outcomes had already been decided. Under the leadership of Ed Eastman, our ExecutiveDirector, and several committee chairs, theAssociation has started in recent years to take amore proactive approach to issues. This changeis good and more importantly it is needed but itrequires a commitment of more resources in theform of manpower and finance.

There are over 600 title insurance agenciescurrently doing business in New Jersey. Lessthan one third of these agencies are members ofthe New Jersey Land Title Association. In thepast many agents would regard the Associationas merely an arm of the title insurance compa-nies. The reality is that the Association over thepast fifteen years has been involved in issues con-cerning agents more often than issues exclusivelyaffecting underwriters. The entire Associationmembership needs to strongly encourage all ofthe non-members to join the Association. Thefunds raised by the increase in membershipshould then be used to support the proactivework of the Association.

The Agency Section would benefit by thestrength of the increased numbers of member-ship while the entire Association would benefitby the increased financial ability to pursue theirproactive initiatives. The Agency Section hasalways been focused on more participation byagents in the Agency Section and rightfully so;however, the financial benefit of increasing themembership should not be overlooked.

Shortly I will be pass the gavel to the one Iexpect to be our next president, Gary M. Ham,Esquire, of Lawyers Title Insurance Corp. Myplan is to remain active in the Association and Iam eager to work with Gary and the many otherfine and gifted men and women in theAssociation. I believe that the New Jersey LandTitle Association is the best title association inthe entire nation. I am proud to be a part of itand you should be too.

Michael GrantNJLTA President

President Grant’s Farewell

By:Michael Grant, NJLTA President

TheThe

New Jersey Land Title Association

IN THIS ISSUE:

May 2002Volume XIV, Issue 2

President Grant’sFarewell . . . . . . . . . . .1

2002 Weigel ScholarshipWinner . . . . . . . . . . . .3

Protecting YourInterests in Washington . . . . . . . . . . . . . . . . . .4

Electronic Closing and RecordingTechnology . . . . . . . .9

The Advocate staff has given me the opportunityto write a farewell article as President of theAssociation. It has been a productive year and Ithank all of the committee chairs and committeemembers for sharing their valuable time and talents. I also thank them for their perennialdedication and loyalty to the Association. It wasa privilege and honor to work with them thispast year.

This year is the 80th Anniversary of the NewJersey Land Title Association. While there waspreviously a provision in the Constitution foragency members it was only fifteen years agothat the Board of Governors took the bold stepof allowing agents to be actively involved in theAssociation through the Agency Section. Whenthe Agency Section was formed, there were a fewBoard Members who had concerns of possibleadverse effects on the Association by this newlycreated section. One of these concerns wasfinancial. The Board of Governors decided thatthe Agency Section would retain all the dues itcollected from the agency membership as long asthey did not come to the Board looking foradditional funds. The Agency Section has alwaysdone well with its funds and has been monetari-ly sound for the fifteen years. The Section hasalways been financially supportive of theAssociation for conventions and other specialprojects. I think it is safe to say that the Board ofGovernors believe that the agency participationhas been a positive contribution to theAssociation.

I am pleased with the work that the Associationhas done during my presidency. Still there is oneimportant issue that I had hoped to attend toduring my presidency but I must leave it for thefuture. What needs to be accomplished now isfor the Agency Section to take a bold steptowards the Board of Governors.

The Association in the past had been reactive toevents impacting our industry and as a resultmany of these issues took on a crisis mode.Starting late to get involved, the Association wasfaced with uphill battles and oftentimes the

7continued on page 8

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Who the industry looks to

3

The New Jersey Land Title Association takes great pleasure inannouncing that Kathryn Anne Cannito of Fair Lawn, BergenCounty, New Jersey is this year’s winner of its John R. WeigelScholarship Award. This Award, named in honor of theAssociation’s Director Emeritus who served the title insuranceindustry for over twenty years with great distinction, providesan $8,000 scholarship to Kathryn, now in her senior year atFair Lawn High School. Kathryn is planning to pursue aHistory or Art History curriculum at American University,Washington, D.C.

“The Association is very pleased to recognize Kathryn AnneCannito for her high school achievements, and we have nodoubt that her success will continue on the collegiate level,”said Michael Grant, the current President of the Land TitleAssociation. “Katie is the perfect example of the young personwhom the Association seeks to assist in furthering the stu-dent’s goal of advanced education, so vital in today’s demand-ing society. Katie’s success in the classroom, her talents in theperforming arts, and her leadership abilities as manifested inher student government achievements collectively promise thatthis young woman will be yet another shining example of theideals memorialized in the Weigel Scholarship.”

Kathryn Anne Cannito was eligible for consideration becauseof her father’s employment by an Agency Section member ofthe New Jersey Land Title Association. Katie’s father, John A.Cannito, Esquire, is a Vice President/Legal forCentury/Intercounty Title Agency, Inc. in Pine Brook.

Katie is the beneficiary of the generosity not only of the Boardof Governors of the NJLTA, but also of the Agency Section ofthe NJLTA. The Agency Section matched the usual $4,000Scholarship bestowed by the NJLTA Board of Governors withanother $4,000, doubling the prize to $8,000 over a four (4)year period.

Kathryn Anne Cannito joins a growing list of previous WeigelScholarship Award winners whose high school careers epito-mized academic excellence. The first Weigel Scholarship wasawarded in 1998 to Katherine A. Ramler. Ms. Ramler’s appli-cation was sponsored by Agency Section member Anthony F.Gerike of Mohawk Abstract Company, Medford Lakes,Burlington County, where Ms. Ramler’s mother, MelindaRamler, is employed. Ms. Ramler is scheduled to graduatewith honors from Clemson University in May, where she willstay on as a post-graduate student pursuing her MastersDegree in mathematics.

The 1999 Weigel Scholarship was awarded to Theresa E. Hayes,sponsored by underwriter member Stewart Title GuarantyCompany. Stewart employs her father, Harold C. Hayes, asits NJ-PA-CT District Manager. Ms. Hayes, who was alsonamed a National Merit Scholar, is in her junior year at Rutgers,The State University. She is enrolled in the University’sHonors Program at the College of Engineering where she ispursuing a degree in Biomedical engineering. Ms. Hayes wasrecently honored by her induction into the Cap and Skull

Century/Intercounty’s Kathryn Anne Cannito Wins the 2002 Weigel Scholarship

By:Larry Usignol, Esq., First American Title Insurance Co.

Society, Rutgers’ most prestigious academic honor society.

