Fall 2016

2016 Convention Wrap Up

2017 Convention Save the Date

2017 Legislative Session Preview

After enduring months of negative campaign adds, IT is finally over. Now, “Where do we go from here?” is truly the question on so many of our minds after the historic outcome of our Presidential race. I am anxious to see what impact it and the other races will have on the future of our industry.

I had the privilege of attending the high energy 2016 ALTA Convention October 3-7 in Scottsdale, Arizona. There was much discussion on what either a Hillary Presidency or Trump Presidency would entail. There were even whispers that Cordray may be possibly going home. The 2017 profile ranged from the increasing threat on information security and TRID to the future of the title company. The Assessment piece of ALTA’s Best Practices was another item being looked at a little more closely. The question of “What will we look like in 5 years and how do we prepare for it?’ was another subject explored but not (nor will it ever be) one that can be answered with certainty.

Not unlike other industries we continue to face inevitable change. Your Legislative Committee consisting of Kim Rosenberg, Nick Long and David Ferrell continues to work hard and stay out in front of arising issues important to our organization. As we approach a long legislative session some Bills on our radar are the Personal Representative Bill, Tenancy By the Entirety Bill, the Curative Bill and changes to the Technical Corrections Bill. The NC/SC Boundary continues to be a hot topic. Nancy Ferguson is leading the team on a working memorandum to be used that will hopefully make this transition a little smoother.

Yet another political race that directly impacts us is that of the Commissioner of Insurance. It has been suggested that a group representing NCLTA introduce ourselves to new Commissioner, Mike Causey. We hope that the relationship we have had with this Department will continue to strengthen even with the new leadership at the helm.

Jim Saintsing is continuing to represent us on the Land Records Task Force. This group welcomes ideas and topics that need attention. Our Representative attending The Best Practices Task Force is Kim Rosenberg. She has reported that the Secretary of State’s office is launching an E-closing pilot program through North State Bank and Uwharrie Bank. This was also mentioned at the Real Property Section meeting last week. It seems likely that this will be a medium for our closings in the not so distant future.

Our Annual Convention held September 14-16 at Wild Dunes, Isle of Palms, SC went off without a hitch. (Maybe a few bumps in the road, though) Thankfully, we had good weather and that Hurricane Matthew did not happen 3 weeks earlier. It is my hope that there was gainful information as well as good fellowship. Our Convention is always an event I look forward to all year. I believe I will enjoy the 2017 much more-since I will be out of the planning.

Am not sure if everyone is aware that 2016 brought some changes to our Association. After the departure of Anita Turlington, our Executive Director, Frank Thomas became her replacement for a brief stint. Fortunately, Tracy Steadman, who is not new to us, has now become our Executive Director. She continues to work hard for us and is already putting together ideas for our upcoming year.

Please let us hear from you. We welcome your opinions on the items that present the highest priority to our membership. If anyone has a particular strength or something they would like to help with, I am definitely open to that as well.

Finally, on a personal note. Please have patience with me. It has been quite a while since I have taken on a leadership role such as this. More importantly I am not an eloquent writer nor am I inspirational either. Am pretty straight and to the point so hopefully this provides you with insight for the next two issues.

All the Best,

Tara

Tara G. Eudy, President

North Carolina Land Title Association

Back to the Top

2016 Convention Wrap Up

The North Carolina Land Title Association (NCLTA) held its 39^th Annual Convention, September 15-17 at the beautiful Wild Dunes Resort in Isle of Palms, South Carolina. The Convention is always a fun time to reconnect with our members, industry partners and friends to discuss the latest changes and news in the title industry. This year's convention included speakers and presentations from the North Carolina State Bureau of Investigation (SBI), North Carolina Department of Insurance, update from the Real Property Section, update from the American Land Title Association (ALTA), case law update and legislative update. Also included was a panel discussion focused on issues surrounding Know Before You Owe (a/k/a TRID), CFPB and the continued implementation and improvements to ALTA Best Practices.

There was also plenty of opportunity for fun and festivities at the poolside oyster roast, annual banquet and lots of fun on the beach, golf courses and resort property. Special recognition is due to longtime NCLTA member and former past President Joe Ritter. Joe was presented with the NCLTA Service Award in recognition of his decades’ long title industry career.

Please mark your calendars now for September 14-16, 2017 and plan join us at the Greenbrier Resort in White Sulphur Springs, West Virginia as we celebrate the NCLTA 40th anniversary. The Greenbrier is one of America's premier resorts and offers world class atmosphere, activities and amenities that will make for an unforgettable 40th anniversary event. Be on the lookout for registration information and convention details in the coming months.

