foreclosure: Arch Bay Holdings, LLC-Series 2010A v David L. Gartland — Affidavits must qualify records custodians as having personal knowledge of the authenticity of records and the manner in which they were created.

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

Re-Activate your ATG Membership — Has it been a while since you issued a policy? Are you ready to get started again? It's easy, and we can help. Make a small investment of time, start writing policies again, and add to your bottom line. Contact Member Services Representative Bob Dillow today!

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Earn CLE with 24/7 OnDemand Programs — You can choose from more than 40 OnDemand seminars. See ATG Legal Education at www.atgf.com for our current program catalog. You must be a registered site user to take our programs.

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Exchange Tax Dollars for Investment Dollars: Offer Starker Exchange Services to Your Clients — ATG Trust Company can show you how to help your clients defer paying taxes on the gains earned from investment property and increase their wealth using tax-deferred dollars. Read more...

NOT A MEMBER YET? Learn about the benefits to you and your clients.

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FAST AND FLEXIBLE: The Process Server Responsive to Your Needs — Get the finest process serving available to lawyers today. Learn what the LegalServe Difference can make in your practice and place your order today!

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Auctions by ATG - Your REO Resource — Your REO Resource - Auctions by ATG provides opportunities for clients on both sides of the transaction: Lenders and Servicers get a faster, more cost-effective platform to dispose of non-performing assets; Investors and Homebuyers get an exciting opportunity to purchase residential real estate at attractive prices. See current and upcoming auctions - More than 120 properties currently available.

Join Our Email List to receive notices and updates on our auctions. You can bid in person or online. If you have any questions, contact Operations Manager Mary Fran Gill, 312.752.1160.