Checks, Checks, Checks -- IMPORTANT!

Effective immediately, we are cutting out the middle man (LOL). For checks sent to the VATC office for any reason, please make it payable to CATIC NOT VATC. If you have existing checks made payable to VATC there is no need to re-write them.

NOTE: This applies to all types of payment such as: title insurance premium; update service fees; endorsement fees.

Bottom line: Any check previously payable to VATC should now be made payable to CATIC.

Thanks and please call the VATC office with any questions.
Overdue Policies (Many of them!)

We know it is crazy busy and appreciate all of your hard work! We have received many calls from lenders looking for final policies (some more than a year old). This is a gentle reminder that all final owner and long form policies must be issued and remitted within 60 days of closing. (NB: ALTA Best Practices suggest 30 days!).  

If your closing involved only a Short Form Loan Policy (no Owner Policy) please send a copy of the Short Form Loan Policy with CATIC's portion of the title insurance premium to the VATC office immediately. 

Common problems and issues include: missing discharges; post-closing update problems; "complicated" policies with many moving parts. If you are questioning whether or not a final policy can be issued, call VATC with your question(s). Remember, no question is a dumb question!  
Common Post-Closing Title Update Problems & How to Avoid Them

Our super-human title post-closing updaters continue to spot issues requiring correction. Many mistakes could have easily been avoided. We know things have never been busier – or more complicated - and we thank you for your continued commitment to your clients and to VATC. We are committed to you, too! In that effort, we share some common issues as well as some easy ways to correct the issues on the “front end” (also known as the lower-cost end)! Slowing down now, even, for a nanosecond, will save a ton of time later!

1. Powers of Attorney acknowledged with a Notary’s scrawl signature only. This does not comply with the Notary statute so, if the name is not legibly written or there is no printed or commission number, we reject the Notarial Certificate. From there, a Notary Affidavit must be obtained. SOLUTION: Review both the buyers' and the sellers' POAs before recording. If the notary's name is not legible (or not printed) and there is commission number, the issue should be cured prior to recording.

2. Lender conducted closings using Remote Ink Notarization (RIN). In refinance situations lenders often conduct their own closings. Some lenders fail to use the VBA/VATC approved Remote Notarial Certificate. Since that Certificate contains many statements affirming that the remote notarization was conducted pursuant to Emergency Rule, it must be used. SOLUTION: If you know lenders that are conducting their own refi closings, contact them, instruct them to use the VBA/VATC approved Certificate and provide them with a copy. You'll be a hereo! If you need the Certificate, please email Andy or Liz.

3. Borrower is Trustee of a Trust. Some mortgages require the signature of Trustee(s) in two capacities, to wit: as trustee(s) and individually. Post-closing updates find a recorded Delegation of Authority but no POA. The problem is that the Delegation does not provide the delegatee with authority to sign for the trustees as individuals - a POA was also required! SOLUTION: Where trustees will not be at closing, examine the mortgage carefully. If it requires that the trustee(s) sign in two different capacities then you will need a Delegation of Authority AND a Power of Attorney.

Monthly Marketable Title Mayhem

September's quiz will be available on the VATC website on Wednesday, September 2. If you are a subscriber, you will automatically receive each month's quiz by email. If not, you can play by going to the VATC website:

Congratulations to our August winners (5 for 5):

Kyrik Weidman – Law Office of Jonathan Weidman, P.C.
Krista Cadieux – Dinse
Brian Amones – Law Office of Brian Amones
Kristen Shamis – Monaghan Safar Ducham
Lau's Corner & Title Tips

Career Network:  We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network posted under News and Announcements (bottom right hand corner) of the VATC website. We only post information if we have permission and we do not act as an intermediary. If you would like to add a post, please email Katie with the information as you would like it to appear on our website.

MERS, Inc. Mortgage Payoffs: If the payoff statement comes from an entity other than the last mortgagee of record in the land records, click here to check the 18-digit MIN (mortgage identification number) on the MERS website. This will help to hopefully confirm a link between the payoff statement and the current holder of the mortgage (or its loan servicer) and could help avoid paying off the wrong entity or loan.