VATC'S Annual "Last Call for CLE"

VATC will host its popular Last Call for CLE Seminar on June 11, 2019 at Capitol Plaza in Montpelier. 

Agenda topics include: New WW/WS Rules & Seasonal Conversion Issues; Claims: Pay it or Deny It; e-Closings & Regulatory Challenges; Commercial Transactions Level 102; Current Developments & Title Teasers.

Registration and continental breakfast begin at 8:30 a.m. 6 Vermont CLE credits (No ethics credits so plan accordingly) 

Space is limited to VATC agents and staff members until May 20.

Cost: Price includes continental breakfast, lunch, and afternoon refreshments.

Members: $45.00 per attendee
Non-Members after 5/20: $250 per attendee ($225/attendee for 2 or more).

Changes To WW/WS Rules Now In Effect

Revised Wastewater System and Potable Water Supply Rules became effective on Friday, April 12. 

Yes, clean slate still exists - it even has its own section now! See §1-303 "Clean Slate" Permit Exemption. 

Other changes include new definitions, new provisions related to existing systems and water supplies, and designated activities that are deemed to not increase design flow. 
Short Form Loan Policies -  BREAKING NEWS!  

There has been push back from the Secondary Market about inserting "self-removing" Schedule B, Exceptions on Short Form policies for mortgages that need to be discharged. Some investors are requiring post-closing endorsements to remove the Exception (even though it was "self-removing"!).

So, in order to reduce post-closing file touches, we are changing our policy preparation procedures such that you no longer need to insert "self-removing" Exceptions for existing mortgages on Short Form policies.  We are crossing our fingers and hoping that mortgages will be paid off at closing and that discharges will be obtained and recorded. 

Note: This applies to Short Form policies only so if you are issuing a Policy Commitment, please continue to list ALL undischarged mortgages on Schedule B, Part I Requirements. 

Note: If your office is not the Settlement Agent, please ensure that the acting Settlement Agent has knowledge of all existing Mortgages. Disclosure could be by: title report, cover letter or email transmission.  

Please call our office with any questions. Thank you. 

Important Reminders

Payoff Fraud - Topic Of Discussion In The Title Industry

Payoff fraud is on the rise and is happening here in Vermont. In our March newsletter, we included an article  published by ALTA entitled, "Tips to Protect Payoffs from Wire Fraud."  Click here to read the article. Be ever vigilant: protect your computer systems, train all staff, educate your clients, procure appropriate insurance and no what is covered should you ever be involved in a lawsuit concerning wire fraud.