Ben Ipock, Treasurer

North Carolina Land Title Association

Back to the Top

2017 Convention - Save the Date

NC/SC Boundary Update

Update on the NC – SC Boundary re-survey and Session Law 2016-23 taking effect January 1, 2017

The Proclamation was signed by the Governor on December 5, 2016, so the maps and Notices of Affected Parcels are being recorded just as this newsletter is going to publication. The updated Memorandum of information for you to share with your underwriters, approved attorneys, real estate and mortgage brokers, surveyors, and any others involved with property owners along the North Carolina – South Carolina Boundary, can be found on-line HERE.

WE WELCOME THE INPUT OF INDUSTRY PARTICIPANTS! For those of you who may be involved in any title that may be on or near the North Carolina – South Carolina Boundary, please do read, discuss, and provide comment! We look forward to hearing from you! Send emails to Nancy.Ferguson@ctt.com or call 1-800-445-9983. We look forward to hearing from you!

Back to the Top

Forms Committee

The NCLTA Forms Committee is pleased to announce that all ALTA forms for 2016 have been filed and approved by the North Carolina Department of Insurance and are currently posted on the website in both Word and PDF format. The following forms, approved by the ALTA Board of Governors in June, represent the most recent two filing, both effective August 1, 2016.

ALTA Commitment for Title Insurance
ALTA Endorsement 18.2-06 Multiple Tax Parcel
ALTA Endorsement 23.1-06 Co-Insurance

The ALTA Forms Committee also issued Technical Corrections to the following forms, which corrected forms have been filed and approved by the NCDOI as well:

· ALTA Endorsement 9-06

o Consistency of 9-series phrasing in 5.d.; adding “flooding” to 5.d.

· ALTA Endorsement 9.7-06

o Adding “flooding” to 5.d.

· ALTA Endorsement 9.10-06

o Punctuation in 5.c.

o Consistency of 9-series phrasing in 5.d.; adding “flooding” to 5.d.

· ALTA Endorsement 10.1-06

o Adding “affecting the Title” to 2.b.

· ALTA Endorsement 29-06

o Correction to permit a single date to be displayed in 1.a.

o Changing “repayment” to “payment” in 2.

o Change to lower case in 3.a. through 3.e.

· ALTA Endorsement 29.1-06

o Correction to permit a single date to be displayed in 1.a.

o Changing “repayment” to “payment” in 2.

o Change to lower case in 3.a. through 3.e.

o Consistency of 29-series phrasing in 3.b.

· ALTA Endorsement 29.2-06

o Changing “Policy” to lower case “policy” in 1.

o Changing “repayment” to “payment” in 2.

· ALTA Endorsement 29.3-06

o Changing “Policy” to lower case “policy” in 1.

o Changing “repayment” to “payment” in 2.

o Changing “Swap Obligation” to “payment of Additional Interest” in 3.b.

· ALTA Endorsement 35-06

o Adding “flooding” to 4.a.

· ALTA Endorsement 35.1-06

o Adding “flooding” to 4.a.

· ALTA Endorsement 35.2-06

o Adding “flooding” to 4.a.

· ALTA Endorsement 35.3-06

o Adding “flooding” to 4.a.

· ALTA Endorsement 36.6-06

o Punctuation in 4.

o Adding “flooding” to 4.

· ALTA Residential Limited Coverage Mortgage Modification Policy

o Correction to section reference from 12(d) to 11(b) in 1.(d)(i)(A) of the Conditions

All newly approved forms, and technical corrections to existing forms, carry an effective date of August 1, 2016, and may be accessed and downloaded at www.nclta.org/alta-forms. Questions and comments may be directed to either Tracy Steadman, Executive Director, NCLTA, at tsteadman@FirstPointResources.com, or Karl Knight at tkknight@firstam.com.

Karl Knight, Immediate Past President

North Carolina Land Title Association

Back to the Top

2017 Legislative Session Preview

With an eventful election season coming to a close, we look towards the 2017 North Carolina state legislative session. To recap, we have a new Governor in North Carolina, Roy Cooper (D-Nash), who is North Carolina’s current Attorney General. Governor-elect Cooper defeated Governor McCrory by just a few thousand votes on election night – and that number grew as provisional and absentee ballots were counted. Although McCrory called for a recount and challenged the election results in Durham County, he ultimately conceded the race and Cooper will be North Carolina’s next Governor.

