DFR License Renewal - Action Required

Attention Title Producers (Licensed Agents): You should have received an email from DFR about renewing your Title Producer License (required to sign CATIC policies). If you have not already renewed your license, NOW is the time to do so. Existing licenses expire on 3/31/21. The renew period runs from 4/1/21 to 3/31/23.

You can renew your license by going to Sircon or NIPR. Note: These are 3 party sights over which we have no control. If you have issues renewing please reach out to DFR.

For additional information please click here to visit DFR's website.
February Lunch & Learn with VATC -- Mark Your Webinar Calendar!

DATE: February 10, 2021
TIME:  12:00 p.m. – 12:30 p.m.
Registration Required

Join Liz Smith and Andy Mikell for a beginner/intermediate level discussion of Common Interest Communities concepts.

Don’t miss it! If you watch the whole program and don’t check your email (not even once), you’re entitled to 0.5 hours of CLE!

NOTE: You need to register (green button) in order to receive an email with information to access the program!
March Lunch & Learn with VATC

DATE: March 10, 2021
TIME: 12:00 p.m. - 12:30 p.m.
Update on Municipal Clerk Litigation

Please click here for a detailed explanation of what happened. Thanks again everyone.
Current COVID-19 Underwriting Guidelines - PLEASE READ!!

Even if you think you know the current protocol, please take one minute to be sure. Re-read current underwriting guidelines which became effective 11/18/20. Non-compliance is not an option.

Current Guidelines are here. Thanks!
Lau's Corner & Title Tips

1099-S Filing Deadline:

As the end of the year approaches, Form 1099-S filing season will begin. The Form 1099-S, along with the appropriate Form 1096 transmittal, must be submitted to the Internal Revenue Service no later than March 1, 2021, if filing on paper, or by March 31, 2021, if filing electronically. 

Please click here for more detailed information.

**Important Reminder** When filing IRS forms, be sure to use "official forms or forms that meet the specifications for substitute forms." While CATIC's PrepExpress® software contains a Solicitation/Substitute Form 1099-S that form has NOT been approved by the IRS and therefore should NOT be used for official filing purposes.

Please note that the zip code on the 2020 IRS 1096 form is incorrect. The correct zip code is 78714-9213.

One Mortgage, Two Towns:

Gentle reminder: If you have a transaction involving one Mortgage with property located in two Towns, please record the original Mortgage in one Town and send a duplicate original to the other Town. This topic always generates questions. Here are a couple of them along with our answers.

Why send an original and duplicate original? If you send the original Mortgage to one Town and wait for the Mortgage to be returned before sending it to the second Town a document could potentially be recorded in front of that Mortgage. We all know that some Towns take months to record!

Will I need to charge twice for the loan policies? No, you will only charge once for the amount of insurance. You will issue two separate policies along with a ALTA 12-06 Aggregation Endorsement a/k/a "tie-in" endorsement.

What is a "Tie-In" Endorsement? The ALTA 12-06 Aggregation Endorsement is also known as a “tie-in” endorsement. This endorsement aggregates or ties together CATIC policies insuring multiple mortgages that all secure the same indebtedness. Aggregating the policies together eliminates the need to charge a premium for each policy. Instead, a single premium, based on the amount borrowed, can be charged. Please click here for additional information or to download the endorsement. Please call our office with any questions.