No surprise to those every year monitoring "real estate" bills being introduced to State Legislature committees. This happens to be the year it made it out of the various Committees and to the floor for a House vote, Senate vote, and Governor's signature.
My opinion as to the key to passage, small change to accommodate CT's brick-and-mortar banks, which added banking lobbyists clout.
What in-state banks got to keep: HELOCs and 2nd mortgages, which bank decides risk is low enough not to purchase lender's title insurance, can be closed in-house with branch manager and staff CSR notary. Bank customers go to the branch on the "late night" or Saturday morning. Not a deal breaker for a borrower if the interest rate and closing costs are low. Tradition: been there; done that; it works with good in-house closers and in-house quality control review.
Note. CT Insurance Law has ALWAYS required that an attorney admitted to practice law IN CONNECTICUT must sign title insurance policies. MY PERSONAL wondering, who knows if every policy issued to an out-of-state lender was signed by a Connecticut attorney. |