The 2000 Weigel Scholarship winner, Elliot Fineberg, is pursuing an Aviation major at Ohio State University. Elliot isalso taking courses towards earning his pilot’s license. Elliotwas sponsored by Chicago Title Insurance Company, anunderwriter member of the New Jersey Land Title Association.Elliot’s father, Lawrence J. Fineberg, serves as Vice Presidentand New Jersey State Counsel for Chicago Title InsuranceCompany.

Last year’s winner, John Thomas Wenzel, is pursuing aBiology (pre-medicine) curriculum at Villanova University.Despite the heavy demands of the Honors Program atVillanova, John somehow finds the time to serve as a memberof the Villanova Emergency Medical Services, getting a headstart on his chosen profession. John was eligible for considera-tion because of his mother’s employment by an underwritermember of the New Jersey Land Title Association. John’smother, Susan E. Wenzel, serves as New Jersey State AgencyManager for Fidelity National Title Insurance Company. ■

Consultant WantedNew Jersey Land Title Association seeks to retainconsultant to assist in advocating the modern-ization of land records and implementation ofelectronic filing and recording of land title documents in the state of New Jersey.

Consultant must possess the following:

• Good communication skills;

• Ability to serve as an advocate for the land title industry;

• Working knowledge of real estate transactions and land title documentrecording practices (New Jersey experience preferred);

• Experience in and knowledge of electronic information systems;

• Ability to dedicate significant attention to NJLTA projects as needed;

• Willingness to travel.

Please mail or fax resume with cover letter to:New Jersey Land Title Association 100 Willowbrook Road, Bldg. 1

Freehold, NJ 07728fax (732) 462-3340

No Phone Calls Please.

Protecting Your Interests in Washington

By: by Ann vom Eigen, Esq., ALTA’s legislative/regulatory counsel

This past year’s refinancing boom has been generous to thetitle industry. However, even at a time when the real estateindustry is growing, the political environment for the titleinsurance industry has begun to focus on the cost to the con-sumer and is surprisingly hostile at the Federal level. In thisarticle I will provide an update on the most pressing legislativeissues facing our industry: educating Capitol Hill on the valueof title insurance, Government Sponsored Enterprise (GSE)reform, predatory lending and RESPA reform, and interest onbusiness checking. ALTA has many more issues both legisla-tive and regulatory, and members can check our Web page(www.alta.org) for action updates on these maters. However,the following issues will be the key focus of the 2002 ALTAFederal Conference.

Fox in the Henhouse“I know how we can cut the cost of buying a house bybetween a quarter and a third for people that are buying ahouse. And the way to do it is to do something about titleinsurance...”. With this lead Senator Phil Gramm (R-TX),Ranking Republican on the Senate Committee on Banking,Housing and Urban Affairs, urged the new Secretary of HUD,Mel Martinez, to undertake an evaluation of title insurance inFederal housing programs to change title insurance requirements.What effect will Gramm’s remarks have on our industry?While the title insurance industry is increasingly becoming areal estate information services industry, the most importantaspect of our basic product, title insurance rates, is regulatedby state insurance departments. Product-development changesin the forms and policies, which are our basic product, are alsoregulated by the states. Nevertheless, Gramm’s statementshows that Federal legislators and regulators do play a role andaffect our industry. In past years we have dealt with business-structure issues, such as bank entry into the title business, thathave affected our business structure, service delivery, and ourmargins. Based on Senator Gramm’s remarks, the Federalgovernment and the government- sponsored enterprises(GSEs) can now begin to deal with the ultimate utility andprice of our product. The Federal government can directlyaffect our business operations in surprising respects through(1) explicit requirements to use title insurance in Federal pro-grams and by the GSEs, (2) interpretations of Federalstatutes, such as RESPA, and (3) legislation changes and inter-pretations affecting our business environment, such as theInterest on Business Checking legislation, which can directlyaffect the treatment of our escrow accounts.

Educating the HillThis increases the need for active involvement by the industryin ALTA efforts to educate the members of Congress and theirstaff who act on key issues in the area. Although this is a con-tinuing process, ALTA has made extra efforts this year, givenSenator Gramm’s perspective. Rep. Marge Roukema (R-NJ)and Rep. Mark Green (R-WI), respectively chair and vicechair of the House Financial Services Committee, graciouslyhelped ALTA to arrange briefings of members and staff of theHouse Financial Services Committee in February. Bert Rush,

senior vice president of First American Title InsuranceCompany of Santa Ana, CA, and Elizabeth Zajic, vice presi-dent, and district manager, senior counsel for First AmericanTitle Insurance Company, Washington, D.C., accompaniedme in briefing the House staff on title insurance practices,with an emphasis on claims and regional differences. With theassistance of Senator Paul Sarbanes (D-MD), chair of theSenate Banking Committee, the group also briefed the staff onthe Senate Banking Committee side as well. Senator Gramm’s remarks could still lead to an increased focuson title insurance requirements in Federal programs at HUD,the Veterans Administration, Fannie Mae, and Freddie Mac.Currently program requirements at these agencies vary. Thereis no Federal statute that requires any of these entities torequire title insurance on properties purchased or insured. Ingeneral, Fannie Mae, Freddie Mac, the Federal HousingAdministration, and the Veterans Administration do notrequire title insurance. Rather, they require title “evidence,”which can include title insurance but also includes title evi-dence such as attorney opinions. Freddie Mac requires titleinsurance for ARMs and for foreclosures. Consequently,actual Federal requirements to buy title insurance are very lim-ited. However, even those requirements can be altered andmodified, and products like mortgage impairment can beused. Currently pending legislation to restrict the activities ofthe GSEs could arguably limit that alternative.

Would GSE Reform Help?Last year and again in April this year, Rep. Richard Baker (R-LA), who now chairs the Subcommittee on Capital Markets,Insurance and Government Sponsored Enterprises of theHouse Financial Services Committee, introduced legislation tolimit the activities of Fannie Mae and Freddie Mac. The legis-lation would create an independent Board, the HousingFinance Oversight Board (the Board), to be housed in theExecutive Branch. The Board would replace the Office ofFederal Housing Enterprise Oversight (OFHEO), HUD, andany other Federal agency exercising regulatory authority overFannie Mae or Freddie Mac. From ALTA’s standpoint the key provision in the bill isSection 110 of the current version. It provides that the Boardwill have authority to approve all “new activities” and toreview all ongoing activities of the GSEs. The bill providesthat the GSEs may not commence a new activity withoutBoard approval. The Board may approve GSE involvement ina new activity after giving interested parties an opportunity tocomment on the proposed activity. The Board would look atseveral factors. It would review (1) whether the new activity isauthorized under the relevant charter act or other Federal law(2) whether the GSE can conduct the new activity in a safeand sound manner and (3) whether the new activity is in thepublic interest.A new activity is defined as “any program, activity, or businessprocess providing financing or other services related to theorigination of conventional mortgages (including purchasing,servicing, selling, and lending on the security of such mort-gages)” that (1) is ‘significantly different’ from programs,

