Items of Current Interest

Federal & State Legislator/Regulator Survey

NCLTA Members--Please let us know your relationship with any state or federal legislator, regulator, or governmental person of influence by completing our short questionnaire: Click Here to take survey.

Final RESPA Rule Proposed by HUD

The Department of Housing and Urban Development (HUD) released its final rule on the Real Estate Settlement Procedures Act (RESPA) on November 12, 2008. The final rule and accompanying commentary is 341 pages long. HUD accepted many of the recommendations made by ALTA in its comments, testimony before Congress, and many meetings with the agency. Significantly, HUD has shortened the GFE and HUD 1/1A; dropped the closing script, volume discounts, and the "optional" reference to owners' title insurance; extended average cost pricing to all settlement service providers; and provided a right to cure for amounts in excess of tolerances and for HUD 1/1A errors.

• Full Summary of RESPA Final Rule [PDF]
• RESPA Final Rule [PDF]
  • HUD's Standard Good Faith Estimate Form [PDF]
  • Settlement Statement ( HUD-1) Form [PDF]
• RESPA Final Rule FAQs [PDF]
  • Updated FAQs (11/17/09) [PDF]

Check the ALTA® RESPA Resource Center for the latest information on the RESPA Final Rule

NCLTA Adopts ALTA "Principles of Fair Conduct" (11-8-07)

NCLTA Celebrates 30th Anniversary (PDF, 3.6MB)

North Carolina Title Insurance Rating Bureau (NCTIRB) files new comprehensive rate structure with Department of Insurance, effective July 1, 2007.

• April 2007 Revised Filing of Rates

April 18, 2007 - Final Approval of Standards for Electronic Recording

Standards for enabling uniform electronic recording as revised and adopted by the North Carolina Electronic Recording Council were approved by the North Carolina Secretary of State's office on April 18, 2007. Together with the work completed on June 20, 2006, by the Advisory Council on Electronic Notarization, North Carolina now has the full framework to implement e-recording and e-notarization across the state.

Secretary of State’s Electronic Notary Home Page

NC Electronic Notary Standards Statute

• Standardized Procedures for Balance Due Requests and Release of the Notice of Federal Tax Lien
• Centralized Lien Processing Information for External Stakeholders: Information about Timely Filing, Releasing, Recording and Payoff Requests of Federal Tax Liens

The ALTA Title Insurance Marketing Kit is now available on ALTA's website.

North Carolina Department of Insurance approves title insurance premium for insured closing protection
The North Carolina Title Insurance Rating Bureau has filed, and the NC Department of Insurance has approved, a premium for insured closing protection. The Rating Bureau is charged with the task of setting appropriate rates for risks covered, to assure the financial responsibility of industry members, and it is obvious that no charge for insured closing protection is not appropriate for the risk incurred. Therefore, a charge of $.50 per thousand from $0.00 to $100,000.00 and $.10 per thousand from $100,001.00 to $500,000.00 shall be effective as of October 1, 2003. The combination of premiums for title insurance and insured closing services shall be one undivided charge pursuant to N.C.G.S. § 58-26-1(d).

This action is consistent with the provisions of the Model Title Insurance Act which was sponsored by the National Association of Insurance Commissioners and provides for a charge for insured closing protection. That group recognized closing protection as a significant risk category for which the insurer must be compensated.

Please note that the charge for closing protection is a premium and subject to the regulation of the Department of Insurance including sanctions for intentional deviation from filed rates.

NC Department of Insurance determines that Mortgage Impairment Products are Title Insurance
See NC Department of Insurance Bulletin # 02-B-3 April 17, 2002. (PDF file)

ALTA's new "Mortgage Impairment Resource Center"
Included in this area are PDFs of important MI documents, including several involving Radian, as well as the policy forms or other background on a number of MI providers. Also included is a state LTA "kit" for making an effective presentation to your state Dept of Insurance.

From HUD
"Prohibition on Property Flipping in HUD's Single Family Mortgage Insurance Programs; Proposed Rule" (Simultaneous Resales) (PDF file)

On the Legislative Front
(The North Carolina Legislature adjourned its 2009-2010 Session on August 11.)

North Carolina General Assembly Web site

FTC-DOJ: Are closings the practice of law?

• Authorized Practice Advisory Opinion On Real Estate Transactions (6-21-02)
• Actual Situations in Which North Carolina Attorneys Made (Or Would Have Made) a Difference (4-10-02)