All members of the Illinois Real Estate Lawyers Association (IRELA) are invited to attend a special Town Hall Meeting at the Drake Oak Brook Hotel. The discussion will focus on Proposed Guidance for Title Insurance Agent Compensation and subsequent regulation.
IDFPR has indicated that they are concerned about some aspects of the title insurance industry, specifically with regard to the process by which title insurance underwriters compensate their agents. The process of paying a percentage of the premium and/or closing fees that are assessed, known as “splitting premium” or “splitting fees,” appears to be “significantly increasing the costs of closing residential transactions”.
Before it is formalized, the Department of Financial and Professional Regulation (IDFPR) is proposing guidance and is seeking comments from the title insurance industry, affected peripheral industries (real estate brokers and lenders, etc.) and the general public. This proposed guidance is neither official legal opinion nor interpretation of law.
IDFPR’s Guidance on Regulation of Title Insurance Agent Compensation can be accessed and downloaded at:
IDFPR has asked that we review the proposed regulation and provide feedback. Comments may be directed to Deputy Director John Lartz of the Division of Financial Institutions, at firstname.lastname@example.org. Please send a copy to rjs@SchumannLaw.com.
IRELA suggests that attorneys think carefully about how you choose the title underwriter(s) with whom you work, and the source and manner of your compensation.
Plan to attend this important meeting.
WHEN: Monday, March 5, 2018 | 1:00 PM to 3:00 PM
WHERE: Drake Oak Brook Hotel | 2301 York Road, Oak Brook, Illinois
The Illinois Real Estate Lawyers Association believes that all buyers and sellers should be able to retain a qualified, independent attorney to represent their interests in transactions which, more often than not, involve the largest dollar amounts of their lives. Attorney representation in real estate transactions benefits the parties to the transaction, and the public at large.
For more information, call 312.600.7720, or email to email@example.com or firstname.lastname@example.org.
P.O. Box 4956
Oak Brook, IL 60522-4956
Telephone: (312) 600-7720
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