November, 2009
What are "Good Funds"?
What are "Good Funds"?
In our October Newsletter we featured an article to enlighten our customers on the "Good Funds Act", but what exactly is the difference between "good funds" and "collected" or "actual" funds? In instances when the amount is over $50,000 from a single source- title companies are required to have collected funds in their account before any disbursements can be made. Collected Funds must be wired in to the title company's fiduciary trust account. If the transaction is under $50,000, the form of payment can be collected funds but must be at a minimum- good funds. Good funds are guaranteed funds- such as a certified check. Other examples of good funds include money order, a trust account check, or another title company's certified check. Now, if the customer insists on bringing a personal check to closing, H.B. Wilkinson Title Company can accept that check, however, we would have to wait for it to clear before any disbursements could be made. This would take a minimum of 3 days. This Act goes into effect on January 1st, 2010. Please contact your local H.B. Wilkinson Title Company with any questions.
The new RESPA Rules also go into effect on January 1st. Are you RESPA ready? H.B. Wilkinson Title Company has made it's changes and is ready to help our customers comply with the new regulations. To view the new GFE (Good Faith Estimate) and HUD-1 forms or to read HUD's latest New RESPA Rule FAQs, visit American Land Title Association's website: www.alta.org/respa/index.cfm
H.B. Wilkinson Attends ALTA Annual Convention
ALTA (American Land and Title Association) held it's annual convention at The Breakers in
Palm Beach Florida. H.B. Wilkinson President, Daniel Mennenoh, and Operations Manager,
Terrie Miller, attended the convention from October 21st to the 24th. On Friday October
23rd, Institute of Liberty and Democracy President, Hernando de Soto was the keynote
speaker. Hernando de Soto's Institute of Liberty and Democracy has been considered by The
Economist as one of the two most important think tanks in the world. Former President Bill
Clinton once heralded him as "the world's greatest living economist." Forbes magazine has
named de Soto as one of 15 innovators "who will reinvent your future." De Soto is the author
of two best selling books about economic and political development: The Other Path, in the
mid 1980s, and at the end of 2000, The Mystery of Capital: Why Capitalism Triumphs in the
West and Fails Everywhere Else. In his speech he talked about the immense value of the title
industry and explained how together we strengthen our nation by making the American
Dream of homeownership possible.
Another speaker at the Convention was Fannie Mae's Vice President and Chief Economist,
Doug Duncan. Duncan leads Fannie Mae's Economics and Mortgage Market Analysis
Group. He provides all economic, housing and mortgage market forecast and serves as the
company's thought leader internally and with external constitute groups. Duncan has been
listed in the "Top 100 Most Influential People in Real Estate" by Inman News. Prior to joining
Fannie Mae, Duncan served as Senior Vice President and chief economist of the Mortgage Bankers Association.
