Illinois Hot Topics Newsletter - Winter 2016

ILLINOIS

H T TOPICS

A SPECIAL EDITION OF THE ILLINOIS AGENCY INSIGHTS NEWSLETTER

KNOW BEFORE YOU OWE TILA-RESPA Integrated Disclosure (TRID) Rule

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WINTER 2016

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KNOW BEFORE YOU OWE TILA-RESPA Integrated Disclosure (TRID) Rule

YouTube® VIDEO SERIES With Stacy West

After three months and thousands of completed TRID transactions, Wells Fargo provided additional guidance for settlement agents to assist with compliance. A few of the guidelines are: • The Settlement Agent should not provide their own Closing Disclosure, and should only use the Wells Fargo provided and approved borrower Closing Disclosure.

• Disclose fees and credits according to the Wells Fargo instructions.

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UNDERWRITING COMMUNICATIONS IN THE NEWS

FIRPTA Changes for 2016 (26 U.S.C. § 1445) CFPB Nearly Doubled Enforcement Actions in 2015

To access the December 17, 2015, Wells Fargo Settlement Agent Communication, please visit: https://www.alta.org/file.cfm?code=s9k2l5 MONDAY, FEBRUARY 15 TH

PRESIDENTS’ DAY

Our Offices Will Be Closed YouTube® Video Series

HOT TOPICS IN ILLINOIS UNDERWRITING Presented by: Stacy West

The information contained in this document was prepared by First American Title Insurance Company (“FATICO”) for informational purposes only and does not constitute legal advice. FATICO is not a law firm and this information is not intended to be legal advice.

Readers should not act upon this without seeking advice from professional advisers.

First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.

AMD: 01/2016

www.firstam.com ©2016 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF

UNDERWRITING COMMUNICATIONS • IL-2016-001-Alert | City of Chicago Transfer Tax Declarations Effective January 1, 2016, all city of Chicago tax declarations must be filed online through MyDec.

» Access MyDec at: https://mytax.illinois.gov/mydec Penalties may be imposed for failure to comply with the ruling and for late filing. Late filing penalties are automatically calculated at the time of purchasing stamps on MyDec.

• IL-2016-00-Standard | Easements Depicted on Survey

When requested to add a clause stating exceptions to recorded easements; state it only as “… and referenced on survey by …”, and not “… as shown on survey by…” or any other variant of the language.

• IL-2016-002-Standard | Foreclosure Property Pilot Program COOK COUNTY ONLY. The pilot program became effective on January 1, 2016, and will last for three years.

“Upon motion by the plaintiff in a foreclosure action, the judge shall issue an order barring any nonrecord claimants from recording, without approval of the court, an interest on the property that is the subject of the foreclosure action. The order shall also prohibit the owner of the property from recording any document without judicial approval except for court orders related to the foreclosure case or court orders related to the property that were entered after the effective date of the order prohibiting recordation.“ Read the full text of SB1487 here. http://www.ilga.gov/legislation/fulltext.asp?DocName=09900SB1487&GA=99&SessionId=88&DocTypeId=SB&LegID=&DocNum=1487&GAID=13&Session

IN THE NEWS FIRPTA CHANGES FOR 2016 (26 U.S.C. § 1445) The bill was enacted (signed by the President) on December 18, 2015, and the FIRPTA changes are effective February 16, 2016, which is 60 days after enactment. An explanation of the changes to the FIRPTA rules by the National Association of REALTORS® Washington staff was recently released.

Read the full article here.

CFPB NEARLY DOUBLED ENFORCEMENT ACTIONS IN 2015 HousingWire | January 12, 2016 In 2015, the Consumer Financial Protection Bureau brought nearly twice as many enforcement actions than it did the previous year. They continue to tighten up their scrutiny of industries involved in residential mortgage loans, consumer credit, auto loans and debt collection.

http://narfocus.com/billdatabase/clientfiles/172/19/2547.pdf

Read the full article here. http://www.housingwire.com/articles/36010-cfpb-nearly-doubledenforcement-actions-in-2015

First American Title | Illinois Hot Topics | Winter 2016

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