4

Legislative Comments

5

activities, or business processes that have been approved underthis Act or that were approved or engaged in before the date ofenactment of the 1992 Act, or (2) represents an expansion, interms of dollar volume or number of mortgages involved,above limits expressly contained in any prior approval. Thegood news to the title industry is that the phrases “program,”“activity,” “business process,” and “significantly different” arenot defined. This language might prevent the GSEs fromengaging directly in title insurance.The language could also arguably affect the major marketplaceissue currently facing the industry- mortgage impairment. Aswe assess the effects of developing mortgage impairment prod-ucts in the marketplace, we also need to question whether theGSEs can omit title insurance or an attorney’s opinion onloans they purchase or hold. A willingness to accept some less-er form of title assurance for the promise of the seller-servicerto repurchase the loan in the event of any title problems couldarguably be deemed “significantly different” from currentactivities. In any case, Congress is not likely to pass this legislation in thecoming year. As Title News goes to press, the House andSenate Financial Services Committees, which have jurisdictionover most of the statutes regulating the title insurance and set-tlement industry, are focused on Enron reforms.Accountability to stockholders and workers’ retirement savingsare pressing and important public policy questions. The HouseFinancial Services Committee is working on legislation to dealwith these issues. Solutions will gain political mileage forpoliticians, so the environment will affect the timing of issuesaffecting the title insurance industry. Such issues will domi-nate the debate of the House and Senate Committees. Aspokesman for Rep. Richard Baker indicates that the congress-man will “turn his attention back to GSE reform after theEnron debate is completed.” Even if Congress develops a legislative solution for Enron, theshift in congressional focus to corporate accountability anddisclosure will still shape the GSE debate. On April 8, 2002,Armando Falcon, director of the Office of Federal HousingEnterprise Oversight Board, said that OFHEO would conducta comprehensive review of the GSEs financial disclosures.Rep. Baker’s attention will also turn to those issues in theHouse of Representatives. While Senator Chuck Hagel (R-NE), a member of the Senate Banking Committee, which hasjurisdiction over the issue, has asked key leaders in the Senateto review this issue, they have declined to involve the Senate inthe matter this year. Much of the focus on the GSEs will be atthe regulatory level.

Could Congress Eliminate Title Insurance? Fannie Mae, Freddie Mac, and HUD have very detailedrequirements for title evidence in their respective seller/servicerguidelines or regulations. However, these detailed regulatoryrequirements are unlikely to be dealt with in legislation. Fannie Mae and Freddie Mac charters, which provide theFederal authority establishing these entities, do not addresstitle insurance. As a business decision, Fannie Mae and FreddieMac are generally encouraged to limit their risk. They do so

by requiring lenders doing business with them to comply withrequirements of sellers/servicers’ guidelines established by theentities and applicable law. Lenders warrant that they arecomplying with Federal and state law and specific provisions ofthe entities selling and servicing contracts. Essentially, lendersmake three warranties: the validity of the mortgage, priority ofthe lien, and enforceability of the mortgage. Specifically, a sell-er of loans warrants that the mortgage conforms to all GSErequirements, is a valid lien on the underlying property, and isenforceable. If the mortgage is a first lien, the seller warrantsthat the property is free and clear of all encumbrances and liensthat would have priority over the mortgage lien (except for realestate taxes and special assessments that are not yet due andpayable); and that the property is free and clear of all mechan-ic’s and materialmen’s liens, and there are no outstandingrights that could result in any such liens being imposed on theproperty.If any of these title-related warranties is untrue, the secondarymarket agencies may require the seller to repurchase the mort-gage, whether or not the lender had actual knowledge of anyproblems. In addition, the secondary market entities mayrequire the lender to indemnify and hold Fannie Mae harmlessagainst all losses, damages, and legal fees resulting from abreach of warranty. Federal agencies such as FHA and VA also require some typeof title “evidence.” There is no explicit requirement for a titleinsurance policy. HUD/FHA regulations require “satisfactorytitle evidence” for mortgage liens and deeds in lieu of foreclo-sure, which may be in the form of a title insurance policy.Such satisfactory title evidence may include any one of severaldifferent alternatives such as a fee or owner’s policy of titleinsurance a mortgagee’s policy of title insurance supplementedby an abstract and an attorney’s certificate of title an abstract oftitle prepared by an abstract company or individual engaged inthe business of preparing abstracts of title and accompanied bythe legal opinion as to the quality of such title signed by anattorney experienced in examination of titles a Torrens or simi-lar title certificate or evidence of title conforming to the stan-dards of a supervising branch of the Federal government or astate government. Instead of instituting foreclosure actions,the lender may acquire property from a mortgagor owning asingle property, and it transfers a good marketable title accom-panied by satisfactory title evidence to the FHACommissioner. On the HUD/VA Addendum to the UniformResidential Loan Application, the lender must also certify thatthe security instrument has been recorded and is a good andvalid first lien on the property described. The VA has a “local custom and practice” standard that allowstitle to the estate to be that which is acceptable to informedbuyers, title companies, and attorneys in the community wherethe property is located. What can be done? ALTA members at the Federal Conferencewill have asked their representative to send a letter to Federalagencies to notify their member of Congress if the agencychanges the requirements for title evidence. An increased levelof congressional “interest” could serve to make these Federalagencies think twice before they change their requirements.

continued on page 4

6

Protecting Your Interests in Washington (continued)

