Liaison Minutes March 13, 2024
Liaison Minutes March 13, 2024
Members,
The Liaison Committee met Wednesday, March 13, 2024, at 2:00 at the Hilton Garden Inn and via ZOOM. Some of the issues discussed included:
1. Matt gave a DOI update. There were no new consumer issues. Matt advised 2024 exams are in process and no exceptions have come up at this time. Matt reminded about the escrow rate filing due date and April 15 effective date – last revisions are due April 11.
2. Matt advised the DOIU had received the proposed Good Funds amendments ILTA had circulated.
3. Bob gave a legislative report. The HOA Mgmt and fee issue regarding charges for transfer fees passed out of the House and to the Senate. Our amendment to the foreign investment bill from last year to include divestiture provisions was not included by the bill sponsor as she wanted to have the AG support since they were identified as the enforcement entity. It looks like this issue will carry over to next year. The Data Privacy bill died as the industry led bill could not get buy in from some of the health insurance carriers. The short term rental bill also died in committee. The homeowner’s exemption amendment bill on pro rating also looked like it would die in committee. The bill to treat deeds of trust like mortgages on future advances looked like it was moving forward.
4. Flip transactions are still an issue. The realtors are monitoring as they can see the issue is gathering steam and looking at possible solutions at the licensing level. The realtors refer to this issue as wholesaling. The issue was brought up to the Real Estate Commission. ALTA is looking at this issue in the guise of the MV Realty issue as a predatory situation. There is no movement this year, but we are monitoring.
5. The Secure Doc issue was discussed. It seems to be isolated to Boundary, Bonner and Kootenai Counties. Although the Matt advised the issue presents a problem for plant compliance it was preferred at this time if the local title companies could meet with the Recorders to discuss solutions before escalating to a more formal resolution.
6. Fannie Mae and mission creep was discussed. Attorney opinion letters (AOLs) are still a big issue nationally and growing. President Biden’s SOTU wherein he called out title companies and reinstated the GSE title waiver program is a new national focus. Federal legislation previously discussed that has been introduced requiring GSEs to use title insurance for financial security and to keep within their charters has taken on increased importance.
7. Vacant land fraud was discussed as a national issue and one we will try to partner on with the realtors for proactive preventive education.
8. ILTA social media presence was discussed. Members and affiliates are encouraged to follow the ILTA on LinkedIn, Facebook and Instagram. Invite your contacts to follow.
9. The Pacific NW Convention is fast approaching May 20-22, 2024 at Skamania Lodge and hosted by WLTA. See attached Save the Date with hotel reservation and registration links.
10. Annual dues drive is underway. Attached is a dues form. Dues can be paid online or mailed.
11.The Board proposal to amend the By-Laws to add two Vice President board positions was mentioned and called to member attention at the Ed Seminar by Brock. The proposal will amend the number of officers such that there would be five at large Vice Presidents not tied to a specific region, but that in any given year there would be at least one Vice President from each of the three regions – Panhandle, Southwest and Southeast. Official vote to amend the By-Laws will be held at the Annual Business meeting at the Pacific NW Convention on Monday May 20. In anticipation of approval, this year’s approval of the slate of officers would include the two new positions. If you have interest in becoming a Board member please let John Holt or Denise Potts know as soon as possible if you have not already contacted them.
12. The next meeting is Wednesday, April 10, 2024 at 10:00 at Martin’s office and via ZOOM.
