The Liaison Committee met Thursday May 10 at the TFC Boise office. Some of the issues discussed included:
1. Jim advised that he is in the middle of examinations but nothing of note to report. Jim did advise he had received a couple of minor consumer complaints that have been resolved. Jim further advised that the annual escrow rate filing process is still ongoing but looking to be finalized soon.
2. Jim clarified that the new amendments to Rules 25 and 56 regarding cancelation fees are in effect since the sine die of the legislature. The cancelation fee scenario is applicable when the order is canceled and not when the order is opened. With the change to the discretionary nature of the cancelation fee the DOI is primarily interested if the cancelation of orders and fee scenario is used in a blatant inducement practice.
3. Jim also advised that a past issue has resurrected itself. In the past Jim had identified “The Closing Source” as a time share scam. This outfit had/has a façade office in Meridian but their phone number is out of Ireland and the website is operated out of Iceland. Efforts to close phone and website have not been successful and the bad actors are using the original names of owners of the name to make the company look legitimate with the Secretary of State’s office so unfortunately the company is still functioning. If you are aware of anyone suffering a loss due to this scam outfit please let Jim know.
4. Jim also floated out an idea that was presented to the DOI regarding its 5 year title/market conduct audit. The idea would be that underwriters could conduct the audit. Questions about how that would work with independent agents and direct operations was briefly discussed.
5. Martin advised that issues we are monitoring include the flat fee law as Ada County had expressed some interest in presenting a different flat fee law next year that would be one fee for all docs; the realtors had opened up dialogue regarding a uniform earnest money instruction that will be explored further this summer; the remaining Counties without e-recording (Nez Perce, Shoshone and Franklin) had projects to move to e-recording by the end of the summer; and, the HOA fee bill that passed this current legislative session garnered enough comments that we will be monitoring this issue to see if any changes will be presented in the coming year.
6. Mark your calendar for the 2018 Pacific NW Convention hosted by the ILTA at the Coeur d’ Alene Resort August 2-4; register; and make your room reservation. Registration forms, reservation information, and sponsorship opportunities are attached.
7. The next meeting is scheduled for Thursday June 14 in eastern Idaho at 10:00 – location TBD.