Interest on Business CheckingLegislation to allow banks to offer interest to businesses hold-ing checking accounts is proceeding through Congress. Themost recent version, a bill passed by the House on April 9,provides that effective two years from the date of enactment,banks will be allowed to pay interest on business checkingaccounts. Under 1930s laws, banks cannot pay interest onbusiness checking accounts. Large banks have been able to givetheir commercial clients interest by conducting “sweeps” ofmoney from the noninterest-bearing accounts into interest-bearing vehicles, six times a month. Supporters have said thatsmaller institutions often are prevented from conducting suchsweeps because of legal barriers and a lack of technology. How will this affect our business? The bill may affect bankand title agency escrow relationships, since it would lift thecurrent “Regulation Q” prohibition against banks payinginterest on escrow funds. The bill would effectively eliminatecertain well-established financial benefits and checking servicesthat large depositors now receive from banks in lieu of interest.These services are provided in accordance with current guid-ance under Regulation Q. For example, Regulation Q providesthat offering the following services without charge is not thepayment of interest: Armored car services; short-term overdraft privileges; fullendorsement stamps; printed checks; safe-deposit boxes andnight-depository facilities; preparation of reports required of abank by a municipality; loans at preferential interest rates; andmaintenance of a permanent record of all checks and deposits.To assure that the current provision of services by banks inaccordance with Regulation Q and identical legal treatmentwould be continued even if the legislation passes, ALTA hassought a series of amendments to clarify that current law willcontinue. ALTA was successful in assuring that the FederalReserve has indicated “they don’t have a dog in this fight.” Rep. Judy Biggert (R-IL) offered an amendment in theFinancial Institutions Subcommittee consideration of theInterest on Business Checking legislation to address this issue.A version of this amendment was adopted in the full FinancialServices Committee consideration of H.R. 974, Interest onBusiness Checking in March 2001. During the fall, with thesupport of Greg Kosin, chair of the ALTA Government AffairsCommittee, we received the support of two congressmen, KenBentsen (D-TX) and Don Manzullo (R-IL), on the HouseFinancial Services Committee. Indeed, both legislators signedletters to Chairman Mike Oxley of the Financial ServicesCommittee urging him to support modifications to the bill.Additionally, Congressman Jim Maloney (D-CT) sent thevery same letter to Chairman Chris Dodd of the SenateBanking, Housing and Urban Affairs Subcommittee onSecurities and Investment. In House action on April 9, 2002, with the help again of Rep.Biggert, ALTA was successful in achieving adoption of severalmodifications to the amendment in H.R. 1009, the BusinessChecking Freedom Act. ALTA member lobbying is essentialto hold this amendment in the full U.S. Senate. Again,Senator Gramm is influencing the debate. The amendmentsmay be dropped because of opposition by Senator Gramm’sfinancial services staff to the House-passed amendments. Consequently, ALTA members will carry a draft letter to

Senators Gramm and Sarbanes to Capitol Hill asking thatSection 7 of HR 1009 be retained in any future Senate action.

Predatory Lending and RESPAState and Federal legislators and regulators have undertaken avariety of efforts to address abusive lending practices that haveled low-income borrowers into unsuitable loans. Because thedefault and foreclosure rates of predatory loans are very high,politicians have attempted to develop a variety of solutions toaddress these issues. Surprisingly, from the ALTA perspective, a possible solutionto the problem of predatory lending that has been mentionedat the Federal level is a new exemption from RESPA Section 8for creditors who provide a package of settlement services at aguaranteed price. This new exemption would allow lenders toask settlement service providers such as title insurance compa-nies and agencies to pay referral fees to get into the package orto reduce the price of their services to get into the guaranteedprice package. Either approach is likely to reduce title industrymargins as we face our customer demands. This solution isalso being promoted by interest groups, such as the MortgageBankers Association of America and the Consumer MortgageCoalition, and included among recommendations in a “HUD-Treasury Report on Predatory Lending.” Why is this a popular solution? HUD Secretary Mel Martinezsaid of his recent closing materials, “If I’m a lawyer and thesecretary of HUD and I’m not reading this junk, you knowthere’s work to be done fixing the system.” That is why heintends to address the problem of consumer confusion at set-tlement by RESPA reform. “We’re going to do something,” Martinez said. “The problemhas been an unwillingness by prior administrations to makethe tough choices-to crack down on kickbacks and to makethe disclosure system simpler and understandable for homebuyers.”Given the resources of a Federal agency, Martinez establishedan internal HUD Task Force to review this issue. Many HUDstaff are predisposed to approve packaging because they hearthe message from the lender community, and they believe thatpackaging will force down consumer prices. However, they arecurrently evaluating whether HUD has authority to actuallyprovide a new exemption to Section 8. Rep. Mike Oxley (R-OH), chair of the House FinancialServices Committee, which has jurisdiction over RESPAreform, recently stated that the committee would focus onreform when its work on deposit insurance and Enron-relatedlegislation was completed.“One of the goals of our committee, before I die, am term lim-ited, or am run out of office, is to reform RESPA,” Oxley indi-cated. In addition, Rep. John LaFalce (D-NY), ranking member ofthe House Financial Services Committee, wrote to HUD onMarch 26, 2002. In that letter, ranking member LaFalceraised the concern that HUD would be exceeding its statutoryauthority if it proposed a broad exemption to Section 8 in theform of a proposed rule. ALTA is supporting Congressional review of this issue, writingto both HUD and Rep. LaFalce to indicate that HUD doesnot have statutory authority to provide a new exception to

7

Section 8. By exercising its authority in this area, Congresshas provided ALTA members with an opportunity to convincetheir member of Congress that Section 8 reform may wellaffect their business margins.

Could Reform Affect Title Fees? Another solution to predatory lending suggested, by someinterest groups and recommended by HUD and the TreasuryDepartment, is to include currently excluded points and fees,such as title insurance, in the “trigger” calculation for deter-mining whether or not a loan becomes a high-cost loan. UnderHOEPA (Home Owners Equity Protection Act), lenders arerequired to provide additional disclosures to consumers whoobtain these high-cost loans. Currently HOEPA defines a high-cost loan as a loan where thetotal points and fees payable by the consumer at or before clos-ing will exceed the greater of (1) eight percent of the total loanamount, or (2) $400 (indexed for inflation). Also under cur-rent law, “fees or premiums for title examination, title insur-ance, or similar purposes” are included within the definition of“points and fees,” and then excluded if the charge is reason-able, the creditor receives no direct or indirect compensation,and the charge is paid to a third-party unaffiliated with thecreditor.Congress and the Federal regulators have formally asked forguidance on these issues, and ALTA has alerted them to indus-try concerns on technical issues that have arisen with respect topredatory lending issues. Our emphasis has been on mainte-nance of the current exclusion under HOEPA for “residentialmortgage transactions; maintenance of the current title-chargeexclusion from the calculation of points and fees that can leadto categorization as a high-cost loan; preventing potential lia-bility on closers who “allow” the collection of unnecessarycredit insurance premiums; and narrowing the circumstancesunder which home mortgage documents may be invalid toallow room for correction of scriveners’ errors and recordinginformation.ALTA submitted statements with the House and SenateBanking Committees, the Office of Thrift Supervision, andthe Federal Reserve Board when they considered these issues.As a result, in December of last year, the Federal ReserveBoard issued amendments to Regulation Z implementingHOEPA that maintained the current treatment of points andfees for title and closing services. This was a major victory forALTA, given the pressure by the consumer groups and othertrade associations, including RESPRO, to include points andfees in the HOEPA test. In addition, Senator Paul Sarbanes (D-MD), chair of theSenate Banking Committee, held hearings during January2002 on predatory lending. Title insurance was not men-tioned during the Senate hearings, although the MortgageBankers Association of America did use the opportunity to dis-cuss packaging as a solution to predatory lending. Further, weexpect that Sarbanes’s legislative solution will affect our pointsand fees. There has been a movement toward swift passage ofpredatory lending legislation at the state level. Several stateshave, in recent months, written, introduced, and passed stifferregulation of the sub-prime market. However, the AmericanAssociation of Retired Persons has floated a Model State

