Issue No. 167 | April 15, 2020


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
The FHA and HUD have announced policy changes to the FHA Single-Family home loan rulebook, HUD 4000.1. These changes were announced in FHA Mortgagee Letter 2020-06 and address loss mitigation procedures specifically for COVID-19 related economic hardship.

In response to the spread of the Coronavirus, Pennsylvania Gov. Tom Wolf executed a statewide Emergency Disaster Declaration. Subsequently, on March 19, 2020, Gov. Wolf ordered the closure of non-life-sustaining businesses.

A year later, and in the throes of massive economic turmoil sparked by the coronavirus pandemic, Zillow and other major players including Opendoor, Offerpad and Redfin have hit the brakes on iBuying — an industry that generated nearly $9 billion in sales last year.

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases research which examines the implications of the ongoing coronavirus (COVID-19) pandemic as it relates to the U.S. title insurance sector.

Mortgages, whether purchase and refinance, require a long to-do list. If any of the steps in the chain cannot occur, the ability to get a mortgage is jeopardized. The unprecedented shutdowns caused by COVID-19 threaten to break multiple links in the mortgage chain. This article examines what is at risk for one segment of the housing world: mortgage refinancing.

In New York, the real estate lobby tried to convince Gov. Andrew Cuomo that people could be left homeless if the industry is forced to shut down.

LEGAL NEWS
In the same year that crazy thing happened at Coogan’s Bluff, the Roaches executed a Mineral Conveyance to the Holts. Let’s review the transaction and ask ourselves why – or if – there had to be so many “intentions” clauses in addition to the granting clause, and whether “magic words” are needed to reserve a royalty interest.

The Pandemic Risk Insurance Act of 2020—currently in discussion draft form—would establish the Federal Pandemic Risk Reinsurance Program to provide a “transparent system of shared public and private compensation for business interruption loses resulting from a pandemic or outbreak of communicative disease.“ Subject to certain conditions, deductibles and caps, the program would cover insured losses arising from public health emergencies.

Applying New York law, the U.S. District Court for the Southern District of New York held that because a subpoena duces tecum previously issued to the insured by a post-judgment creditor of a non-insured entity was not a “claim” against the insured, the subpoena and a later-filed lawsuit against the insured could not qualify as “related claims” deemed first made when the subpoena was issued.

A racial covenant found in a 1909 entry of the title abstract for a property in Medina, Orleans County. Such covenants are surprisingly prevalent in the documentation for older residential properties in New York state.

TECHNOLOGY & SOCIAL MEDIA NEWS
(Bloomberg) -- The Covid-19 pandemic has exposed aging, inflexible computer systems at the heart of the U.S. economy -- and a shortage of experts to fix the problem. This is slowing the government’s effort to get billions of dollars in stimulus checks to millions of newly unemployed citizens.

As more businesses are forced to work remotely due to the coronavirus disease 2019 (COVID-19) crisis, several federal and state governments are moving quickly to enable fully electronic processes to keep businesses operating.

TITLE AGENCY & PEOPLE IN THE NEWS
A Dallas woman was sentenced via video teleconference to 46 months in federal prison for her role in a $1.4 million real estate title insurance scheme, announced U.S. Attorney for the Northern District of Texas Erin Nealy Cox.

Anyone who’s seen even a minute of the Netflix show “Tiger King” knows that Exotic Joe and his crew lead pretty crazy lives. So, who better to help put into words the day to day craziness we experience as real estate agents?!

ALTA members across the country are stepping up and helping deliver for people and organizations in their local communities during the COVID-19 pandemic.

Title Agents Go Nationwide
For agents interested in growing their businesses by expanding into multiple states, we’re here to make the process simple and profitable. We offer you one point of contact to streamline your options and solutions...

OTHER TRENDING NEWS
The video, taken year-round, shows bears, deer, bobcats, grouse, beavers and many other wildlife crossing the bridge, or swimming underneath in their natural habitats.

Hubble explores the universe 24 hours a day, 7 days a week. That means it has observed some fascinating cosmic wonder every day of the year, including on your birthday.

From the Reformation and 17th century witch-hunting, through the American Revolution and to the nightmare visions of Orwell’s 1984, Ferguson explores the intersection of social media, technology and the spread of cultural movements.

On Tuesday, Oct. 1, at 11:25 a.m. local time, a radio station in Torshavn in the Faroe Islands played a song called “Rave in the Grave,” by the Swedish D.J. AronChupa and Little Sis Nora.

Marianne Mathieu, NTP
Vice President/National Agency Accounts
Fidelity National Financial
(347) 987-0677