First American Title Chicago Metro Taking Flight Newsletter - Spring 2016 by First American Title Chicago Taking Flight Newsletter

TAK I N G F L I G H T

S P R I N G 2016

A Quarterly Publication for the Chicago Metro Area in this issue

page

From the Top ............................................................... 1-2 Ask the Title Officer ....................................................... 4 First American Looks Back at 2015 .......................... 5-15 Items of Interest ...................................................... 16-19

Visit us online at www.il.firstam.com

F R O M T H E TO P... By: Mojca Anaya IL State Escrow Lead Spring is nearing its end with summer right around the corner. How can the time be moving forward so quickly? Wasn’t it just yesterday we were nodding our heads wondering how TRID, the TILA RESPA Integrated Disclosure Rule aka Know Before You Owe rule, was going to impact our market? Well, here we are. More than 6 months into implementation and buyers and sellers are still purchasing and selling homes – YAHOO! When asked to accept the role as our State Escrow Lead 10 years ago, I knew I would miss the direct interaction I shared with you, our customers. It was one of the aspects I enjoyed so often when working in closing branches. Thus, 2015 was an exceptionally exciting year for me as I had the opportunity to see and talk with so many attorneys and realtors, whether through a TRID presentation or webinar. I met with lenders to discuss what might need to be done differently so the lending community could meet the deadlines and requirements of TRID. Internally, we updated our title and settlement software system and our diverse customer calculators. We held full-day staff trainings with every employee in Illinois. We not only wanted to know the rule but understand how TRID was going to affect each and every customer, what could we do to assist keeping the closing experience with us pleasant, quick, accurate and compliant. Early 2016 brought about a new round of meetings and presentations. What were now some of the better practices to follow so closings would not be delayed? What could we do to assist lenders as they overcame challenges of their new software systems, secondary investor requirements in relation to TRID and the necessity of disclosing owners and lender title insurance policies differently from the actual rates? How could we exchange information between the various closing parties more quickly and accurately? I was fortunate to lead or participate in many more discussions including presenting at the Illinois Mortgage Bankers Association TRID Update seminar.

©2016 First American Financial Corporation and/or its affiliates. All rights reserved. | NYSE: FAF | 15121640516 First American Title Insurance Company, and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume 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.

Throughout all the discussions there was a prevalent theme… Communication! Things we might not have thought important to share with each other early in a transaction pre-TRID could now cause a transaction to be delayed in closing, minimally place additional stress

Continued...

F R O M T H E TO P... on the participants within the transaction. This might include contract amendments, changes to a home buyer’s financial situation, figures needed for closing, altering the closing date. As I summarize a statement my esteemed colleague Nancy Tarr, National Settlement Director for the direct channel at First American, recently made, “TRID is breaking down traditional silos between lenders, attorneys, real estate agents and brokers and title insurance and settlement service providers. As each real estate professional better understands TRID, we gain a greater understanding and empathy for each other’s roles and responsibilities, the unique challenges we each face and the realization that to improve our business growth opportunities we may need to modify our individual practices.” What might be some suggestions to ensure a transaction now comes to closing efficiently and accurately? For the attorney representing the seller: 1. Order title and complete examination (if appl.) as soon as a contract is accepted. 2. Submit a preliminary seller closing statement to the title company (and buyer’s lender if known) once commitment is complete. For details see our attached flyer, page 3. 3. Submit a final seller closing statement 24-48 hours prior to closing so an accurate Settlement Statement may be prepared. 4. Confirm the closing date with the parties within the transaction. For the attorney representing the buyer: 1. Share the name and contact information for the lender with the title company as soon as the title order is placed so any lender required vetting for the title company may be prepared. 2. Disclose attorney’s fees and any miscellaneous charges to the title company and buyer’s lender once known. For the realtor: 1. Include all contact and license information on the signature page of the contract. 2. Disclose monthly/annual HOA charges on the contract when applicable. 3. Submit commission statements to the attorney (and possibly title company) once the contract is accepted. 4. Confirm closing parties to a transaction are immediately aware of any potential contract amendments (attorneys and buyer’s lender).

Within these suggestions, comes to light another theme. As title professionals, TRID isn’t necessarily requiring us to complete anything differently from pre-TRID. We are just requested to fulfill our existing responsibilities earlier in the transaction. What next? In a letter addressed to the industry on April 28th, 2016, the CFPB (Consumer Financial Protection Bureau) announced plans to provide further guidance and open a new rulemaking period. “We recognize that the implementation of the Know Before You Owe rule poses many operational challenges,” CFPB Director Richard Cordray wrote in this letter. “We also recognize that implementation is particularly challenging because of the diversity of the participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies, through warehouse lenders, investors, due diligence firms, and rating agencies, whose perspectives may vary as to what compliance under the rule requires.” For this reason, the CFPB is drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe rule and hopes to issue the NPRM in late July for industry comment. American Land Title Association (ALTA), our industry advocate, has again taken this opportunity to remind the CFPB that the disclosure of title insurance premiums remains one area that needs correction. The current disclosure calculation causes unnecessary confusion for consumers as borrowers are not advised of actual costs for the lender and owner’s title premiums. And in our state where the seller is likely to pay for the owner’s title policy, this causes additional confusion for the seller about how much they will contribute to the cost of the owner’s policy. In recent months, I have found TRID to be beneficial and with challenges. We were often able to prepare the final HUD-1 for closing within 3 - 4 communications pre-TRID. With TRID in play, such communications between the various real estate professionals of a transaction now require anywhere from 6 – 10 various communications to perfect a bottom line on the Settlement Statement. On the other hand, once the parties arrive at the closing table, we have seen a greater percentage of closings execute smoother and with less last minute turmoil. I hope that as we continue to educate each other and work together, we find the changes we have implemented as a result of TRID to be common place and more hasslefree. In the interim, should you have any suggestions to improve our closing experience or encounter any general difficulty with a settlement matter, please reach out to me at mmagajne@firstam.com, 630.799.7340. I’d love to hear from you!