Dower Right Construed

Statute called the Home Loan Protection Act for the benefitof those states without concrete language. Through ALTA’shard work, this sample language, following the lead ofHOEPA, excludes title insurance fees from the high-cost-loantest, provided those fees are “reasonable and paid to an unaffil-iated third-party.”As you can see, each of theses issues could have an impact onthe title industry. Each is extremely complicated and requiresconstant monitoring by staff and ALTA members. We needto continue to educate members of Congress and their staffabout the value of title insurance and how these issues willaffect our businesses. If you know any of the members ofCongress mentioned in this article or are willing to help inthis legislative arena, I look forward to working with you. ■

Ann vom Eigen is ALTA’s legislative/ regulatory counsel. She canbe reached at 1-800-787-2582 or ann_vomeigen@alta.org.ALTA would like to acknowledge the work of ALTA counselors,Sheldon Hochberg, Steptoe and Johnson, and Phil Schulman,Kirkpatrick & Lockhart, on the information in this article per-taining to GSE reform and the Federal agencies.

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Electronic Closing and Recording Technology: A System in Ontario

By: Stephen L. Phillips, President, Charles Jones, LLC &Nancy L. Koch, Esq., CTP, Commonwealth Land Title Insurance Co.

The Recording Practices Committee of the New Jersey LandTitle Association was formed to “monitor and report upon thestate of the land records in the county clerks’ and recordingoffices throughout the State” and to monitor the counties’efforts to computerize our land records. Looking to thefuture, the Committee has also formed a joint task force withrepresentatives of the county recorders’ offices to “study trendsin recording practices both within the State and nationally, toremain abreast of technology in this area, and to act as a cham-pion for legislative changes which advance the utilization oftechnology...” The idea is to look beyond the borders of NewJersey, and to look or think “outside the box” for solutions tosome of the challenges we face. In this case, we even lookedoutside of the country at technology that has been implement-ed in Ontario, Canada to maintain the land records.

The province of Ontario has shifted from a 200 year-oldpaper-based land registration system to an electronic systemdeveloped by a company called Teranet Land InformationServices, Inc. (Teranet). Using this system, title “documents”are created, exchanged and filed electronically and do not needto be in paper form to have legal standing. Users can alsosearch and access the land records from desktop computerswith dialup connections or from kiosks set up in publicoffices. The system eliminates the need to visit one of the landregistry offices to complete a real estate transaction.

Ontario has a population of about 11 million people withabout 4 million parcels of land recorded in 56 land registrationoffices. By comparison, New Jersey has a population of about8.4 million people (U.S. 2000 Census) with about 3 millionparcels of land recorded in 21 county offices. Today, about 32of the LRO’s in Ontario use the Teranet system and nearly 70percent of the documents have been converted, including themajor population centers of Toronto and Ottawa.1

Teranet was formed in 1991 as a private company. But it isreally a public/private partnership that is 50% owned by thegovernment (Ministry of Consumer and CommercialRelations) and 50% owned by a consortium of private compa-nies and investors, including KPMG and EDS. The govern-ment contributes their data in the form of an exclusive license,while the private side contributes capital, systems technology,management, marketing and distribution. The company hasgrown from just 80 employees in 1992 to nearly 900 employ-ees in 2001. Their first priority was to create an electronicdatabase of all titles, documents and maps for property inOntario. To date they have converted more than 150 milliondocuments. However, converting the documents themselveswas not the biggest challenge.

Making the TransitionThe various challenges encountered during the 10-year processcan be grouped into three general areas: 1) technology issues;2) legal issues and legislative changes; and 3) operationalissues. Of these, “technology,” in the contemporary use of the

term, was probably the easiest to address.

“Technology is rarely the challenge in land registrationautomation. Rather the human element in technology is, typically, the most difficult to manage.”

2Although advances

in systems technology make the selection of platforms and theinfrastructure a moving target, Teranet found that the impactof technology and managing change was the greater challenge.Some of the more general issues they addressed were:

• Estimating the need for education and training for staff and public users of the system.

• Planning and developing a phased approach for implementation and delivery of services.

• Communicating the purpose and process of conversion.• Avoiding obsolescence and planning for the future.• Embracing industry standards.• Developing an enterprise level infrastructure that interfaces

with government systems and private enterprise.

Significant legislative changes and regulatory reforms wereneeded to make the transition possible. In all, more than fifty-two laws were enacted or changed to create the frameworkrequired. Amendments in 1994 in the Land RegistrationReform Act addressed some of the well-established legal principles of conveyancing that required documents to be in written form with proper signatures. Today, an electronicallyregistered document has the same legal status as a signed paperdocument. In fact, the changes went so far as to say that theelectronic document now prevails over any written or paperform of the document. Traditional requirements for writtenaffidavits and signatures have been replaced by electronicforms and signatures.

In addition, the use of “statements” (i.e., legal statements)serves as an electronic substitute for conventional forms of evidence. A lawyer will simply complete a series of prescribed,on-screen “compliance with law statements” to satisfy all evidentiary requirements. The information contained in thesestatements is similar to what was required by paper. But thedifference is that the “information is prescribed-not the formof it.”

The impact of these legislative, regulatory and technologychanges on standard practices and workflow (i.e., operationalissues) represented the greatest challenge. To effect thesechanges required the involvement and participation of all of the stakeholders in the process-including the provincial government, the Ontario Bar Association, Teranet and others.The transition from paper documents to microfilm images todigital documents required a new way of thinking about andconducting real estate transactions. For example, when “state-ments” are filed electronically by the parties to the transaction,the question is, “When is the deal actually closed?” Instead ofbeing an event that occurs around a settlement table, a closingbecomes a process of filing electronic information.

continued on page 10

10

Electronic Closing and Recording Technology: A System in Ontario (continued)

The experience, during this period of transition, is differentfor each participant in each county or jurisdiction. Some ofthe other changes and issues involve:

• New payment methods and restructuring of fees - using depositary accounts, transaction cards and electronic funds transfer.

• The need for education and training, as well as new training methods and procedures.

• Technical support and customer service.• Hours of operation, since the process is not constrained by

traditional hours of business.

Security is another issue of concern that was addressedthrough the use of the Public Key Infrastructure (PKI) provid-ed by Entrust to maintain secure information from beginningto end. Each user has their own encrypted diskette containingtheir personal identification and passcodes. The informationon the diskette serves as a “key” to gain access to the system.The registration process requires a separate license for eachuser. Links to the Law Society database ensure that onlylawyers in good standing with the Bar have access to the service. All information pertaining to a transaction is encrypted until it is properly registered and filed.

