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ALTA Best Practices, Continuing Education

ALTA Best Practices Copy

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Stephanie Fullerton of Streamline Consulting discusses the 7 Pillars of ALTA Best Practices. Not only is each Best Practice defined but an explanation is included that gives the reasoning behind it. Steps for implementation and the cerification process are also discussed. Below is a brief outline.

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  • Overview   
    • ALTA
    • 7 Best Practices of Best Practices

    Best Practice #1    

    • Best Practice 1: Licensing
    • ALTA’s Policy Forms Licensing Requirement

    Best Practice #2    

    • Best Practice #2: Escrow Trust Accounting
    • Best Practice #2: Steps to Compliance

    Best Practice #3    

    • Best Practice #3: Protecting NPI
    • Best Practice #3: Steps to Compliance

    Best Practice #4    

    • Best Practice #4: Settlement Processes
    • Best Practice #4: Recording Procedures
    • Best Practice # 4:Pricing Procedure

    Best Practice #5    

    • Best Practice #5: Policy Production

    Best Practice #6    

    • Best Practice #6: Insurance Coverage

    Best Practice #7    

    • Best Practice #7: Consumer Complaints

    Implementing

    • Implementing

    Assessment    

    • Assessment Procedures
    • Assessment Preparation Workbook

    Certification   

    • Certification Package
    • Certification Package Part 1
    • Certification Package: Part 2

    Conclusion

Streamline Consulting, LLC was founded in 2004, born naturally, based on the experience of its founders and a need within the industry for bridging gaps between software and title and insurance functionality. Streamline became an effective, non-biased and neutral third-party, to help make decisions, implement policies and procedures and in utilizing production software to its fullest capacity; all of which needed to be specific to the individual/respective organization.

We take the human resource and the title/escrow capabilities contained within client offices and apply them to the software to bring out the greatest utility in both. Streamline Consulting has team members and resources that focus on documents, reporting, system setup, project management solutions, data conversions, remote or on-site training and implementations, as needed. We function as the main software administrator for many of our clients, by working hand in hand with the client and applying workflow goals and management parameters to customize the software to meet your needs. Communication is not limited to just management. By sitting with client staff, we draw out the reality about how they actually spend their time, what applications they are using, how they use the production software and also work around inefficiencies.

This full bodied engagement is not necessary for everyone. Streamline is also equipped to work with clients on individual projects on an as needed basis. In addition to these professional capabilities, Streamline team members genuinely enjoy taking part in adding value to the client organization which is why we consider ourselves to be your Value Added Partner. We believe every company deserves the opportunity to shine regardless of its size and that in order to be successful, you must empower those around you to be the same. Streamline prides itself on providing innovative solutions, alternatives and opportunities for real estate title insurance companies nationally.

Continuing Education

Mers, The Core Concepts

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MERS operates an electronic registry, the MERS® System, for tracking servicing rights and beneficial ownership interests in residential mortgage loans, and MERS® Commercial for the commercial mortgage‐backed securities (CMBS) and multifamily marketplace

Expert

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In April 2012, Mike Skalka relocated to Virginia to join MERSCORP Holdings, Inc., parent company of Mortgage Electronic Registration Systems, Inc. (MERS), as Executive Vice President and Chief Legal Officer. He also serves as Corporate Secretary for MERSCORP Holdings and MERS.  MERSCORP Holdings, which operates an electronic registry of mortgage loan servicing rights and ownership on behalf of the lending industry, is presently addressing the challenging issues associated with foreclosures and mortgage record holding – areas in which Mr. Skalka’s background and knowledge is uniquely suited. 

 

Mr. Skalka received his B.A. degree from C.W. Post College of Long Island University and his J.D. degree from Chicago-Kent College of Law. Upon graduation from law school, Mr. Skalka began his career in the title industry and then went on to private practice; subsequently, reentering the title industry years later.

 

Mr. Skalka joined Stewart Title in 1988 as the founding president of Stewart Title Insurance Company, domesticated in New York. Shortly thereafter, in the early 1990s, he helped establish Stewart’s operations in Canada and theUnited Kingdom, and then relocated from New York to Houston, in 1993, to serve as Executive Vice President and General Counsel of the Stewart Organization until 2005.

