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Update from ATG Title Operations

4-2-2019 EDITOR'S NOTE: Some links have been removed because the content is no longer applicable.

Greetings members and friends of ATG. This Update contains specific information intended to better enable title agents to close real estate transactions and serve clients efficiently. Please take a few moments to read it carefully and feel free to contact me with any questions or comments.

Anti-Predatory Lending Database (APLD) Program - Cook County

The Anti-Predatory Lending Database Program (Public Act 95-0691, originated as SB 1167, formerly HB 4050) affects certain residential property in Cook County, Illinois, and became effective July 1, 2008. The purpose of the program is to reduce predatory lending practices by assisting the borrower in understanding the terms and conditions of the loan for which he or she has applied.

ATG has distributed explanatory information on the APLD Program; we encourage all members and agents to review it thoroughly, or refer to the Anti-Predatory Lending Database Program Fact Sheet and other information on the Illinois Department of Financial and Professional Regulation website.

To summarize: As of July 1, 2008, to record any mortgage a Certificate of Compliance or Certificate of Exemption must be attached to the mortgage. Mortgages executed prior to July 1, 2008 but recorded on or after July 1, 2008, will not require either certificate. Loan applications taken prior to July 1, 2008, but closed after July 1, 2008, require a Certificate of Exemption. It is the responsibility of the closing agent (including ATG members or member firms with their own closers) to obtain the certificate prior to disbursing.

In addition to the use of the above forms, the implementation of the APLD Program brings about a number of other changes to our closing process. ATG Legal Education is offering an on-line training session via ATG Legal Ed Connect, The Anti-Predatory Lending Database Program: What Attorneys and Closers Need to Know - July 23, 2008, 12 noon - 1:30 p.m. We encourage all ATG member attorneys, employees, and closers who handle Cook County real estate closings to attend this session. Click the title for details and registration information. Attorneys earn 1.50 CLE credits for attending this OnLine program.

ATG Homewood Office

ATG closed its Homewood office on June 30, 2008. To schedule a closing in the Homewood area, please consider our Oak Lawn office located at 4042 West 111th Street, 708.952.7119.

Title Search Orders

ATG has experienced an increase in the number of cancellations due to the slow market and the stringent enforcement of qualifying guidelines for borrowers. If a transaction cancels and your clients later find a new buyer, please place the title search order using the file number previously assigned. This will allow ATG to provide your new search faster and more efficiently.

ATG REsource at the Five-Year Mark: Time to Take Full Advantage

The vast majority of ATG members made the move to ATG REsource^® long ago. If you are not one of them, we urge you to jump on the bandwagon! Take a moment to enjoy this brief review of its development, as well as an update on some significant improvements.

On November 27, 2002, longtime ATG member Ed Moehle opened ATG's first test file in a new product we hoped would become the technological centerpiece of our title and closing operations. As one of several beta testers, Ed was in on the initial stages of one of ATG's most successful products — ATG REsource Title and Closing Software. More than five years later, REsource has become the production cornerstone for ATG's broad base of lawyer agents in Illinois, Wisconsin, and Indiana with more than 1,100 licenses currently in use. Because REsource is Internet-based, all users immediately benefit when we enhance the program. The most dramatic example of this is the 2006 ALTA policy forms: After a two-year drafting process, these new title insurance forms were adopted with a planned national implementation date of June 17, 2007. Not only were you (ATG members using REsource) the first in Illinois to use the new forms, you were using them in February 2007 — four months ahead of the initial deadline. The inability of other underwriters and title software providers to migrate to the 2006 forms forced the American Land Title Association, Fannie Mae, and Freddie Mac to move the implementation date back to January 1, 2008.

One of the best things about the product is that it is truly dynamic — ever changing and improving:

Enter Data Once | If you are still using other products to produce HUD-1 Settlement Statements and write checks for the closing, seriously consider switching to these features in REsource. Because the system is integrated, the initial data entry starts HUD and check preparation, eliminating a good deal of double entry and reducing the possibility of errors. If you provide ATG with your title rates and closing fees, those figures will automatically populate the ATG Services Screen along with ATG premiums on each file. All those charges are then applied accurately to the HUD, Invoice for Title Charges, Disclosure Form, Accounting Information Schedule, and the checks for closing. Our new Policy Records system integrates with REsource thereby eliminating any discrepancy in fees owed to ATG.

Simplify 1099 Reporting | For those members who conduct closings, REsource will handle all 1099 reporting to the seller at the time of closing plus prepare the written report to the IRS after year-end. This eliminates mailing 1099 information to the seller and dramatically reduces the time it takes to prepare the IRS report.

Members save time and money by taking advantage of these additional enhancements and utilities:

Work anywhere you have an Internet connection. ATG handles data storage.

Locate files instantly using our Super Search function.

Search data from prior REsource policies (yours and other REsource users') and pull the legal description and title exceptions into your new file. No re-typing!

Prepare PTAX form as you go. REsource assembles and saves the Illinois PTAX form with as much data as you have at any given point in the transaction. Much easier to finish or amend compared to using the on-line state form. REsource also prepares Cook County and City of Chicago Transfer declarations.

Generate Closing Protection Letters faster and easier than contacting ATG.

Prepare Closing Statements that are separate from and simpler than the HUD-1.

Apply your specific charges for title and closing fees in all the right places (you must supply them to ATG first) with no typing.

Interface with Quick Books^® and Quicken^® sends check information to Quick Books or Quicken.

Visit our website to learn more about how to take full advantage of ATG REsource and contact one of our Member Services Representatives to schedule a training session in your office:

Chicago Area* Members
Lombard - Sandi Allfrey, 312.752.1590
Mt. Prospect - Anna Krumtinger, 312.752.1192

Downstate Illinois^† Members
Champaign - Jerry Long, 217.403.0132
Metro East - Pam Mathews, 312.752.1100

Wisconsin Members
Madison - Roman Reynolds, 608.442.8130

*Chicago Area = Indiana and Cook, DuPage, Kane, Lake, McHenry, and Will Counties; †Downstate Illinois = all other Illinois Counties.

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[Last update: 7-10-08]