For the lender: 1. Inform the title company of any vetting or underwriting requirements needed of the title company 2. Forward the numbers from a buyer’s CD to the title company once a buyer CD has been delivered to the buyer so the title company may begin preparing its Settlement Statement. Spring 2016 | PAGE 2

Help us help you to a smooth

TRID CLOSING The new TRID rule makes significant changes to the way we, as real estate professionals, conduct closings. Here are suggestions to ensure a transaction comes to closing as efficiently and accurately as possible. rder title and complete examination (if appl.) as soon as O a contract is accepted. Some lenders’ originating systems are now integrated with title companys’ operating systems. If an order does not exist within a title company’s system, a lender may not be able to communicate or request data needed from the title company to continue processing their loan. ubmit a preliminary seller closing statement to the title S company once the commitment is complete. Include the following figures: • Purchase price

Note: Once the initial CD is issued, changes to the figures on the CD are permitted without requiring a new disclosure period unless one of the following conditions exists: 1. A PR changes by more than 1/8 of a point (or 1/4 of point on certain loans) 2. T he loan product changes 3. A prepayment penalty is added to the loan ubmit a final seller closing statement 24-48 hours prior S to closing so that the title company may prepare an accurate settlement statement for closing. Since the CD is just a reflection of costs associated with a loan and may not reflect the actual settlement of monies, a Settlement Statement (used today on cash and commercial transactions) will be created by the title company so there is clarification of settlement at closing.

• Earnest money • Real Estate Agent & Broker contact information (including NMLS and License ID numbers) • Real Estate Agent commission splits • Tax prorations (estimated using contract closing date) • Any additional buyer credit listed on the contract • M onthly HOA amount (as disclosed on the contract) Lenders are required to deliver an initial CD to the buyer at least 3 business days prior to closing. To accomplish this, lenders are requesting figures anywhere from 10-14 business days prior to closing. If the title company has these numbers, the process of submitting the necessary figures to the lender by the title company is more efficient and timely.

onfirm with parties within the transaction that the lender C is able to comply to the date of closing when scheduling the closing. Lenders are unable to waive the new disclosure periods required under TRID. Communicate, communicate, communicate. Any changes or amendments to a sales contract or closing date could greatly affect a lender. Each lender is currently working with new operating systems, new processes and underwriting requirements. Communicating with a lender and identifying each lender’s requirements will assist all of us as we work through new transactions that fall under TRID.

The new TILA RESPA Integrated Disclosure Rule (TRID) applies to closed-end, consumer credit transactions secured by real property. Consumer credit means credit offered or extended to a consumer primarily for personal, family or household purposes. TRID replaces the Good Faith Estimate, Truth-in-Lending disclosures and the HUD-1 Settlement Statement currently used within lending transactions with the new Loan Estimate (LE) and Closing Disclosure (CD). TRID also requires new timing requirements be met in regards to the delivery of the LE and CD.

Further information and Q&A’s regarding TRID may be found within our “Ask the Title Officer” article in the Summer 2015 edition of Taking Flight.

website

www.il.firstam.com

Spring 2016 | PAGE 3

ASK THE TITLE OFFICER QU E S T I O N

How have the Foreign Investor in Real Property Tax Act (FIRPTA) withholding requirements changed this year? ANSWER The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests. A disposition means “disposition” for any purpose of the Internal Revenue Code. This includes but is not limited to a sale or exchange, liquidation, redemption, gift, transfer, etc. Persons purchasing U.S. real property interests (transferees) from foreign persons are required to withhold a percentage of the amount realized on the disposition for the tax due. In most cases, the transferee/buyer is the withholding agent. If you are the transferee/buyer you must find out if the transferor is a foreign person. If the transferor is a foreign person and you fail to withhold, you may be held liable for the tax. For cases in which a U.S. business entity such as a corporation or partnership disposes of a U.S. real property interest, the business entity itself is the withholding agent.

On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). As part of the PATH Act, certain provisions concerning withholding under FIRPTA were amended. These amendments went into effect for transactions closing on and after February 16, 2016 and are summarized as follows: 1. I ncrease to 15%: Unless an exemption or reduced rate applies, the withholding amount has been increased from ten percent (10%) to fifteen percent (15%) of the sales price. 2. P ersonal Residence Exemption: If both of the following conditions are met: a. t he buyer is acquiring property that will be used as the buyer’s residence, and b. the sales price is $300,000 or less, then the buyer may elect to waive withholding under Section 1445(b)(5) of the Tax Code. This exemption and the requirements for same are unchanged from the current law. 3. R educed Rate of Withholding: If both of the following conditions are met: a. the buyer is acquiring property that will be used as the buyer’s residence, and b. the sales price is greater than $300,000, but not more than $1,000,000, then the buyer may elect to withhold a reduced amount equal to ten percent (10%) of the sales price rather than the unreduced rate of fifteen percent (15%). The following chart may help attorneys and parties determine whether the Personal Residence Exemption or Reduced Rate of Withholding is available.

Does Buyer intend to use property as Personal Residence? Sales Price is $300,000 or less

Yes

15%

Sales Price is $300,001 ‐ $1,000,000

10%

15%

Sales Price is greater than $1,000,000

15%

It is important to remember that the responsibility and liability to the IRS with respect to FIRPTA withholding rest with the buyer – not the settlement agent or the transferor. As such, the buyer is not required to elect the reduced withholding amount, even if the facts may support an exemption or reduced rate. Instead, if the buyer opts to invoke the exemption or reduced rate, the buyer must make an affirmative election to do so. In order to qualify for the exemption or the reduced rate, the buyer or a member of the buyer’s family must reside at the property for at least 50% of the number of days the property is occupied by any person during each of the two 12‐month periods following the date of closing. If the buyer fails to meet the occupancy requirements, the buyer may become liable to the IRS for the difference between the amount that was actually withheld, if any, and the amount that should have been withheld, plus interest and penalties. If the seller believes he/she may be eligible for an IRS Withholding Certificate, he/she should contact a CPA or tax attorney regarding application form 8288-B in order to obtain a determination from the IRS whether a lesser amount is due. Spring 2016 | PAGE 4

FIRST AMERIC AN

Congratulations...

We Welcome Back...

We are pleased to announce that in November 2015, Joe Hodgetts became the manager of our newly named CDU, Closing Disclosure Unit (formerly HUD Prep Department). Joe started at First American Title as a HUD-1 Specialist and was the Team Lead for both our Document Processing Unit and the HUD Prep Department. Prior to his promotion, he spent the last 3 years as a Closing Officer in our Mobile Closing Unit. Joe graduated from the University of Illinois where he met his wife Stacen their freshman year. They have been together ever since and have been married now for 3 years. Joe grew up playing baseball with a father who is an avid Cubs fan so of course, he had to become a die-hard White Sox fan! Joe enjoys watching and attending sporting events around the Chicago area and also reunites with his college roommates every year to travel to a different baseball stadium around the country.