The entire operation is paid for by transaction and filing fees.Although the fees were increased by 200-300% to cover thecost of conversion and development, users balance the increaseagainst the added convenience and improved access to therecords. The current fees for electronic access are $18.00 persearch, and then $2.00 per page. However, governmentoffices are provided free access, according to the terms of theoriginal operating agreement.

Keys to SuccessAfter more than 10 years of experience making the transitionand changing business practices, Teranet has identified the following keys to their success:

• Having positive and dynamic leadership.• Maintaining trust between government and private sector

partners.• Involving and maintaining close communication between all

stakeholders.• Embracing change, overcoming resistance and recognizing

new opportunities.• Providing numerous training programs and effective

customer service support.

Even though they have made great strides in automating the filing and searching of land records, there are still somechallenges ahead. The technology they acquired and developedin the early 1990’s is already somewhat obsolete. For example,they are not able to provide browser-based access through theInternet using their existing technology. Nor can they useindustry-standard software, such as Microsoft Word or otherword processing systems, to create documents and “electronicstatements.” Instead, their system requires proprietary softwareto run on each desktop with diskettes distributed for the use of

each user. Furthermore, as they expand their reach into themore remote areas of the province, training and customer support become more of a challenge.

Nevertheless, the system in Ontario is becoming a model forpaperless land registration systems around the world. Japan,New Zealand, South Africa, and several other countries havedemonstrated interest in Teranet’s technology.

Could the system itself be implemented in New Jersey?Probably not without some extensive revisions and changes.Since most law offices and title companies already have someform of automation in their offices, it would be difficult toimpose a requirement to run proprietary software to create andfile title “documents.” Changes in traditional practices andforms would also require approval from national associations,regulatory agencies, lenders and Fannie Mae/Freddie Mac.However, the lessons learned about making the transition cancertainly be applied to New Jersey and other jurisdictions. ■

1It is interesting to note that title insurance is a relatively new concept in

Ontario since the old registry system has traditionally held records relating toland and risk was very limited. If there was a claim, it was paid out of govern-ment revenues. When there were concerns about title, lawyers provided legalopinions about the marketability of title and acted as insurers to a certainextent. Their opinions were insured through errors and omissions insurance.This practice is beginning to change as recording practices change and lendersbegin to request some additional form of title insurance.2Teranet, “Land Registration System Country Study: Ontario, Canada,”

May 15, 1999.

ADVERTISE HERE

If you want to advertise in

The Advocateplease contact

Michael Huddleston at

Trans-County Title Agency, Inc. at

(732) 846-0600, or

HUDTransCounty@hotmail.com

for further information.

Legislative Comments

By:Elissa Bounarota, Esq., Esquire Title Services, LLC

The New Jersey Land Title Association needs your help.

There are a number of new bills which have been introducedby legislators this year which may have a direct impact on ourindustry. Your help is needed in contacting your local member of the assembly and/or congress and let them knowyour thoughts.

The first three are all bills that concern Notaries.

Assembly Bill 1848 / Senate Bill 299 - is the same bill thatwas introduced last year. It provides that the fees charges bynotaries be increased to a flat fee of $15.00 or $25.00. Unfortunately, the bill was not passed last year - so the processwas started again this year. The Association is strongly in favorof this bill.

Assembly Bill 1840 / Senate Bill 879 - requires thatnotaries be citizens. No one knows why the bill was introduced,but, it may have some impact on those who employ or usenotaries in their offices on a consistent basis. The Associationat this point is opposed to this bill.

Assembly Bill 1840 / Senate Bill 879 - issues various guide-lines for notaries. Some of these we already use (photo ID,logs, etc.) but others are more strenuous (thumbprints). It also does not change the fee schedule. What the Association

would like to do is to meet with the sponsors of this and thefirst bill to see if we can combine them into one - a bill that would increase fees and provide standard (but not burdensome)guidelines.

The next two bills include adding requirements to the recording of a deed. These requirements include addingsquare footage of the building, the year it was built, & thenumber of dwellings. We opposed a similar bill last year, andare looking to do the same this time around. These bills areAssembly Bill 1809 and Assembly Bill A1962.

Another bill the Association is in support of is Assembly Bill1923. This bill would provide that Franchise Tax searches areto be issued by the State within 15 days, or, if they are notissued, a buyer would take title free from the lien of the taxes.

Lastly, we’re still keeping a lookout for bills allowing mortgagebankers/brokers and credit unions to sell title insurance. We’llkeep you advised.

Give a call to your local legislator, or send them a letter. Wehave some form letters for you to use and are working on someothers. Also, let us know who you have contacted and their response. ■

Service

At Stewart we have made a tradition of responsiveness. With more than 5,400 offices

throughout the world, and the special underwriting and closing expertise you desire, we are

at your fingertips.

That’s service.

Strength

A”, A+ A2, A+. At Stewart, we’ve always been smart, but more than that, we’ve had strong

ratings. Demotech, Fitch, Moody’s and LACE Financial consistently praise our first-rate

capitalization with excellent grades.

International

At Stewart, we believe clear, transferable title to homes and businesses means stability and

prosperity. That’s why we’re leaders in Mexico and Latin America, pioneers in Israel and

innovators in Central and Eastern Europe. In fact, we’ve touched fifteen countries and we’re

still expanding our reach.

Trust, strength and technology have built our reputation. Convenience, security and service

are building our future.

Come see what’s possible with Stewart.

Stewart is ...

Stewart Title Guaranty Company1055 Parsippany Blvd., Suite 503Parsippany, NJ 070541-800-858-68421-888-STEWARTwww.stewart.comNYSE: STC

solutions¨

a

11

STATE CAPITAL TITLE AND ABSTRACT COMPANY

12

addition to the Directory publication; it would enable broad-cast faxes and e-mails and additionally guaranty that the website listed the latest membership information. The broadcastfeature would assist in notifying you of pending legislationand requesting you to contact your legislator such as thenotary legislation described in the legislative update articleherein. This would be a faster, cheaper and more efficientmethod of communication with all our members.Please complete the survey with the membership informationand also the questions concerning future meetings and seminars and return it as quickly as possible.

