An Express Article from the California Land Title Association
Once again the CLTA and the California Escrow Association (CEA) have successfully partnered as allies in Sacramento political battles. Grassroots CEA involvement was key in the veto of legislation to allow Matricula Consular cards as identification in escrow. The CEA and CLTA also worked together this year to sideline legislation requiring the names and license numbers of everyone involved in a transaction to be in a rider to all deeds of trust. CEA also played a key role in past efforts opposing the title and escrow rate regulations of former Insurance Commissioner John Garamendi. Before that, CEA worked with the CLTA to defeat attempts to mandate assumable title policies.
Incoming CEA President Donna Grosso stated the importance of CEA well when she said "CEA members have proven over and over that they can be a real force in advocating for our industry. When issues arise, CEA members mobilize, write the letters and make the calls to legislators and regulators." CLTA and CEA will need that advocacy as it faces upcoming challenges focused on having title and escrow personnel police real estate transactions.
CLTA and its member title companies have a long tradition of supporting employees who join CEA. CLTA President Roger Jewkes says that he “has long recognized the significant value in CEA membership and has strongly encouraged active CEA participation by escrow employees.” The CLTA believes that the support of the title industry for CEA and that of the escrow industry for CLTA remains essential. Escrow and title issues have taken on a greater significance at both the federal and state level. This past year has already seen revised RESPA regulations from HUD and discussions in Congress to include title insurance and escrow services in the proposed Consumer Financial Protection Agency Act.The value inherent in CLTA and CEA working together is clear to all of those who have participated in the organizations. No crystal ball can predict the road ahead for the real estate industry in California, but real estate activity remains critical to California and the CLTA and CEA remain critical to that activity.