April 2007

TITLE INSURANCE ENFORCEMENT FUND FEE (aka TIEFF)

We are sure that you have noticed a Title Insurance Enforcement Fund Fee on your settlement statements. This fee is $5.00 per policy that appears in the 1100 section of the closing statement. Would you like to know why this fee appears and what the money is being used for???

There is a newly-created Title Insurance Division contained within the Consumer Protection Unit of the Indiana Dept. of Insurance. In the division’s latest press release, their goals were stated as follows:

• To address consumer complaints and create a more even playing field within the industry. To achieve these goals, the Title Insurance Division plans to work to ensure that consumers receive their policies and recorded documents in a timely manner, and that closings are conducted in accordance with state and federal law

• In addition, the Division will target misappropriation and RESPA violations in the areas of shared marketing agreements, affiliated businesses and the reduction and shifting of closing fees to obtain refinance business

• The Title Insurance Division will also partner with the Attorney General’s Office, the Secretary of State, the Department of Financial Institutions, the State Police and other governmental entities to combat the increasing problem of mortgage fraud.

OTHER NEWS:

• Our Brownsburg office has moved to a larger facility, two doors down.
  Please feel free to stop by and say hello to Tammy, Natalie, and the newest member of our Brownsburg team, Brandi. They would love to see you.

• Construction has begun on our new office in Avon. Next time you’re in Avon, look behind Best Buy and you will see the future home of A&T.

• Our website has been transformed and is up-and-running. Feel free to visit at: www-abstract-title.com for valuable information. You may now also place your orders online.

Quote

“THE GREATEST WAY TO
LIVE WITH HONOR IN THIS
WORLD IS TO BE WHAT
WE PRETEND TO BE.”

Socrates