The National LevelIn this issue there is a thought-provoking article by Ann vomEigen, Esq., dealing with what is happening on the NationalLevel. Ann, as lobbyist and legislative counsel for ALTA, pro-vides a panoramic picture of the Washington scene. Shepoints out that a recommendation in a “HUD-TreasuryReport on Predatory Lending” may actually lead to lowerprofit margins in the title industry. Her article demonstratesthe need for everyone to keep abreast as to what is happeningin our Nation’s Capital.ALTA now maintains a page on its web site devoted toMortgage Impairment Products. As noted before if somethingis not done to compete with these products there will never beanother refinance boom in the title industry.Hopefully, as we move along electronically, your ability toknow and communicate about the issues that effect ourindustry will be improved greatly. ■

Unfair Business PracticesSince our last meeting the Department of Banking andInsurance finally acknowledged our letters concerning UnfairBusiness Practices. Unfortunately the reply only states thatthey are in receipt of our query and that the Department willget back to us with a response “in the near future”.For those of you who did not attend the last Agency SectionMeeting, the discussion of this issue drew various opinionswith several results. Finally it was agreed that our letter wouldagain be sent to the Department. Some members pointed outthat the Department does not give opinions on hypotheticalcases; it wants actually concrete cases. Second, it was agreedthat the Chairman would meet with the Executive Director ofthe NJLTA, Edward Eastman, Esq., to determine what wouldbe the venue for and the possible results of approaching theBar Association. Finally the Chairman would also discuss withMr. Eastman the possibility of our contacting some of ourstate legislators and requesting a joint meeting with them andthe Commissioner.

Survey & Web Site DevelopmentBy this time everyone should have received a survey to complete in order to update the annual Directory. When the web sites were merged several months back it was envi-sioned that the Directory could be directly printed from the web site listings; this is not the case. In a recent meeting with representatives from Charles Jones, LLC, which manages and maintains the site, it became apparent that a data base formatwould have to be created. Currently this is being looked into.However the change would have several positive results in

The Agency Section

By: Michael Kehoe, Chairman

SAME DAY – NEXT DAYFRANCHISE TAX RESULTS!

Many State Capital title agency clients are already receiving 10-30% of their Franchise Tax searches back in oneday! How? Thanks to State CapitalÕs industry leading completed search database, we have over 1300 business names already available for super fast processing. While turnaround time is a function of the name searched plusthe unpredictable response time of the Tax Division, State Capital can absolutely state that you will have a betterchance of getting your Franchise Tax search result back quickly from us than any other vendor.

How much valuable staff time do you spend working around non-receipt of Franchise Tax info? 10 minutes? 20 minutes? 30 minutes? Would you like to avoid customer upset? Save time, money and customer good will byusing State Capital for all your Franchise Tax search needs. We can even e-mail the result to you for the fastest possible response. As the year progresses, our database grows, and the likelihood of getting a fast search resultimproves each month. Why wait weeks and months on every search with other vendors?

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13

TEXT REFERENCES:

New Jersey Title Law & PracticeFineberg, Handbook of New Jersey Title Practice, 2d Ed.

See NJLTI, belowBanks, mortgagees - where are they now?Kay, Directory (lender mergers & addresses)

(800) 345-0203

INDUSTRY ORGANIZATIONS:

NJ Land Title Ass’n – www.njlta.orgAmerican Land Title Ass’n – www.alta.orgNJ Land Title Institute – www.njlti.orgTitle Abstractors’ Ass’n of NJ – www.taanj.org

INDUSTRY VENDORS:

State Capitol and Abstract – www.statecapital.netCharles Jones LLC – www.charlesjones.comCurrent Status – www.currentstatus.comAccu-Search – www.accusearch.comState of New Jersey – Corporation Information

https://accessnet.state.nj.us/HIndex.aspThe Title Report – http://www.thetitlereport.com/

People/Organization (generally), Locatewww.anywho.comwww.infospace.comwww.infousa.com/homesite/index.htmlwww.switchboard.comwww.whowhere.lycos.comwww.555-1212.com

Decedents (dead people)ssdi.genealogy.rootsweb.com/cgi-bin/ssdi.cgi/ www.state.nj.us./health/vital/vital.htm

Public Officials, all states, recording officials, tax assessors, etc.www.netronline.com.http://www.zanatec.com/multiwin.htmlwww.njbarexams.org (for certificates of good standing for attorney insurance producer license renewals)

Legal Research:http://findlaw.comwww.njlawnet.comwww.law.cornell.edu

FDIC site, to get histories of fed bankswww.ffiec.gov/nicwww3.fdic.gov/idasp//index.asp

Hill Burton siteshttp://www.hrsa.gov/osp/dfcr/obtain/HBSTATES.HTM

NJ attorneys with disciplinary proceedingshttp://www.cjnj.org/html/the_nj_bartender.html

U.S.Codehttp://uscode.house.gov/usc.htm

State of NJ court systemhttp://www.judiciary.state.nj.us

Congress on the Internethttp://thomas.loc.gov

Dept of State page for getting docs abroadhttp://www.state.gov/www/authenticate/index.html

Uniform Laws and Model Actshttp://www.lawsource.com/also/usa.cgi?usm

Bankruptcy Court in New Jerseyhttp://www.njb.uscourts.govhttp://pacer.psc.uscourts.gov/pacerdesc.html

HUDhttp://www.hudclips.org/cgi/index.cgi

Directory of State licenseeshttp://www.state.nj.us/lps/ca/director.htm

Fed’l Reserve Bank Informationhttp://www.ffiec.gov/nic/default.htm

NJ Dep’t Banking & Insurancehttp://www.state.nj.us/dobi/index.html

NJ Legislature (recent & pending bills)http://www.njleg.state.nj.us/

NJ Courtshttp://www.judiciary.state.nj.us/

US Codehttp://www4.law.cornell.edu/uscode/

Disciplinary cases re NJ Att’yshttp://www.cjnj.org/html/the_nj_bartender.html

Nat’l Conference Commis. Uniform Lawshttp://www.nccusl.org/

US Gov’t Printing Office (fed’l laws & bills)http://www.nccusl.org/

New Jersey League of Community and Savings Bankers (tracing former lending institutions)

http://www.njleague.com/BankMerge.htmLimited Liability Co & Ptnrship laws

http://c2.com/w2/bridges/LnetStatePagesNJ Judiciary information

http://www.judiciary.state.nj.us/resource.htmLaw resources

http://www.burlco.lib.nj.us/law/HUD

http://www.hudclips.org/cgi/index.cgi

Legal Research & Misc. useful infohttp://findlaw.com/http://lawguru.com/http://www.lawresearch.com/http://www.access.gpo.gov/su_docs/aces/aaces002.html

Lenders, Locate or Trade OrganizationsKay Directory – (www.payoffassist.com)Mortgage Bankers Ass’n – www.mbaa.orgMortgage Bankers – www.mbaa.orgNJ Savings Institutions, merger info for

www.njleague.com/BankMerge.htm www.payoffassist.com

Nehemiah Program – www.getdownpayment.comBank mergers ,NJ – www.naic.org/nj/mergers.htmMERS – www.mersinc.org/index1.htmNY Banking info – www.banking.state.ny.us/history.htm