In June 2015, Tricia Tenute rejoined our Direct Division as an Operations Manager, overseeing our Document Processing, Eagle Services and TI Departments. Most recently, Tricia worked for our Agency Division as manager of teams supporting multi-state title and escrow services such as open order, disbursements, recording and policy. Tricia began her career at First American in May 2002 as a receptionist, working her way up to closer and then the manager of our Elgin office. She transferred to our Warrenville office in 2004 and has managed several of our centralized title and escrow groups along the way. Tricia is very excited to be back with us and is looking forward to working with everyone to enhance our “customer experience while maneuvering through the new TRID rules and processes”. Welcome back Tricia!

Next time you are in the loop, you might see a new familiar face. We are pleased Katherine Casey has re-joined our Loop team this past year. Kathy began her career at First American Title in 1999 as a closer in the Loop Office, but left First American in 2011 to spend more time with her children. Clients and staff alike are excited to have her back in the office as she is such a great fit with our team and a model of the First American Way! In Kathy’s free time she loves spending time with family and staying physically active. Welcome back Kathy.

We are pleased to welcome back Donna Lindstrom to the First American family. Donna brings with her a wealth of industry knowledge and will be assisting with closings in various branches, but is based in the Aurora office. She has maintained many customer relationships and we consider her to be a huge asset to our team. She left the industry for a while to pursue her passion of traveling and most recently was employed as a flight attendant. She enjoys golfing and entertaining at her home with family and friends and is an avid Cubs fan and even named her dog "Wrigley".

We Welcome to our Family... The West Joliet office has a new addition to our team. Deborah Facer joined First American in early August of this past year. She resides in Frankfort with her husband and has 2 sons and 3 dogs. She loves to travel and especially loves cruises. In her spare time, she enjoys crocheting and doing projects around the house. Please welcome Deborah to the First American Family.

Barbara Zak has joined our Construction Escrow Department in Warrenville. Barb comes to us with 10 years’ experience in the industry. Outside of work, Barb enjoys spending time with her family - husband Tom and children Maggie and Thomas. She is an avid Chicago sports fan. She also enjoys reading, running and especially likes to go camping on the weekends. We would like to welcome Barbara Zak to the First American family.

Spring 2016 | PAGE 5

Up, Up and Away... This is the phrase that caught Tom Kantola’s (Construction Escrow Department Manager) eye when Karen Johnson sent out her letter of thanks and well wishes to her fellow employees, the day of her retirement. Tom was used to seeing messages from her that were well written and conveyed the warmth of her personality, but he was not sure what she meant by this. When he asked, she explained that she views life as a series of steps and now she was taking a new step.

Karen’s “most recent flight” started with First American Title October 2, 1989, in our Aurora office located on Constitution Drive. She knew it was meant to be, because on a whim, she called to inquire about any openings and was informed that the Branch Manager had just called in an ad that day. It hadn’t even published! Karen came from a competitor, where she learned many different areas of the title industry, but started out doing closings and later began helping with construction payouts. She was not all that fond of closing, but found working with builders to be very interesting. She came to our Warrenville team to concentrate on serving construction escrow customers, but at the time there were just a handful of projects. Because of her varied knowledge, she was able to help with closings, bookkeeping, accounting and facilities management. Fast forward almost 26 years and we find Karen celebrating a long and successful career as she leaves the friends, customers and “family” she gained over those many years. During her time here she has seen a vast change in technology, which has been amazing. “Typed letters sent by mail are now replaced by e-mails sent from phones.” Karen enjoyed the many people, both inside and outside the company she has met over the years. She leaves us, “Very proud to be a member of the First American Family.” We will miss her too.

From L to R: Sue Renaghan, Mary Glavac, Beth Duncan, Sue Graj, Cathy Wyatt Smith, Jim Stucker

On January 6, 2016, First American hosted an open house to celebrate the retirement of Beth Duncan. Beth was a permanent fixture in the Naperville office for the past 30 years. The event was a wonderful send off for someone considered a friend and mentor to many of us over the years - evident by the volume of people that came from near and far to thank her and wish her well. Her professionalism, easy going demeanor and thoughtfulness are just a couple of attributes that were mentioned over and over that afternoon. Beth was one in a million and First American Title thanks her for her years of service and wishes her all the best in her retirement. She will be sorely missed by both colleagues and customers alike.

She is not entirely sure what the next “steps” hold, but she is looking forward to staying active with her hobbies and with her church and continuing that climb, but she will also enjoy spending time reading and relaxing with her kitties, Max and Sophie.

Spring 2016 | PAGE 6

From L to R: Lender Vicki Flemmer, Attorney Deb Lifka, Jim Stucker

From L to R: Jeanette Grenke, Val Salzbrunn, Debi Nehls

From L to R: Mary Glavac, Attorney Jake Eckburg, Jim Flynn

From L to R: Attorney Doug Forst, Lender Mike Ferrell, Sue Graj, Tenishia Valentine

From L to R: Attorney Barb Wheeler, Attorney Deb Lifka

From L to R: Attorney Bob Quinn, Attorney Deb Lifka From L to R: Attorney Irv Ochsenschlager, David Robles

Spring 2016 | PAGE 7

FIRST AMERICAN NAMED ONE OF THE 10 BEST WORKPL ACES IN INSUR ANCE We are proud to announce that First American Financial Corporation has been recognized by FORTUNE and Great Place to Work® as one of the 10 Best Workplaces in Insurance. This designation reinforces our belief that a superior customer experience begins in a great workplace and is supported by our core values of integrity, commitment, service, leadership and teamwork. “Listening to our people and providing them with opportunities to excel are central to our success. The integrity, commitment and teamwork our people demonstrate every day has earned First American a reputation for leadership and innovation in the title insurance and settlement services industry,” said Dennis Gilmore, our CEO. “Securing a place among the Fortune and Great Place to Work’s 10 Best Workplaces in Insurance ranking is a reflection of how our people feel about the company, so I’m very grateful for their positive feedback and look forward to accomplishing more in the future.”

