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4Q2015
KARLEN'S KORNER:
Bond in Lieu of Property - Something New in Mechanics Lien Law
Recent legislation creates a new concept in mechanics lien law, namely, a bond in lieu of property.  Public Act 99-178 (HB 2635), effective January 1, 2016, adds new Section 38.1 to the Mechanics Lien Act to permit the substitution of a surety bond in lieu of real property in the context of the enforcement or possible enforcement of mechanics lien claims.  See new 770 ILCS 60/38.1.  By shifting the focus of mechanics lien litigation from the subject real property to the proceeds of a surety bond, the new Section allows owners to refinance construction loans or to sell newly constructed condominium units, single family homes, and commercial developments free and clear of mechanics lien claims.  Read more to find out how it works.

KNOW BEFORE YOU CLOSE
Know Before You Close
The new CFPB regulations took effect on October 3rd, as a result all loan applications taken from this point forward are now subject to the new rules.

What's changing?   Lenders will now have to prepare the new Loan Estimate and provide to consumers with certain time parameters.  Additionally, all of the major lenders have indicated they will also prepare the Closing Disclosure that will be signed by consumers at the closing table.  As with the Loan Estimate, there are timelines associated with the receipt of Disclosure.

It is more important than ever for communication to occur between lender, title company and attorneys early on in the process.  Title costs, buyer credits and prorations must be provided to the lender for them to accurately prepare the closing disclosure.  Industry experts all agree, the time from contract acceptance to closing is going to increase and will likely be 45-60 days.

Chicago Title will no longer prepare a HUD for loans that are subject to these guidelines, instead an Escrow Disbursement Statement will be provided for buyer and seller signature.  You may be familiar with these documents as we have used it for both commercial and residential cash transactions for many years.

Although change can be scary, be assured the Chicago NCS office is here to help!  See link below for additional information and timelines.  Please contact your Chicago NCS Commercial Account Manager with any questions.

ACCESS CFPB READINESS
MEET REGINA SPRINGER
AVP/SENIOR ESCROW OFFICER
With over 26 years of experience overseeing and administering commercial real estate transactions, Regina has a proven track record of handling a broad range of deals. In her current role as Assistant Vice President and Senior Escrow Officer, Regina works with many of our large-scale local and national clients, specializing in multi-site transactions.

Regina attributes her success to hard work, focus, dedication to the Company and the Company goals, getting to know her customers and exceeding customers' expectations.  

In Regina's free time, she is an amateur photographer, and loves line-dancing and jigsaw puzzles.

Learn More About Regina
Congratulations
Paul Peterson!

Illinois Land Title Association has awarded Paul Peterson of Fidelity National Title Group the 2015 ILTA President's Award for his dedication in seeing the passage of  Bonding Over Mechanics' Lien legislation. For more information on this new legislation, read our featured Karlen's Korner article above.
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Company Fact Sheet
Mid Year 2015

The second quarter was a great quarter for our title business.  FNF generated a 16.2% adjusted pre-tax title margin this quarter in a strong commercial environment and a steadily improving residential real estate market.

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Tech Changes Affecting Your Next Deal

Three noteworthy changes were announced this past quarter affecting both residential and commercial real estate transactions: (1) Cook County Recorder of Deeds will now allow deeds to be e-recorded, (2) Lake County Recorder's Office is accepting MyDec transfer stamps, and (3) City of Chicago has transitioned to a new Online Full Payment Certificate (FPC) for their water certification. 
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