In other Council of State races, former state senator Josh Stein (D-Wake) defeated fellow former state senator Buck Newton (R-Wilson) for Attorney General. The Republican Mike Causey defeated the incumbent Democrat Wayne Goodwin for Insurance Commissioner. In the race for State Auditor, the Democratic incumbent Beth Wood won by a narrow margin over Republican challenger Chuck Stuber. Otherwise, the Republican candidates won their Council of State races.

Turning to the state legislature, the Republicans maintained their veto-proof majorities in both the Senate and House of Representatives. Their lead in the Senate grew to 35-15, and the Republicans in the House will have a 74-46 majority going into 2017. Many political pundits predicted the Republicans would lose their veto-proof majority in the House. Although a few Republican House members from urban districts lost their bid for re-election, the Republicans picked up a few other seats, and ultimately maintained their same margin of Republican House members (74) as the 2015-2016 session. It is expected that with a Democratic Governor, this veto-proof majority will often come into play.

The House Republicans met in November and elected their leadership team for 2017-2018. Rep. Tim Moore (R-Cleveland), was elected Speaker of the House for another 2-year term. Rep. Sarah Stevens (R-Surry) was elected as Speaker Pro Tem, replacing Rep. Skip Stam (R-Wake) who retired earlier this year. Other leadership positions include: Rep. John Bell (R-Wayne), Majority Leader; Rep. Steven Ross (R-Alamance), Deputy Majority Leader; Rep. John Szoka (R-Cumberland), House Republican Conference Chair; Rep. Jon Hardister (R-Guilford), Majority Whip; Rep.-elect Destin Hall (R-Caldwell), Freshman Leader; Rep.-elect Brenden Jones (R-Bladen), Freshman Whip. The House Democrats have not yet met to choose their leadership team for the next legislative session.

The Senate Republicans elected Sen. Phil Berger (R-Rockingham) again as President Pro Tem of the Senate, a position he has held since the Republicans took control of the Senate. The Senate Republicans also elected the following leaders for 2016-2017: Sen. Harry Brown (R-Onslow) as Majority Leader; Sen. Louis Pate (R-Wayne) as Deputy President Pro Tempore; Sens. Jerry Tillman (R-Randolph) and Wesley Meredith (R-Cumberland) as Majority Whips; Norm Sanderson (R-Pamlico) will serve as the Joint Caucus Leader. Also, Sen. Bill Rabon (R-Brunswick) will be the Senate Rules Chairman. The Senate Democrats have not yet met to choose their leadership team for next year.

One issue that may be in play in 2017 is “House Bill 2.” Governor-elect Cooper has called for a repeal of HB2; legislative leaders have not shown a willingness to repeal the law without Charlotte agreeing to repeal its local ordinance – which Charlotte has been unwilling to do. I expect this issue will get plenty of discussion and media coverage – but whether there will be any changes made to the law is anyone’s guess at this point. Other issues that may receive attention include teacher pay, continued tax reform, and regulatory reform.

NCLTA expects another active legislative session in 2017. We will continue to work with the RP Section of the Bar Association, NC Bankers Association, RELANC, and other interest groups on legislation of mutual interest. We expect to support, advocate for, and/or work on legislation to make technical changes to the NC/SC Boundary legislation adopted in 2016; make changes to the Mechanics Lien Agent statutes to provide for the ability to cancel satisfied notices; provide for the sales of real estate by personal representatives without requiring a special proceeding; possible revisions to condominium statutes; revisions to the title corrective and curative statutes; and various other real-estate related legislation.

We appreciate your continued support for NCLTA and our efforts to support and advocate for real-estate related legislation that assists you in your practice in North Carolina.

________________________________________________

Prepared By: David P. Ferrell, Esq. - NCLTA Lobbyist

VANDEVENTER BLACK LLP

Back to the Top

Below is information for anyone who is interested in attending the 2017 Annual PLTA Spring Convention!

From the Editor

As the newly-elected Secretary of the North Carolina Land Title Association, I am pleased serve as editor of the NCLTA Carolina Update and I thank you for reading this fall edition of the newsletter. Our officers and contributors have provided some good and useful information for you as members of NCLTA. As always, please do let us know of article ideas or other topics that would be of interest or assistance to you in your fields. If you have an article of your own, we would be happy to include it in a future newsletter.

As 2016 comes to a close, we look forward to a joyous holiday season and a rewarding and successful upcoming 2017 for our industry.

Best regards,

Don

D. Donovan Merritt

Vice President and State Underwriting Counsel - Chicago Title

Direct: 919.719.5243 | Cell: 919.609.8620

421 Fayetteville Street, Suite 1116

Raleigh, NC 27601

Phone: 919.833.6900

Facsimile: 919.833.6905

don.merritt@ctt.com

Back to the Top