The National Association of Hispanic Real Estate Professionals (NAHREP) held its annual national conference this past year at the Chicago Hilton. The event kicked off on September 20, 2015 and ran through September 22, 2015. First American Title played multiple roles in this event as an exhibitor, a sponsor, and by leading a breakout session. Our local team coordinated with our national Strategic Markets group to man a booth and share our multitude of Spanish language resources designed for both consumers and real estate professionals. In addition, First American presented Como se Dice? or How Do You Say? The session addressed title, escrow, and settlement language properly translated in Spanish and was led by Maria Valentin, Vice President, Strategic Markets and Jennifer Castejon, Strategic Markets Director.

N A H R E P A N N UA L CO N V E N T I O N

NAHREP is dedicated to advancing Hispanic homeownership by educating and empowering real estate professionals who serve Hispanic home buyers and sellers. First American Title is a proud partner of that mission!

F I R S T A M E R I C A N N A M E D TO T H E F O R T U N E 10 0 B E S T C O M PA N I E S TO WORK FOR® LIST FOR THE FIRST TIME First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, announced today that the company has been named to the 2016 Fortune 100 Best Companies to Work For® list, which is compiled by Great Place to Work®, a global authority on high-trust, high-performance workplace cultures. It is the first time First American has appeared on the list. “We’re proud to join this list of distinguished companies, but we’re most proud of our people. The integrity, commitment and teamwork they display day after day makes First American a special place to work,” said Dennis Gilmore, CEO, First American Financial Corporation. “We focus on putting our people first because it’s the right thing to do. It’s what we believe as a company, and as individuals. When you have people focused on others – on fellow employees, our customers, people in their communities – you win.”

Spring 2016 | PAGE 8

Susan G. Komen Race for the Cure

Front L to R: Roula Savakis, Barbara Epps, Janie Hunt, Debbie Ozanic, Cathy Murphy Gonzalez Back L to R: Maria Rosales & Family, Kim Brown, Samantha Bruhnke, Anna Bucaro, David Robles, Chris Biring & Family, Maggie Kumar

Caring for our Community-DuPage Habitat for Humanity On Thursday, September 10th, 2015 First American employees from the Chicago Metro area participated in building a single family home with the Habitat for Humanity of DuPage County at their Pioneer Prairie site in West Chicago, IL. Our team assisted several volunteer contractors to help install drywall, which worked out nicely for us as we were inside when the storms rolled through! The great satisfaction at the end of day was not only the feeling that we contributed to a worthy cause, but seeing how much we accomplished in just one day! Thank you to Amy Gregory, Beth Schreiber, Raul Vazquez, Attorney Christine Biljetina, Ron Ogorek, Chris Poulsen, Dianne Cordello, James Flynn, Jeneen Simich, Lois Shudrowitz, Kathleen Davey, Jodine Goldstein, Ryan Pettengill, David Dominguez, Anne Dominguez, Jeri Towell and Kelli Winsky for your contribution for the day.

First American Title participated in the 2015 Susan G. Komen Race for The Cure® on Sunday, September 20th in Lombard to help raise awareness for the breast cancer movement. *Team First American* members Maggie Kumar, Christina Biring & family, Anna Bucaro, Janie Hunt, Samantha Bruhnke, David Robles, Debbie Ozanic, Barb Epps, Kimmanek Brown, Nia JnoBaptiste, Catherine Gonzalez and Maria Marta Rosales Sosa & family raised $2,142.00 towards finding the cure, and were recognized by the local Susan G. Komen® organization as one of the top fundraising teams!

Christine B., Anne D.

Front L to R: Kim B., Jodi G., Anne D., Raul V., Amy G., Beth S. Back L to R: Kathy D., Jeneen S., Jim F., Lois S., Jeri T., Chris P., Dave D, Ron O., Kelli W., Ryan P., Christine B.

Jim F. & Habitat Employee

It was a beautiful day to celebrate the survivors and honor those who have lost their battle. We truly enjoyed the walk sporting our pink superhero capes, and we proudly represented First American at this great and meaningful event!

Chris Poulsen

Jeneen S.

Scenic Shore 150 Bike Tour North Shore Area Manager, Chris Poulsen, completed his 2nd Scenic Shore 150 Bike Tour, July 18th & 19th. The Scenic Shore 150 is a two day, 150 mile, cycling event, to benefit the Leukemia & Lymphoma Society. The mission of LLS is to cure Leukemia, Lymphoma, Hodgkin’s Disease and Myeloma and to improve the lives of patients and their families. Chris had the privilege of serving on the ride’s Executive Committee and through the generous support of co-workers, friends and family, contributed $1,675.00 to the over $1.2 million dollars raised this year.

Ryan P., David D.

Habitat Employee & Jodi G

Spring 2016 | PAGE 9

Golfing for a Cause

Sponsorships

On September 1st, 2015 First American Title participated in the Keller Williams Preferred second annual Tee Up for Autism golf outing. The event was held at Silver Lake Country Club in Orland Park and benefitted Autism Speaks, a non-profit organization of research and advocacy for people living with autism. For more information on this worthy organization, or if you would like to become involved, please visit www.autismspeaks.org.

Heartland Realtor Organization Officer Installation Cruise The Heartland Realtor Organization chose the tranquil waters of Lake Geneva for their annual officer installation dinner. First American Title helped sponsor the event and an evening of dinner, drinks and dancing was enjoyed by all! From L to R: Rick Bellairs, Erin Dierks - Berkshire Hathaway, Jerry DuPaw, Jr. - Wells Fargo, Joe Pratt

Happy Birthday to the McHenry County Bar Association! The McHenry County Bar Association celebrated its 100th birthday on October 2, 2015 at the Boulder Ridge Country Club in Lake in the Hills. The evening included presentations on the associationâ&#x20AC;&#x2122;s history followed by dining and dancing. This association has about 400 members with the majority of them living and/or working in the county. They conduct monthly trainings, seminars and social events as well as collaborating on legislation. If you would like more information on the Bar, please visit them at mchenrycountybarassoc.org. From L to R: Attorney Shaina Kalanges, Joe Pratt, Attorney Donna Sandacz

Sunshine Kids Outing First American Title participated in the 3rd Annual Charity Golf Outing, Dinner Party & Auction to benefit Sunshine Kids. Berkshire Hathaway Home Services Starck Real Estate hosted this terrific event Wednesday, September 9 at Whisper Creek Golf Club, Huntley, IL. The Sunshine Kids is a non-profit organization dedicated to children with cancer. Established in 1982, they are committed to providing positive group activities and emotional support for young cancer patients. Sunshine Kidsâ&#x201E;˘ provides a variety of programs and events, free of charge, for kids who are receiving cancer treatments in hospitals across North America. From L to R: Chris Poulsen, Joe Pratt, Marty and Joe Kampmejer, Berkshire Hathaway Home

