THE PATH FORWARD - Michigan Land Title Association
Transcript of THE PATH FORWARD - Michigan Land Title Association
7/20/2018
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THE PATH FORWARD
ALTA’s Strategic Priorities to Advance the Industry
Today’s Speaker
William Burding Jr., NTP
EVP/General Counsel
Orange Coast Title Company
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Strategic Priorities
OUR VALUES
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Remote Online Notary (RON)
• State laws in Virginia, Montana, Texas, Nevada, Indiana, Tennessee, Minnesota, Michigan and Vermont now allow for the use of RON in real estate transactions.
• During 2018, Secretaries of State
in Nevada and Texas will release
regulations for the use of RON.
• MBA-ALTA Model Bill
– Safe for Consumers
– Insurable
– Technology Neutral
• Resources: alta.org/RON
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Current Legislation - 2018Passed
▪ Indiana
▪ Michigan▪ Minnesota
▪ Tennessee▪ Vermont
Failed▪ California▪ Colorado▪ District of Columbia
▪ Florida▪ Kentucky
▪ Louisiana▪ Missouri▪ Nebraska
▪ Oklahoma▪ South Dakota
Active▪ Ohio▪ Pennsylvania
INFORMATION SECURITY
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www.alta.org/wirefraud
ALTA Resources
www.altaprints.com
• Member benefit
• Brand with company information and logo
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How can I protect my business?
• Accept that a breach/fraud will happen
• Conduct a risk assessment
• Take reasonable preventive measures
• Provide training and tips to all staff on an ongoing basis
• Develop and practice your response plan
• Stay abreast of the latest trends
SUBMIT ALL PHISHING EMAILS AND FRAUD ATTEMPTS TO THE FBI
IC3.gov
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WHAT IS
PHISHING/
WIRE FRAUD?
REPORT ALL PHISHING EMAILS AND FRAUD ATTEMPTS TO THE FBI at IC3.GOV
WHY YOU
SHOULD
CARE? $5.3B
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“ONLY YOU CAN PREVENT WIRE FRAUD”
RESOURCES AVAILABLE AT ALTA.ORG/WIREFRAUD
Data Security Laws & Regulation
• Insurance Data Security Model Law
– National Association of Insurance Commissioners (NAIC)
– Rules for insurers & agents
• Risk assessment
• Oversee third-party service providers
• Investigate data breaches
• Notify regulators
• Congress debating national data security law
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CUSTOMER EXPERIENCE
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Internet
Realtors/Agents
Family members/Friends
Open houses
Newspapers
Flyers/Brochures
TV
Magazines
Radio
86%
74%
67%
62%
47%
40%
36%
32%
24%
86%of home buyers use the internet
in the research
process
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Homebuyer Guide ResourcesMore than 60 useful tools!
Blogs Marketing
One-Pagers
PowerPoint
Presentations
Rack
Cards
www.alta.org/homebuyer
www.alta.org/alta-prints/
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www.alta.org/alta-prints/
www.alta.org/alta-prints/
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TALENT FOCUS
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BEST PRACTICES & ALTA REGISTRY
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Tool Box
• Visit the portal at www.alta.org/best-practices/faq.cfm
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Resources
• Elite Provider Program
– Help title and settlement companies implement the Best Practices
– Comprised of service providers committed to offering comprehensive benefits to the title insurance and settlement services industry
– Elite Providers provide effective solutions for ALTA members’ critical needs
– Discounts offered to ALTA members
www.alta.org/elite
Accurate. Efficient. Like a Jedi.
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The ALTA Registry is NOT
a verification system.
UPDATE FROM WASHINGTON, D.C.
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Sweeping Tax Reform
We need Congress to make the CFPB work better.
A consumer regulator should:
(1) encourage balance, stability and certainty
(2) give clear guidance
(3) welcome internal debate and deliberation
CFPB should be a bipartisan 5-member commission subject to Congressional appropriations
CFPB
• Less ‘Regulation by Enforcement’
– “We are working hard to make sure we tell you what the law is before enforcing it. Regulation by enforcement is gone. We will continue to enforce the law—including RESPA.” – Acting Director Mick Mulvaney
• Clear Guidance
– GUIDE Compliance Act or Give Useful Information to Define Effective Compliance Act (H.R. 5534)
– Standardize the Bureau’s process of providing rules and guidance to better protect consumers
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GSE Reform
• Congress has yet to enact comprehensive legislation to restructure our nation’s housing finance system
– Fannie Mae and Freddie Mac were put into conservatorship in September
2008 and received a taxpayer bailout of $187 billion.
• Treasury Administrative Reform
• Housing finance reforms should encompass:
– title insurance requirement
– preserve the 30-year-fixed-rate pre-payable mortgage
– allow small businesses to compete in the mortgage market
– equal access to credit in urban, suburban and rural communities
STATE ACTIVITY
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State Legislative Tracking Map
Title Action Network (TAN)
• Step 1: Join for FREE!
www.alta.org/TAN
•Step 2: Take Action!
– Watch for email alerts on state and federal legislation.
– Click the TAKE ACTION button to review a pre-drafted message to send to your legislator.
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Michigan Land Title Association
All-Stars• Matthew J. Barbour-Keir
• Debra A. Bartlett CLTP, NTP
• Carole Bullion
• John C. Bommarito
• Angela M. Crusoe
• Timothy M. Donovan
• Cindy Immonen NTP, CLTP
• Eileen K. LaPlante
• Angie Miller
• Bradley Miller
• Heather Moldovan
• Rose Moshier
• Nancy G. Pratt
• Kylie Quetell
• Thomas D. Richardson
• Jody Rogow
Michigan Land Title Association
All-Stars• Elizabeth Rozmarniewicz
• Maura A. Snabes CLTP,NTP
• Teresa M. Stuenkel
• Sarah M. Sutton CLTP, NTP
• Marcy Welburn
• Deborah A. Wiley NTP
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1800 M Street, NW, Suite 300S, Washington, D.C. 20036-5828 | P. 202.296.3671 | F. 202.223.5843
THANK YOU