CATC's/VATC's Annual Last Call for June CLE

The VT team will host its “Annual June CLE” on June 7th in Montpelier. This fun-filled day will consist of 6 CLE credits (including 1 hour of ethics) for attorneys licensed in Vermont. Please click here for the agenda. Remember, the agenda is subject to change.

Important: Please email Katie if you would like to be added to the waiting list or if you have signed up but will not be able to attend.

CATIC's 2023 Agent Forum: Thriving, Not Surviving

Join us June 13th at the Connecticut Convention Center in Hartford, Connecticut. This event will be a day full of informative speakers, CLE opportunities, and networking among industry professionals. Click here to view the agenda.

For more information, please email 2023AgentForum@CATIC.com.

Patriot Act Search: What is it and When Should a Search be Performed?

The Patriot Act is a broad-sweeping piece of federal legislation passed in 2001 to help stem terrorism, including terrorism-related money laundering. Section 352(a) of the Act requires “persons involved in real estate closings and settlements” to establish anti-money laundering programs to ensure that they are not transacting with entitles or individuals being sanctioned by the Treasury Department’s Office of Foreign Assets Control (OFAC).

What does this mean for you and your real estate practice? At a minimum, you need to be sure that buyers and sellers are not on the U.S. Department of Treasury OFAC list of Specially Designated Nationals. Search tools are available through several title and closing software platforms. If you have a cash transaction, perform a search. If financing is involved the lender is most likely performing the search.

If you get a “hit” or “match” in your search, further due diligence may be required to determine if the hit or match is valid. Guidance on how to do this can be found on the U.S. Department of Treasury website.

LIEN On Us: Support Solutions from Lien Sweeper

The Unfunded Mortgage. How Lien Sweeper can help.

THE PROBLEM – Years back, our customer had granted to MERS a $45K mortgage. However, the following day they decided to increase the loan amount, and a new mortgage was prepared and executed. Unfortunately, both the $45K unfunded mortgage and the larger mortgage were recorded on the land records.

When our customer went to refinance, the smaller $45K mortgage appeared on the title. Neither the Lender or MERS’ servicer had any record of this mortgage and were refusing our customer’s request for a release.  

THE LIEN SWEEPER SOLUTION – After working with our contacts at the Lender and Mortgage Servicer, we were able to reach a solution whereby the Servicer agreed to provide a release. Our customer was then able to move forward with their refinance.

If you are dealing with an unfunded mortgage, give us a call at 844-204-6310. If we cannot track down the release / discharge you need, we will WAIVE ALL OUR FEES!

Special Offer to CATIC Agents from Lane Guide!

With cross-references and contact information over 160,000 lenders and mortgage companies, Lane Guide puts at your fingertips:

1. Successor information for mortgage companies and lenders that have failed or closed.

2. Merger information for acquired lenders and mortgage companies.

3. Contact numbers and addresses for Payoff Departments.

4. Servicer names and contact information for mortgages held by Trustees.

Learn more about Lane Guide at www.LaneGuide.com.

Enter the discount code CATIC25 when subscribing and get 25% off your annual subscription!

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 post under News and Announcements (bottom right-hand corner) on the VATC website.

Uniform Power of Attorney Status: Awaiting delivery to Governor. Effective Date: July 1, 2023

H.227 ultimately passed both bodies after House concurrence with Senate proposals of amendment. The Senate amended the bill based on feedback from CATIC to include a short form for real estate transactions, includes Enhanced Life Estate Deeds to the General Grant of Authority, and adjusts the language under power of attorney transactions to include mortgage and gift as well as refinance. CATIC will present on the POA Act at our June 7 CLE seminar and will have forms ready for the July 1^st effective date.  

Underwriting Question? 

Please email all questions to UnderwritingVT@catic.com. Thank you!

Upcoming Summer Events

We know everyone's schedules fill up quickly during the summer. We have the following fun events scheduled for this summer and would love for you to join us!

Both events include a BBQ. All CATIC Agents, staff and families are welcome! Please save the dates and watch for invites sometime in June or July.