Welcome to the Pennsylvania Land Title Association
The Montgomery County Recorder of Deeds office contacted PLTA regarding a special notice. They have been informed by the Department of Revenue that there is a new Statement of Value form. The old form will be accepted for the rest of 2014 and beginning January 1, 2015, the Recorder’s office will accept only the new REV-183 EX (10-14) form (click to download).
PLTA President’s Update – Fall 2014
It has been quite the fluctuating Fall season weather-wise and similarly, the PLTA has been active on several fronts. I was fortunate, along with our new executive, Robin Kelsh, to attend the 2014 ALTA Convention in Seattle, WA. It was a great success and loaded with various educational and informational sessions. This was also a good opportunity for Robin, to meet with her counterparts from the different states and exchange ideas, information and network. Pennsylvania captured the spotlight at the beginning of the Friday morning general session when presented with the Title Action Network (TAN) Partner of the Year award. I was honored to accept the award on behalf of the Association acknowledging our efforts in the promotion and utilization of TAN. It is also noteworthy that TAN exceeded their target goal of 10,000 members. Thank you to all and especially Shonna Cardello who coordinated the TAN event at the convention in Hershey.
The theme of the convention was “Own Your Future”. Best Practices were discussed but there was a significant focus around the new loan estimate and disclosure forms which are effective for all loan applications taken August 1, 2015 and after. It was clear that agents should know their plan and have discussions with their lender clients about what changes the new disclosure will bring. Agents should also be talking with their software vendor. Since the lender is responsible for the form, and Wells Fargo has already come out stating that they will be preparing the form, this will be a change from our practices today. Lenders will need to receive closing figures/data from the settlement agent efficiently and with accuracy. Vendors are now developing interfaces with various systems to collect loan fees and closing data to streamline the process.
ALTA also disclosed the results of its research campaign and provided some messages to assist members in explaining the value of title insurance to homebuyers and the importance of title insurance. There is clearly a lack of policy awareness in the marketplace. Remember, the form will contain language that the owners policy is optional so the message to the homebuyer is ‘Protecting Your Investment’. Look for additional pieces to be added or updated in their eKit for ALTA members which can be access through their website.
The ALTA convention is a great networking opportunity and in 2015, ALTA will be bringing the convention to Boston which I hope will lend itself to even more PA attendees.
The PLTA partnered with the New Jersey Land Title Association and the New York State Land Title Association to support ALTA’s Agent and Abstracters Forum on November 11. The Stockton Seaview Hotel hosted the venue wherein there was accredited education on the integrated mortgage disclosures and escrow fraud prevention. This was a nice opportunity for agents to exchange ideas and opinions with their peers, meet some vendors with solutions, and receive credits.
With the election of a new PA governor, there will be little activity in the transition phase. However, our Legislative & Judicial Committee will continue to monitor pending items relative to the title industry.
Looking ahead, our Mid-Year meeting themed ‘Together Towards Tomorrow’ will be held on January 15, 2015, at the Crowne Plaza in King of Prussia. The agenda is full of relevant items which will help you ‘Be Ready for Tomorrow’ and earn CE/CLE credits too. This is an event you don’t want to miss. Click here to check out the registration form on our site.
Also, the ALTA Business Strategies Conference is coming to the Sheraton Philadelphia Downtown on March 18-20, 2015. This will be another signification opportunity for all our members and I encourage you to attend.
Our 2015 membership renewals have been sent out. Now, more than ever, PLTA membership is an important part of being a truly effective title insurance professional. Your membership and participation are very much appreciated and allow us to continue our efforts throughout the state. Please renew today!
On behalf of the PLTA officers and staff I wish you a Thanksgiving full of family, food, fun and kindness. We all have a lot to be thankful for and should pause to express our gratitude especially at this time. Thank you for being a PLTA member!