From L to R: Dave Dominguez, Chris Poulsen, and Attorney Phil Tarallo

Northwest Suburban Bar Association Outing Clouds gave way to clear skies and a warm breeze for the annual Northwest Suburban Bar Association outing. Golfers enjoyed snacks and First American golf goodies at the 10th hole. From L to R: Cathy Murphy Gonzalez, Maggie Kumar, Anna Bucaro

Spring 2016 | PAGE 10

At First American Title we are committed to the development of our employees and in July of this past year, Tenishia Valentine, Field Manager for the Mobile Closing Unit and Warrenville branch, was afforded the opportunity to attend a 3 day Emerging Leader program at our home office in Santa Ana, CA. According to Tenishia, “My three day experience at home office was filled with an abundance of information. Over the course of the program the presenters spoke on varied topics such as DISC, leadership styles, mutual accountability and understanding your role. We were encouraged to ask questions and contribute through individual and group activities.” For a self-described workaholic like Tenishia, one of her biggest takeaways was learning to find the balance between work and her personal life. “On day three, we had a guest speaker that I believe made things come full circle for me… he talked about his career and accomplishments unrelated to management and to lead a fulfilling life outside of work... he advised us to read books not associated with management, take time to volunteer or discover a hobby.” Tenishia found the experience to be quite enlightening and encourages anyone in the company that has the opportunity to attend to take full advantage of it.

Tenishia Valentine, Mobile Closing Unit and Warrenville Field Manager First American Title

Have you checked out Attorney First? First American Title has released AttorneyFirst, our website designed specifically for attorneys and attorney agents. The software is designed to make transactions more efficient for the real estate practitioner. The online ordering feature allows you to easily enter details of the deal. You will receive the search package and an editable examination worksheet, which you can complete and return electronically. The document preparation feature eliminates multiple keystrokes by auto filling many fields, including the legal description, saving valuable time and effort. Our goal is to continually add enhancements to AttorneyFirst so that we can make your end of the process even smoother. We would love to show you this exciting system. Please contact your account representative or e-mail us at: attorneyfirst.il@firstam.com

It’s about YOUR time. Spring 2016 | PAGE 11

F I N D U S O N FAC E B O O K

at www.facebook.com/FirstAmerican.ChicagoMetro Like our page to receive industry news, local real estate events as well as updates and information regarding your favorite First American Office. Check in at your next closing to let your friends know you’re here!

Congratulations

FEEDING THE TROOPS

The votes were counted and First American’s own, Roula Savakis of our Park Ridge Office, was named “Best Title Insurance Company Closer” at the annual IMBA Best in the Biz Awards Dinner. We already knew she was the best, but now it’s official. Way to go Roula!! Honorable mention goes to Cathy Murphy Gonzalez and Esmeralda Ramirez who were nominated in the Best Account Rep and Best Closer categories respectively. From L to R: Roula Savakis, Escrow Officer Park Ridge, IL

In order to show our appreciation for our staff and give thanks during the holiday season, the managers of our escrow departments in Warrenville decided to treat our teams to a breakfast buffet. Aside from having bagels and fruit brought in, they were treated to home cooked eggs, breakfast potatoes, bacon and sausage, french toast and quiche. The meal was a big hit and everyone was very appreciative that the leadership took the time to make the meal themselves.

From L to R: Jim Stucker, Kelli Winsky, Ryan Pettengill, Pat Weinstein, Cathy Murphy Gonzalez, Maggie Kumar, Roula Savakis, Esmeralda Ramirez, Kimberly Furtek, Chris Poulsen

A V I S I T FR O M S T R AT EG I C M A R K E T S In August, First American Title hosted Darryl Freeman of our Strategic Markets Division (we know Darryl is strategic because he came to Chicago from sunny California in August rather than January!). Darryl spoke to attorneys, lenders and realtors at five different venues and addressed the timely topic of foreign national buyers. Among the many interesting facts divulged were the buying power (over 104 billion dollars between foreign buyers and recent immigrants!), the profile of foreign buyers and the most prolific geographical areas of purchase. In the event you didn’t get to attend one of these informative seminars, stay tuned for more visits from our Strategic Markets team. We have educational and marketing materials in 24 different languages so if you would like more information or are interested in our multi-cultural products, please contact your First American sales representative. www.FirstAmMulticultural.com

From L to R: Audrey Huggins, Scheduling Manager; Kelli Winsky, Senior Operations Manager; Tricia Tenute, Operations Manager for Title Indemnity Dept, Eagle Services Unit and Document Processing; Joe Hodgetts, CDU Manager; Tenishia Valentine, Mobile Closing Unit and Warrenville Field Manager

Darryl Freeman, Market Integration Manager Strategic Markets Division, First American Title

Spring 2016 | PAGE 12

First American hosted its second annual State of the State meeting for all of our Illinois Direct Division employees on Veteran’s Day in November. Over 200 employees met at the Northern Illinois University Extension Campus in Hoffman Estate for a day filled with meetings, breakout groups and networking opportunities for everyone. The theme “You Make a Difference” focused on the importance and value our employees have to First American and our customers. Opening remarks were provided by Mike Koors, EVP, Eastern Region Manager. The general sessions covered a review of First American’s benefit offerings for 2016 in the morning and an overview on generational differences in the afternoon. The breakout groups covered topics such as “Building a Portfolio for Any Weather”, “Adopting a Healthy Lifestyle”, “Understanding HSA Accounts” and the updated version of “Title Feud”, a humorous way to learn about title coverage. We recognized employees throughout the day, as we did in the 2014 inaugural meeting, for outstanding customer care with testimonials from managers and customers.

2 015 S TAT E O F T H E S TAT E

The day ended with the launch of our regional focus that each employee chooses to make a difference by improving the lives of the people we serve.

