November 2013 | Volume 6 - Number 9
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A Message from ATG's President
Happy Thanksgiving from ATG
Dear Friend of ATG,
I wish you and your family a Happy Thanksgiving. We at ATG are grateful for and truly value your ongoing support — for many of us, the relationships span decades. Not all organizations have the privilege of saying that, I’m proud that we do.
Although the holidays are a time of joy, we are also aware that there is hardship for many this time of year. Parts of Central Illinois were devastated by recent storms, some of which had a direct impact on ATG members and their families. ATG will continue to support relief efforts in those hard-hit towns, and we know that many of you have stepped up as well.
Our industry faces many unique challenges but also many opportunities. As always, you can look to us for leadership as our new regulatory world continues to unfold against the backdrop of a recovering economy. Read more.
Peter J. Birnbaum
ATG President and Chief Executive Officer
CFPB’s New Mortgage Disclosures Represent a Partial Victory for the Title Industry
Last week, we reported that the Consumer Financial Protection Bureau (CFPB) released new mortgage disclosure forms and the implementing rule. The new rule combined overlapping federal disclosure forms required by the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). While the new rule is nearly 2,000 pages long, we have done an initial review and believe that we can declare victory on many of the issues that were debated during the rulemaking process. Read more.
David S. Huffman
ATG Senior Vice President - Title Operations
IN THE NEWS | CryptoLocker Malware Threat Growing, Another Successful Levine Institute
WARNING: New Virus/Malware Spreading — The ATG Information Technology Department received information from the United States Computer Emergency Readiness Team (US-CERT) regarding a particularly nasty malware virus. The fake emails appear to be from legitimate companies such as FedEx and UPS, but they are part of a dangerous scam. Read more for details and to learn how to protect yourself.
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ATG's Ninth Annual Harold I. Levine Institute Beyond Expectations — Our premier Legal Education event of the year, the Ninth Annual Harold I. Levine Real Estate Institute, held Thursday, November 7, 2013, was a big success! We had a full room — 170 people — and a very engaged crowd. Read more for details and additional photos.
ATG MEMBERS | Underwriters' Bulletin
Procedural Update
Securing Your Email in Compliance with ALTA Best Practices — One of the requirements of Best Practice #3 is secure delivery methods for transmitting non-public personal information. Learn how to set up a qualifying business email system with Google.
Claims Corner
Special Exceptions on Commitments and Policies Should be Specific — Originally published in the August 2009 issue of ATG Casenotes and Underwriters' Bulletin.
Title Tips
ATTORNEYS | Practice Notes
Real Estate and Title Insurance News
Consumer's Right of Rescission in Credit Transactions — Not paying close attention to Regulation Z of TILA can trigger the consumer’s right of rescission, which can then be extended from three days to three years after consummation.
Legislative Update
Illinois
Good Funds: Public Act 98-0387 (IL) — Amends the Good Funds Law to allow the parties to a real estate transaction to bring in $50,000 or more under specific conditions.
Casenotes
Illinois
Mortgage Foreclosure: OneWest Bank v Topor — In a mortgage foreclosure case, a motion to quash for invalid service made more than 30 days after the court’s final order confirming the sale is in substance a Section 2-1401 petition, even if the motion failed to specifically invoke the Section.
Indiana
Real Estate Taxes; Tax Deeds: Lindsey v Neher — Tax deed issued to the purchaser in tax sale is void if notice to the owner of the property incorrectly states the date of tax sale.
Wisconsin
Deeds: In re Estate of Popp — The common law requirement that a deed include words of inheritance to convey full title to real estate is no longer the law in Wisconsin.
WHAT'S NEW | Trust, CLE, Process, and Auction Services
Trust Client Brochure — ATG Trust Company provides a brochure promoting its client services, including implementing estate plans, asset protection, and trust administration.
ATG TRUST MEMBERS: Use this excellent marketing tool to introduce ATG Trust Company to your clients. Contact us at info@atgtrust.com or 312.338.7878 with your copy order or your questions.
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Need CLE Hours by December 31?
We have more than 40 OnDemand recorded webcasts available 24/7, including Ethics/Professional Responsibility hours. Here are just a few:
◻ Don't Disqualify Your Clients: A Medicaid Malpractice Update
◻ Drafting for Transfer on Death Instruments
◻ Managing Client Assets with an Eye Toward Fed Tapering
◻ Title Insurance Concepts (Wisconsin)
See the full list on our website, login to see all the programs you have access to.
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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! Find us with Google Plus.
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Auctions by ATG – Your Commercial and Residential Property Auction Resource — Auctions by ATG provides professional and effective live and online real estate auction services. Sellers and buyers of all types of commercial and residential property benefit from our totally transparent auction process, superior online bidding service, and attractive pricing model. Our extensive targeted marketing often leads to pre-auction sales that close in 30 days or less.
Join Our Email List to receive Auction Property of the Week notices and updates on our auctions.
Visit our new website at www.auctionsbyatg.com for more details. If you have questions, contact Operations Manager Mary Fran Gill, 312.752.1160. Follow us on Facebook and Twitter.
[Last update: 11-27-13]
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