 

As Stewart continued to seek opportunities outside of the U.S., Mr. Skalka led those efforts by becoming Chairman of Stewart’s International Group in 2005. In 2007, he became the first person outside of the Morris and Stewart families to be appointed President and Managing Director of Global Underwriting Services of Stewart Title Guaranty Company, where he remains a member of its Board of Directors. Mr. Skalka had also helped to lead the National Title Services Division of Stewart since 2009.

 

With his more than 35 years in the title and real estate industries, Mr. Skalka has established himself as an admired member of the real estate community. He has had the honor to be appointed to the Board of Governors of the American Land Title Association®, as well as to serve upon its various committees; and, is a past President of the New York State Land Title Association.

 

In the spring of 2007, the Houston Chronicle published a feature article about Mr. Skalka and his international activities on behalf of the Stewart Organization.  He also has been quoted in Continental Airlines Magazine concerning the real estate market in Latin America.  Mr. Skalka has spoken before numerous bar association, land title association, and related industry functions throughout the United States and England and has had articles published by the Bank Lending Institute, the New York Law Journal, the Practicing Law Institute and the National Register of Commercial Real Estate.

Title Insurance Issues

There’s a home price recovery… but it’s really, really slow – Dec. 5, 2012

If Congress can’t agree on a fiscal cliff deal, a recession is likely, and that would hit the housing recovery hard.

NEW YORK (CNNMoney)

Just about everybody agrees that the housing market is finally recovering — but don’t expect big price gains.

Nearly two-thirds of the nation’s housing markets will see price declines for the year through next June, according to analytics firm Fiserv (FISV). Overall, the gains will be just 0.3%.

One big factor that could weigh on prices: The fiscal cliff.

If Congress can’t agree on a deal to halt a series of tax increases and spending cuts, a recession is likely, and that would hit the housing recovery hard.

In addition, if the Bush-era tax cut on capital gains is allowed to expire — allowing the rate to increase to 20% from 15% on Jan. 1 — it would take a significant bite out of the profits high-end sellers would realize and give them less to spend on buying a new home, said Celia Chen, an economist and housing market analyst for Moody’s Analytics.

“Even people who do have the resources to buy homes will be more nervous,” she said.

Related: Home prices: Your local forecast

But even if we avoid the fiscal cliff, there are other factors weighing on home prices.

In order to raise more tax revenue, Congress is considering putting a cap on the mortgage interest tax deduction, a key tax break aimed at encouraging homeownership — mainly among the upper-middle class.

Most of the benefit of this deduction goes to wealthier households. Mortgage borrowers with incomes of $250,000 or more realize an average annual tax savings of $5,460, according to the Tax Policy Center. Meanwhile, those making less than $40,000 a year, save just $91.

Capping the deduction would discourage buyers from buying bigger, more expensive homes, said Chen.

But it’s not just the high-end of the market that could get squeezed.

With Congress distracted by the fiscal cliff, there is a real chance that the Mortgage Debt Forgiveness Act of 2007 could expire come January 1. If the act were to lapse, struggling homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.

Related: Most affordable cities for homebuying

That means homeowners will be on the hook for thousands of dollars in taxes that they likely can’t afford. That will force more people who could have sought a less damaging alternative, like a short sale, to choose foreclosure instead.

Fiserv’s estimates assume that about half of the fiscal cliff tax hikes and spending cuts will occur, said Stiff. The forecast does not take into account any change to the mortgage interest deduction. Should that deduction expire, Stiff said home prices might be even weaker over the short-term.

Fiserv expects home prices to start heating up again next fall. Between June 2013 and 2014, it expects prices to climb 3.4% and to continue to grow at an annual rate of about 3.3% over the five years through June 2017. To top of page

Home prices: Biggest winners and losers
These cities will see the biggest swings in home prices through the 12 months ending June 30, 2013, according to Fiserv’s estimates.
City Forecast change
Medford, Ore. 8.7%
Yuma, Ariz 6.2%
Syracuse, N.Y. 5.2%
Hagerstown, Md. 5.2%
Pittsfield, Ma 4.9%
Naples, Fla. -7.6%
Fort Lauderdale, Fla. -7%
Orlando, Fla. -6.9%
San Jose, Calif. -5.9%
Phoenix -5.8%
Source: Fiserv

First Published: December 5, 2012: 5:25 AM ET
via money.cnn.com

Interesting comments about the effect of the fiscal cliff

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Continuing Ed for Title Agents

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