H O N O R AT W R I G L E Y… On Saturday, September 5, Ray Sturm, father-inlaw of Ron Ogorek, Title Services Manager, was honored by the Chicago Cubs and 40,000 cheering fans at Wrigley Field for his service to our country in World War II. A Navy Specialist and SeaBee in the Pacific Theater, Ray was being trained for the invasion of Japan scheduled for late 1945. Instead, he was among the first landing crews sent to prepare the Tokyo naval bases for habitation by our troops just prior to and after the official surrender of the Japanese. Ray also participated in Honor Flight Chicago’s day of honor, remembrance and celebration in Washington, DC, last October. In addition to his son-in-law, Ray was accompanied by his daughter, two granddaughters, grandson-in-law, great-grandson and several close family friends. He enjoyed his 90 seconds of fame very much!

FI R S T A M E R I C A N T I T L E S T R AT EG I C M A R K E T S On Thursday, November 12th, First American was proud to present Maria Valentin, V.P. Division Sales & Marketing in Strategic Markets, at Century 21 Kreuser and Seiler in Libertyville. Maria captivated her audience with a presentation on “How Generational Differences Affect the Title and Escrow Processes”. The crowd learned what events shaped each generation’s lives and development. These differences play an important role in the buying habits and decisions of each group and Maria explained important nuances in dealing with potential buyers in each generation. That same afternoon, she presented at the Main Street Organization of Realtors (MORE) in Downers Grove while telecasting simultaneously at their Arlington Heights, Libertyville and Tinley Park locations. Maria again covered the Generational Differences topic and was once again received with a rapt and appreciative audience. If you are interested in learning more about how to expand your presence in multicultural markets, please ask your sales representative or visit at us www.firstammulticultural.com. Spring 2016 | PAGE 13

The holiday spirit came shining through loud and clear mostly loud - during the annual Holiday Sweater Contest! Nia JnoBaptiste

Joyce Chatman, Attorney Irene Chase

Lokey Cloud Sarah Zaleski

Chris Poulsen

David Robles

Deann Ryan, Hazel Schiller

Dominique Burnside

Myriam Porras, Esmeralda Ramirez, Claudia Petropoulos

Brenda Semeniuk Lauren Askin Sylvia Ksiazek

Ron Ogorek Front L to R: SheRausha Goss, Joann Watson, Judy Woods, Dawn Bragg Back L to R: Joyce Chatman, Mary Perkins, Attorney Irene Chase

Ella Russel, Maria Rosales

Marcia Martinez

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We would love to hear from you! If you are interested in submitting an article to be considered for our newsletter, please contact your First American Account Representative.

Would you like to receive the Taking Flight Newsletter via email? Please send your email address to: takingflight.il@firstam.com if you would like us to send you a copy of this newsletter to your inbox. Spring 2016 | PAGE 15

OFFICES ON THE MOVE!

First Americanâ&#x20AC;&#x2122;s Arlington Heights office has moved to 85 W. Algonquin Road this May 2016.

The Aurora office will be relocating to 2363 Sequoia Dr., Ste 119, Aurora IL 60506 sometime May/June 2016.

Keep a watch for details as we get closer to our move-in dateâ&#x20AC;Ś

E F F E C T I V E J A N UA R Y 1, 2 016 , A L L C I T Y O F C H I C AG O T R A N S F E R TA X D E C L A R AT I O N S M U S T B E F I L E D O N L I N E T H R O U G H MyDec. MyDec can be found at: https://mytax.illinois.gov/mydec/_/ Penalties may be imposed for failure to comply with the ruling. MyDec allows individuals, law firms, and settlement agencies to file transfer tax declarations online and view declarations they have already created. Users can track the status of, and make corrections to, the declaration at any time before the declaration is finalized. The application is available free of charge without the necessity of downloading or otherwise acquiring any software. The full ruling can be found at URPO Ruling #5

MyDec will automatically assess applicable interest and late penalty charges on any declaration at the time Chicago transfer stamps are purchased when payment for the stamps is made more than 7 days after the date of transfer in question.

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Residential Real Property Disclosure Public Act 98-0754 effective January 1, 2015 amends the Residential Real Property Disclosure Act. Requires the seller to disclose if he or she is aware of any material defect to the windows or doors of the property. (Amends 765 ILCS 77/35)

Common Interest Community Associations Public Act 99-0472 effective June 1, 2016, amends the Common Interest Community Association Act Deletes language providing that all provisions of the declaration, bylaws, and other community instruments severed by the Act shall be revised by the board of directors independent of the membership to comply with the Act. Further amends the Condominium Property Act.

Mortgage Foreclosure Public Act 99-0024 effective January 1, 2016, amends the Mortgage Foreclosure Article of the Code of Civil Procedure The court is not required to appoint a special representative for a deceased mortgagor for the purpose of defending the action where there is a: (i) beneficiary under a transfer on death instrument; (ii) person or entity that was conveyed title to the property by the deceased mortgagor prior to death; (iii) person or entity that was conveyed title to the property under the administration of the deceased’s estate; or (iv) trust that was conveyed title to the property. (Amends 735 ILCS 5/1501) Mortgage Foreclosure Public Act 99-0438 effective January 1, 2016 Creates a new Foreclosure Property Pilot Program. Amends the Counties Code. Provides that the recorder of deeds in a county with a population of more than 3,000,000 shall establish a pilot program that permits documents to be recorded against a property in foreclosure by judicial order only. Provides that the pilot program shall last from January 1, 2016 to January 1, 2019. Adds provisions concerning: the procedures for limiting the recording of documents; erroneous recording of documents; immunity of the recorder; and premature termination of the pilot program. Repeals the new provisions on January 1, 2019. Provides that an order relating to nonrecord claimants shall expire on the date of the court order confirming the judicial sale of the property pursuant to a judgment of foreclosure (currently, 2 years after the date of recordation of the notice of foreclosure) unless renewed by order of the judge. Further provides that a unit of local government shall not be required to obtain a certified court order in order to record a document that is the subject of a foreclosure action. Deletes a provision concerning initial foreclosures found to be in error or when the wrong institution files the foreclosure. Provides that a unit of government (instead of a unit of local government), or any duly appointed persons or entities acting as agents for a unit of government or judicial body, shall not be required to obtain a certified court order in order to record a document on the property that is the subject of a foreclosure action. Provides that the owner of the property in foreclosure is prohibited from recording documents without judicial approval except for certain court orders; exempts mechanic lien claimants; provides that the prohibition does not apply to a mortgagee or its agent (rather than a bank or financial institution); and provides that the recorder shall provide notice to persons who file documents that are recorded in error and indicate that the filing has been voided and, if feasible, watermark the erroneous recording as voided using the word “voided”. (Amends 55 ILCS 5/3-5010.7)

