January 2010 | Volume 3 • Number 1
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Update from ATG Administration
New Year Brings a New World of Closing Procedures — Are You Ready?
As we ushered in the new decade, the world for real estate lawyers and settlement service providers changed dramatically. The new RESPA rule drastically changed the way lenders and other settlement service providers disclose fees. In Illinois, Good Funds legislation, new Rules of Professional Responsibility, and a new system for preparing transfer declarations in Cook County have inspired significant changes in closing procedures.

Familiarizing yourself and your staff with all these changes is a daunting task. ATG's Guide to New Closing Procedures: Information and Training is a great resource to help you wade through the information and tackle the new decade with the knowledge and tools to succeed. This article covers the highlights.



  • ATG Legal Education Programs
    The new RESPA rule changes are significant. ATG's CLE programs are a must for ATG members. Click here for details.

  • ATG GFE Calculator
    As part of the new RESPA rule, lenders are required to calculate title charges at the time they deliver the Good Faith Estimate (GFE). To help determine title fees early in the process, ATG has developed a GFE Calculator for transactions in the Chicago area, available for ATG agents to distribute to their lender clients so lenders can calculate title charges. Try the ATG GFE Calculator. Available on the ATG home page, it is user friendly, intuitive, and a great resource.

  • ATG REsource Software
    Summary of Updates and Training | Working with Ramquest, the developer who brought us ATG REsource software, we have upgraded REsource to prepare the 2010 HUD-1. The 2010 HUD-1 is required for all transactions where a new GFE form (mandatory for all mortgages originated after January 1, 2010) is used. Read a brief summary of changes to ATG REsource. ATG members: Register for the complimentary OnDemand training program, RamQuest SPEED HUD 2010 Tutorial.

    ATG REsource HelpDesk | In addition to all the tools listed here, we have significantly increased staffing of the ATG REsource HelpDesk to ensure that you have access to ATG staff during this transition. ATG members: Contact the HelpDesk with technical questions.


  • Underwriting Assistance
    The new RESPA rule includes significant substantive changes in the way agents prepare HUD-1s and disclose fees. For substantive questions regarding the 2010 HUD-1, Good Funds legislation, the EZ Dec system, or the new Illinois Rules of Professional Conduct, contact the ATG Underwriting Department.

Guide to New Closing Features Available at
ATG staff has assembled all of the tools and articles you need to tackle these changes in one location. View ATG's Guide to New Closing Procedures for additional information on all of the above, and more. Please contact us with any questions or concerns.

Jerry T. Gorman
Senior Vice President - Downstate Operations



ATTORNEYS | Practice Notes
Trust or Distrust: Vena v Vena - Courts try to make sure trusts are being managed in the way the trustor intended, even to the extent of voiding clauses that may create unfair situations... read more
Tax Sales
In re Application of the County Collector ... (Scott v Sackor) | A tax certificate purchaser acquires interest in the property and is entitled to notice under the Illinois Property Tax Code before a tax deed is issued to a prior year's tax purchaser... read more
Title Insurance
US Bank, NA v Integrity Land Title Corp | A mortgage lender might sue a title company for breach of contract for an incorrect title insurance commitment, but it has no independent tort cause of action... read more
Osborn v Dennison | A seller must authorize the return of a buyer's earnest money before filing suit for actual damages, or the remedy will be limited to liquidated damages... read more



ATG MEMBERS | Underwriters' Bulletin
This section for ATG members only provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.

Login at first to view links.

E-mail your questions to Christine Sparks.
Recording: Recording Problems: "Legal Description Attached" ...or Is It? | When the legal description does not appear on the face of the document, make sure it is attached, especially in bankruptcy situations... read more (login first!)
1099-S Reporting
It's that time again. Go to "Transaction Forms/Tools" on the member section of and click "1099 Reporting" to access your help page, which includes forms links and our presentation, Instructions for Preparing 1099 and 1096 Forms with REsource... read more (login first!)



IN THE NEWS | Gift Presentation
ATG Presents Check to Chicago Bar Foundation
Attorneys' Title Guaranty Fund (ATG) and two member law firms, Pierce and Associates and Codilis & Associates, recently made donations to the Chicago Bar Foundation totaling $100,000 to support several pro bono and legal aid organizations that are working with the courts to help the growing number of people facing foreclosure... read more
From left: Ernie Codilis and Greg Moody of Codilis & Associates; CBF Executive Director Bob Glaves; CBA Treasurer and ATG Board Member Aurora Austriaco; ATG President and CEO Peter Birnbaum; Denis Pierce of Pierce and Associates and the Pierce Family Charitable Foundation; ATG Senior Vice President Hank Shulruff; and CBA Executive Director Terry Murphy.



WHAT'S NEW | Member Services, CLE, Trust Services
  Re-Activate your ATG Membership - Has it been a while since you issued a policy? Are you ready to get started again? It's easy, and we can help. Make a small investment of time, start writing policies again, and add to your bottom line. Contact Member Services Representative Bob Dillow today!
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See Program Calendar for details

Legislative and Caselaw Update
  - 2/3: Live OnLine

Understanding and Preparing the New HUD-1 with REsource Training (ATG members only)
  - 2/5: Appleton, WI

Sixth Annual Real Estate Short Course (in partnership with the Illinois Institute for Continuing Legal Education)
$75 Discount for ATG Members!
  - 2/19: Palatine, IL

Seating is limited — REGISTER NOW!
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ATG/ATG Trust members: get your login info.

  Visit the ATG Trust Website - On our site we provide comprehensive information about ATG Trust, the services we provide lawyers and the clients they serve, and much more. Use our flyer to find your way around... read more



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[Last update: 1-25-10]