GIT Announces November 5th CLE Seminar

Greater Illinois Title Company will hold its next Continuing Legal Education Seminar on Wednesday, November 5th at Maggiano’s in Oak Brook. This presentation will educate attorneys by offering an overview of the Consumer Financial Protection Bureau’s eClosing Pilot Program. This program will target research on eClosing solutions involving managing documents, data transfer, electronic signatures, and consumer awareness.

This CLE series will provide a quality speaking lineup, including Ralph Schumann, Alec Cheung, and Nancy Pratt.

GIT has also invited a Chris Christensen, PeirsonPatterson LLP, to provide insights from the legal perspective as it relates to the CFPB eClosing Pilot Program.

To register for more information click here.

GIT held another very successful CLE Seminar yesterday. We had over 110 attorneys attend and were treated to one of our best programs ever. GIT is taking the lead to inform the attorney agent community of the need for data security and to prepare for new regulatory compliance issues in the future. Data Security, bankruptcy, and commercial case law updates were the hot topics.

Phil Schulman from K&L Gates LLP in Washington D. C. addressed the recent Greater Illinois Title Company CLE Seminar held with an in-depth analysis of the new RESPA-TILA Mortgage Disclosure Forms. Phil told the attendees that the new combined disclosure forms ‘will require substantial technology changes’ on the shoulders of the title industry and along with the three day rule, “will increase the time for closings as additional time will be needed to explain the form to consumers”. He said the new rule is seeking to improve consumer understanding and to avoid costly surprises at the closing table.

Meanwhile Christopher  Gulotta, CEO of Real Estate Data Shield, Inc. speaking on the importance of data security in real estate transactions reminded attendees that the Illinois Rules of Professional Conduct states that the lawyer “must act competently to safeguard information relating to the representation of a client against inadvertent or unauthorized disclosure….”

 He also  summarized the responsibility of an attorney to take “reasonable precautions  to prevent the information from coming into the hands of unintended recipients.” He told the group that there are many practical steps that can be taken today to begin the compliance process and assessing your firm’s risk profile. These include staff training, implementing a shred-all policy, background checks and instituting a ” clean desk” policy.

Penny Reed, Vice President at Wells Fargo Home Mortgage also addressed the close to 200 attendees at the GIT CLE Seminar and said that the CFPB means business. She pointed to the CFPB Bulletin in which the Bureau points out that since the parties to a transaction are service providers under the rule, they must take steps and have internal controls in place to protect the non-public personal information (NPPI) of the bank’s customers or risk termination of any relationship or dealing with the financial institution. She said lenders will be ‘skeptical’ of receiving non-encrypted email from any party involved in a real estate transaction.