Provides that the condominium instruments may be amended with the approval of, or notice to, any mortgagee or other lienholder of record, if required under the provisions of the instruments (instead of “with the approval of any mortgagees required under the provisions of the condominium instruments”). Provides that if there is an error in an instrument such that the instrument does not conform to the Act or other law, the association may correct the instrument by an amendment adopted by two-thirds of the Board of Managers, without a unit owner vote. Deletes language allowing such corrections to be adopted by a majority vote of the unit owners at a special meeting, unless the instruments provide for greater percentages or different procedures. Provides that a provision in a condominium instrument requiring or allowing unit owners, mortgagees, or other lienholders of record to vote to approve an amendment to a condominium instrument, or for the mortgagees or other lienholders of record to be given notice of an amendment to a condominium instrument, is not applicable to an amendment to the extent that the amendment corrects an omission, error, or inconsistency to conform the condominium instrument to the law. (Amends 765 ILCS 605/18) Common Interest Community Associations Public Act 99-0041 effective July 14, 2015 amends the Code of Civil Procedure. Adds certain common interest community associations owned by limited liability companies to the list of associations subject to specified provisions of the Code. Amends the Common Interest Community Association Act. Makes associations organized as limited liability companies subject to the Act. Adds references to articles of organization. In places where the Act addresses an association’s declaration or bylaws, adds operating agreements. Effective Date July 14, 2015 (Amends 735 ILCS 5/9-102, 765 ILCS 160/1-5, 765 ILCS 160/1-20, 765 ILCS 160/125, 765 ILCS 160/1-30, and 765 ILCS 160/1-50) Landlord and Tenant Foreclosure Public Act 98-0441 effective November 19, 2015 amends the Illinois Municipal Code and Counties Code; creates new 65 ILCS 5/1-2-1.5 Prohibits a municipality from enacting or enforcing an ordinance or regulation that penalizes tenants or landlords based on: (A) contact made to police or other emergency services, if (i) the contact was made with the intent to prevent or respond to domestic violence, sexual violence, or any non-criminal emergency situation; (ii) the intervention or emergency assistance was needed to respond to or prevent domestic violence, sexual violence, or a non-criminal emergency situation; or (iii) the contact was made by, on behalf of, or otherwise concerns an individual with a disability and the purpose of the contact was related to that individual’s disability;

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(B) an incident or incidents of actual or threatened domestic violence or sexual violence against a tenant, household member, or guest occurring in the dwelling unit or on the premises; or (C) criminal activity or a local ordinance violation occurring in the dwelling unit or on the premises that is directly relating to domestic violence or sexual violence, engaged in by a tenant, member of a tenant’s household, guest, or other party, and against a tenant, household member, guest, or other party. Prohibits counties, townships, or municipalities from enacting or enforcing ordinances to penalize landlords or tenants on the basis of the underlying criminal activity or a local ordinance violation not covered by the provisions of this Section or limit or prohibit the eviction of or imposition of penalties against the perpetrator of the domestic violence, sexual violence, or other criminal activity. Removes a provision requiring repeal or modification of prohibited ordinances.

Requires the online application system to employ security measures and automatically send confirmation messages by electronic mail upon receipt of an application and verification of an applicant’s information in the Secretary of State’s driver’s license and Illinois Identification Card databases. Provides that an online applicant shall swear and affirm the oath electronically. Allows the Secretary of State to conduct a verification on all notary public applications. Amends the Illinois Vehicle Code. Allows the Secretary of State to release photographs and signatures obtained in the process of issuing a driver’s license, permit, or identification card to officers and employees of the Secretary who have a need to have access to the stored images for purposes of issuing and controlling notary public commissions and for the purpose of providing the signatures required to process online applications for appointment and commission as notaries public.

Defines “disability” to mean, with respect to a person: (1) a physical or mental impairment which substantially limits one or more of such person’s major life activities; (2) a record of having such an impairment; or (3) being regarded as having such an impairment, but such term does not include current, illegal use of or addiction to a controlled substance, as defined in the federal Controlled Substances Act, 21 U.S.C. 802. Deletes the definition of “emergency situation”. Deletes references to “non-criminal emergency situation”. Additionally, provides that the provisions of the Act do not prohibit counties or municipalities from enacting or enforcing ordinances to impose penalties (currently, penalize landlords or tenants) on the basis of criminal activity or local ordinance violation and to the extent otherwise permitted by existing State and federal law (currently, State and federal law). Effective November 19, 2015

Makes technical changes concerning the oath for appointment and commission as a notary public. (Amends 5 ILCS 312/2-102, 5 ILCS 312/2-104, 625 ILCS 5/6-110.1 and creates new 5 ILCS 312/2-102.5) Mortgage Brokers Public Act 99-0113 effective July 23, 2015 amends the Residential Mortgage License Act of 1987. Provides that a mortgage loan brokered, funded, originated, serviced, or purchased by a party who is not licensed shall not be held to be invalid solely on the basis of specified violations of the Act. (Amends 205 ILCS 635/1-3)

Homestead Exemptions Public Act 99-0164 effective July 28, 2015 amends the Property Tax Code (35 ILCS 200/15-175) Provides that, in counties with 3,000,000 or more inhabitants, when homestead property is sold or transferred, the new owner of the property shall notify the chief county assessment officer of the sale or transfer and, if qualified, shall reapply for the general homestead exemption. Provides that, upon notification or application, the chief county assessment officer shall remove any previously granted homestead exemptions for which the property is no longer eligible. Provides that, if homestead property is sold or transferred, the homestead exemption shall remain in effect for the remainder of the assessment year of the sale. Provides that, upon receipt of a transfer declaration for homestead property transmitted under the Real Estate Transfer Tax Law, the assessor shall mail a notice and forms to the new owner of the property providing information pertaining to the rules and applicable filing periods for applying or reapplying for homestead exemptions. Provides that, if the new owner fails to apply or reapply for a homestead exemption during the applicable filing period, or if the property no longer qualifies for an existing homestead exemption, the assessor shall cancel the exemption for any ensuing assessment year. (Amends 35 ILCS 200/15-175) Notary Publics Public Act 99-0112 effective January 1, 2016 amends the Illinois Notary Public Act. Provides that the Secretary of State may establish and maintain an online application system that permits an Illinois resident to apply for appointment and commission as a notary public. Sets forth a list of required information that must be contained in an online application.