Other Governmental sitesState Department:

www.state.gov/>http://www.state.gov/Bureau of Consular Affairs:

www.travel.state.gov/>http://travel.state.gov/Links to Embassies:

www.travel.state.gov/links.html>http://travel.state.gov/links.htmlFederal Statistics

http://www.fedstats.gov/policy/access.htmlNational Archives and Records Administration

http://www.nara.gov/Social Security Death Information

http://ssdi.genealogy.rootsweb.com/cgi-bin/ssdi.cgiNJ Department of Archives and Records Management (DARM)

http://www.state.nj.us/state/darm/archives.htmlNJ Gateway to business service (business info)

https://accessnet.state.nj.us/web2/images/leftcut3.gifNJ Legislature

http://www.njleg.state.nj.us/DJ Vital Records

http://www.vitalrec.com/nj.htmlGeneral Information

http://www.infoplease.com/Ultimate directory

http://www.infospace.com/

BANKINGFederal Reserve Board

http://www.federalreserve.gov/Comptroller of the Currency

http://www.federalregister.com/hpage/cc.htmlFederal Financial Institutions Examination Council

http://www.ffiec.gov/Missing Assignment Database

http://wolffirm.com/assignment/

SEARCH ENGINES37.com – http://www.37.com/chubba

http://chubba.whatuseek.com/i/headline2-tips-on-using-chubba.gifDogpile – http://www.dogpile.com/index.gspFast – http://www.alltheweb.com/Google – http://www.google.com/Lycos – http://www.lycos.com/Webcrawler

http://web.webcrawler.com/d/search/p/webcrawler/Yahoo – http://www.yahoo.com/

Deep Search Siteshttp://www.invisibleweb.com/http://gwis2.circ.gwu.edu/%7egprice/direct.htmhttp://www.completeplanet.com/http://www.webdata.com/webdata.htmhttp://beta.profusion.com/http://dir.lycos.com/reference/searchable_databaseshttp://infomine.ucr.edu/search.phtml

RESOURCES FOR REAL PROPERTY PRACTITIONERS(there is a possibility of some duplications; additional listings are always welcome)

On the Move

By: Cindy CarlamereMaureen CrowleyUnsinn, CTP

14

First American Title Insurance Company is pleased toannounce that Michael W. Murphy has joined the Companyas New Jersey State Manager. Mr. Murphy succeeds Richard A. Angelo, Esq., who has been promoted to RegionalClaims Counsel.

Chicago Title Insurance Company has promoted RalphRomano to State Manager in charge of New Jersey DirectOperations.

Gary Urquhart, Esq., has been named Fidelity NationalFinancial’s new Chief Claims Counsel. He will be locating tothe Chicago Title Insurance’s Offices in Iselin, N.J.

Stewart Title Guaranty Company announces that LydiaFowler has joined its staff as New Jersey State Agency Manager.

Clare S. Pollard, Esq., has joined Stewart Title GuarantyCompany as Assistant State Counsel.

Patrick Doyle has been named to the staff of Stewart TitleGuaranty Company as its Automation Account Manager.

Susan E. Wenzel of Fidelity National Title InsuranceCompany has been promoted to State Agency Manager, A.V.P.

Fidelity National Title Insurance Company announces thatChristopher P. Marra, Esq., has joined the Tinton Fallsoffice as Vice President and State Underwriting Counsel.

To make this column useful, it is important that you, thereader, keep us informed of relevant news so that we can publish it. Please submit items to Frank Melchior at fmelchior@njtic.com or, if you prefer, by fax to (973) 331-9099. ■

Title Abstracters’ Assn. of NJJune 20, 2002

Ramada Plaza HotelEdison, NJ

Board of Governors MeetingSeptember 18, 2002

Sheraton InnIselin, NJ

Agency Section MeetingOctober 10, 2002

Location: TBA

Agency Section Free SeminarOctober 10, 2002

Location: TBA

ALTA Annual ConventionOctober 16-19, 2002The Breaker’s Hotel

Palm Beach, FL

RESPRO – Fall SeminarOctober 29-30, 2002

Ritz CarltonNew Orleans, LA

COMING EVENTS

NJLTA Annual ConventionPlatinum Level Sponsors

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TheThe

New Jersey Land Title Association

Monmouth Executive Center100 Willowbrook Road, Building 1Freehold, New Jersey 07728

NJLTA Board of Governors

Michael Grant, President973-267-4600mgrant@colonial-title.com

Gary Ham, First Vice President973-709-1326gham@landam.com

Beth Way, Second Vice President856-428-6880bway@fidelitytitlenj.com

Maureen Crowley-Unsinn, Sec.-Tres.732-855-1145macrowley@firstam.com

Agency Management Board

Michael Kehoe, Chair732-389-0009mkehoe@khov.com

Stephen Whitney, Vice Chair201-488-5777accusearchtitle@worldnet.att.net

William DeAscentiis, Secretary856-795-4000wodeascentiis@servicetrak.com

Neil Savad, Treasurer732-846-0600nstranscounty@hotmail.com

Robert Palmisano, Trustee908-298-9090rpalmisano@stgeorgetitle.com

Elissa Buonarota, Trustee973-560-0636elissab@titleesq.com

Advocate Committee

Michael Kehoe, Chair732-389-0009mkehoe@khov.com

Nancy Koch973-515-0033nkoch@landam.com

Kevin Cairns732-219-6540kcairns@fnf.com

Maureen Crowley-Unsinn732-855-1145macrowley@firstam.com

Michael Huddleston732-846-0600hudtranscounty@hotmail.com

Frank Melchior973-331-1888fmelchior@njtic.com

Policy

The views and opinions expressed by the authors of the published articles are those of the authors or his/her employer. Consult your underwriter for specific guidelines.NJLTA makes no endorsement of advertisers, nor takes responsibility for the content of the advertisements.

Welcome

By: Michael KehoeThe Agency Section wishes to welcome the following new members:

APEX TITLE AGENCY, LLC, Middlesex, N.J. (Delegate: Juanita Painson)

DELAWARE VALLEY ABSTRACT CORP., Moorestown, N.J. (Delegate: Jane Bader)

Odds and Ends

By: Cindy CarlamereMaureenCrowley Unsinn, CTPWhen doing mileage charges the new charge is the same one determined by the I.R.S. pursuant to Sect. 1.274-5(j)(1) of the IncomeTax Regulations (currently $.365/mile) and is effective as of May 13, 2002.