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News By Edition
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The Legal Description Edition
December 8, 2014
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Nevada Division of Insurance issues bulletin regarding unlawful inducements
Posted Date: Tuesday, November 18, 2014
The Nevada Division of Insurance issued a bulletin to provide notice to all title insurers and title agents, as well as to all real estate brokers and agents, mortgage brokers and lenders, and builders and developers regarding how the Division of Insurance interprets and enforces NRS 686A.130, regarding unlawful inducements from the title industry.
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Title insurer seeks exclusion of claims in lien priority case
Posted Date: Tuesday, July 29, 2014
insuring condominium units in Georgia, the company’s title insurer filed a complaint seeking a declaration that the mortgage company’s claims were excluded from coverage under the policies. The mortgage company counterclaimed for breach of contract, bad faith and attorney fees. Eventually the case came before the Court of Appeals of Georgia on cross-motions for summary judgment.
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Lien priority dispute arises after foreclosure proceedings
Posted Date: Thursday, August 14, 2014
The mortgagee for a property in Shrewbury, Mass., received first lien position when it provided a mortgage for the homebuyers. The note and mortgage were assigned to a few different mortgage servicers through MERS. In the meantime, the homeowners used the property as collateral for a business improvement loan. When the latest assignee went to foreclose on the property, it discovered the business loan creditor and filed suit for equitable subrogation. The creditor moved for summary judgment, arguing that the assignee’s title insurance should cover any losses.
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Developer, title insurer dispute coverage under access endorsement
Posted Date: Thursday, August 14, 2014
After developing portions of land it owned in Montana, a development company sought to expand its development to a nearby subdivision, but needed access to private roads utilized by the current subdivisions. While negotiating with current landowners regarding access to the private roads, the developer bought title insurance and an endorsement to cover losses if the developer was not able to get access. The title insurer denied access and the developer filed suit. The case eventually went before the Supreme Court of the State of Montana.
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Missing signature leads to coverage dispute
Posted Date: Thursday, August 14, 2014
An insured lender and its assignee filed suit against a title insurer and closing agent arising out of the existence of a defect in the insured deed of trust. The deed of trust was challenged by a third-party creditor because the deed of trust failed to include the mortgagor’s wife’s signature. The insurer and closing agent moved for summary judgment, arguing that fulfilled its contractual obligations by defending its insured’s rights. The Bonneville County District Court agreed. The case was appealed to the Supreme Court of Idaho, Boise.
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Last Crisp & Cole defendant sentenced for mortgage fraud
Posted Date: Thursday, November 20, 2014
U.S. Attorney Benjamin Wagner announced the sentence of the last of nine defendants who were indicted in 2011 for their role in the Crisp & Cole mortgage fraud scheme. The defendants worked through Crisp & Cole Real Estate and Tower Lending, an affiliated mortgage brokerage, to defraud mortgage companies, using straw buyers to provide fraudulent loan documents.
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ALTA CEO highlights disclosure flaw in comment letter to CFPB
Posted Date: Thursday, November 20, 2014
In a comment letter to the Consumer Financial Protection Bureau over its proposed final rule on TILA-RESPA disclosure form changes, American Land Title Association CEO Michelle Korsmo took the opportunity to address another provision of the final rule. Read on for the details.
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Changes coming at state regulators
Posted Date: Tuesday, December 2, 2014
Several moves have been announced in key positions in at least two state insurance regulators. Read on to find out more about these moves.
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NAIC elects officers for 2015
Posted Date: Tuesday, December 2, 2014
Members of the National Association of Insurance Commissioners (NAIC) elected their 2015 officers during its Fall National meeting. They also elected their 2015 zone officers. Read on for more details.
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Looking to a new year
Posted Date: Tuesday, December 9, 2014
This time of year always makes me introspective, reflecting on all that has happened in the year and looking ahead to the next, setting goals for what I want to accomplish. I am sure many of you are in the same “mode” as I am, planning both personally and professionally for what is to come in 2015. And there is much to get ready for.
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The Ability-to-Repay Rule and you
Posted Date: Tuesday, December 9, 2014
While the title and settlement services industries have spent the year gearing up for one game-changing rule, the Integrated Mortgage Disclosure rule, the lending industry has been addressing the impact of a slew of big rules, including the Ability-to-Repay rule that went into effect on Jan. 1. This rule may be directed at the lending industry, and it’s the lending industry that will be on the hook for any violations of the rule, but there are some aspects of the rule that have, or will, impact the title and settlement community.
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Flagler County, Fla., court recognized for going paperless
Posted Date: Tuesday, December 2, 2014
In Flagler County, Fla., Clerk of the Circuit Court and Comptroller Gail Wadsworth was recognized as the first court in the 7th Judicial Circuit to implement a paper-on-demand court filing system in all 10 court divisions. The proclamation initially was approved, subject to several performance conditions, by Chief Judge Terence Perkins.
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Fraud charges, RESPA violations over title insurance at issue in Pennsylvania case
Posted Date: Thursday, November 20, 2014
When a couple bought a house from relocating owners, property damage that resulted from Hurricane Irene became an issue. Structural damage that was unknown to the buyers later was discovered, and they sued the sellers, the Realtor and realty company, and the relocation firm that helped close the deal, alleging violations of state disclosure laws, consumer protection laws, fraud, and RESPA for forcing the buyers to purchase title insurance from a company.
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Indiana Department of Insurance, title insurer dispute agency decision
Posted Date: Tuesday, November 18, 2014
A title insurer in Indiana sought judicial review of an agency decision regarding a routine market conduct examination. The parties disputed the market conduct examination’s findings and could not come to an agreement regarding is findings. The case eventually went before the Indiana Supreme Court.
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Idaho Insurance Director announces retirement
Posted Date: Tuesday, November 18, 2014
Idaho Department of Insurance Director Bill Deal, announced that he will retire on Dec. 31, 2014. Deal was appointed by Gov. C.L. “Butch” Otter and began his eight-year tenure on Jan. 2, 2007.
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Fourteen indicted on mortgage fraud, public assistance fraud
Posted Date: Tuesday, November 18, 2014
Federal authorities announced the unsealing of an indictment charging 15 defendants, including 14 defendants with conspiracy to commit bank fraud and wire fraud in connection with mortgages and other loans secured by properties in Brooklyn, Manhattan and Monroe in Orange County, N.Y. The defendants include several related members of a family, the Rubins, as well as a real estate attorney and a real estate appraiser.
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