Discrimination Public Act 99-0196 effective July 30, 2015 amends the Illinois Human Rights Act Provides that it is a civil rights violation for an owner or any other person engaging in a real estate transaction, or for a real estate broker or salesman, because of unlawful discrimination or familial status, to make, print, circulate, post, mail, publish or cause to be made, printed, circulated, posted, mailed, or published any notice, statement, advertisement or sign, or use a form of application for a real estate transaction, or make a record or inquiry in connection with a prospective real estate transaction, that indicates any preference, limitation, or discrimination based on unlawful discrimination or unlawful discrimination based on familial status, or an intention to make any such preference, limitation, or discrimination (rather than to print, circulate, post, mail, publish or cause to be so published a written or oral statement, advertisement or sign, or to use a form of application for a real estate transaction, or to make a record or inquiry in connection with a prospective real estate transaction, which expresses any limitation founded upon, or indicates, directly or indirectly, an intent to engage in unlawful discrimination). (Amends 775 ILCS 5/3-102) Probate Public Act 99-0302 effective January 1, 2016 amends the Probate Act of 1975 Provides that there is a rebuttable presumption that a will or codicil is void if it was executed or modified after the testator is adjudicated disabled. Provides that the rebuttable presumption is overcome by clear and convincing evidence that the testator had the capacity to execute the will or codicil at the time the will or codicil was executed, and that the rebuttable presumption does not apply if the will or codicil was executed in compliance with a court order.

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Provides that upon a verified petition by the plenary or limited guardian of the estate or the request of the ward that is accompanied by a current physician’s report that states the ward possesses testamentary capacity, the court may enter an order authorizing the ward to execute a will or codicil. Provides that the court shall authorize the guardian to retain independent counsel for the ward with whom the ward may execute or modify a will or codicil. Adds a requirement that either a plenary guardian be appointed for a testator who has been adjudicated disabled or a limited guardian has been appointed for a testator and a court has found that the testator lacks testamentary capacity before a rebuttable presumption arises that a will or codicil is void if the will or codicil was executed or modified after the testator is adjudicated disabled under Article XIa of the Probate Act of 1975.

(1) makes changes to the definition of the term “eligible surety bond” and provides that an “eligible surety bond” shall be in an amount equal to 175% (instead of 150%) of the amount of the lien claim; (2) makes a change to the definition of the term “lien claim”; (3) adds a definition of the term “prevailing party”;

(Amends 755 ILCS 5/4-1)

(4) removes language permitting an applicant to file a petition to substitute a bond for property subject to a lien claim at any time prior to 5 months after the filing of a complaint or counterclaim by a mechanic lien claimant, and instead provides that an applicant may file a petition to substitute a bond for property subject to a lien claim;

Trusts

(5) adds provisions concerning the time within which a person may apply to become a party to a pending action to enforce a lien claim;

Public Act 99-0337 effective August 10, 2015 amends the Trusts and Trustees Act.

(6) removes a provision concerning notice by certified mail;

Provides that instead of furnishing a copy of the trust instrument to a person other than the beneficiary, the trustee may furnish to the person a certification of trust containing specified information. Provides that a certification of trust may be signed or otherwise authenticated by any trustee and need not contain the dispositive terms of the trust. Includes other provisions governing the form and content of the certification of trust. Contains provisions concerning persons who act in reliance upon a certification of trust. Provides that the new provisions do not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust. (1) provides that the certification must (instead of “may”) be signed or otherwise authenticated by one or more of the trustees (instead of “any trustee”), and that a third party may require that the certification of trust be acknowledged; (2) provides that the Attorney General’s Charitable Trust Bureau is deemed to be acting in good faith when demanding a copy of the trust instrument; (3) changes the portion of the form certification concerning the manner for taking title to trust property; (4) deletes language in the certification form that to the best of the trustee’s knowledge, there is no claim, challenge of any kind, or cause of action alleged that contests or questions the validity of the trust or the trustee’s authority to act for the trust; and (5) adds language to the form certification indicating that notarization of the certification is optional. Provides that the new provisions do not modify or limit any obligation a trustee may have to furnish a copy of a trust instrument to the Attorney General under the Charitable Trust Act or the Solicitation for Charity Act. (Creates new 760 ILCS 5/8.5) Mechanics Liens Public Act 99-0178 effective January 1, 2016, amends the Mechanics Lien Act. Provides that an applicant may file a petition to substitute a bond for the property subject to a lien claim under the Act with the clerk of the circuit court of the county in which the property against which the lien claim is asserted is located, or, if there is a pending action to enforce the lien claim, an applicant may timely apply to become a party to the pending action at any time before a final judgment is rendered and file a petition to substitute a bond for the property subject to the lien claim in the pending action.

(7) removes a provision setting forth circumstances under which a principal or lien claimant under a surety bond may petition the court to have the current owner or other party having an interest in the real estate who is not a principal or surety of the eligible surety bond dismissed from a pending proceeding to enforce a lien claim; (8) removes a provision concerning attorney fees covered by the surety bond; (9) adds provisions limiting attorney’s fees. Deletes a limitation regarding time within which certain bond payments are to be made. Provides that a “lien claim” does not include interest or attorney’s fees. Provides that a recovery of at least 75% of the amount of the lien claim is required before a lien claimant is a “prevailing party” and that a recovery of less than 25% of the amount of the claim is required before a principal on a bond is a “prevailing party”. Limits the time within which a petition to substitute a bond for property subject to a lien claim may be filed. Provides that actions not arising under the Mechanics Lien Act are not precluded. (Creates new 735 ILCS 5/9-111.1) Title Insurance Public Act 99-0041 effective January 1, 2016, amends the Title Insurance Act. Replaces everything after the enacting clause with the introduced bill with the following changes: Removes provisions allowing the Secretary of Financial and Professional Regulation to conduct visits of registered title insurance agents to ensure compliance with the Act from time to time. Restores language allowing the Secretary to require a title insurance company to obtain appropriate records for review by the Secretary upon the showing of good cause. Provides that each title insurance company shall remit an amount equal to $3 (previously an amount collected from the consumer equal to $3) for each policy issued by all of its agents in the immediately preceding calendar year (Amends 215 ILCS 155/12, 215 ILCS 155/14 and 215 ILCS 155/16)

Contains notice and procedural requirements; a statement of legislative intent; and language limiting the applicability of the new provisions.

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