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Michigan Supreme Court rules on CPL, foreclosure issues
Posted Date: Monday, April 18, 2016
The Supreme Court of Michigan ruled on a case in which, after submitting a full-credit bid on a couple of properties after foreclosing on them, a bank discovered that it had been the victim of fraud by, among others, the closing agents that closed on the property. The bank went after the agents and their underwriter, which issued a closing protection letter for each transaction. The lower courts had ruled that the court’s decision in New Freedom extended the full credit bid rule to indemnity claims under CPLs. Read on for more details.
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Changes pushed records toward predictable fees
Posted Date: Wednesday, April 13, 2016
Everyone knows that one of the most important parts of a real estate transaction is the recording of the deed to the property, letting everyone know who owns or has rights to the land. In many jurisdictions, the fee for recording the deed and other real estate-related documents is based on the amount of pages being recorded. Although this has worked for many years, federal regulatory forces are in play that may be an impetus for change in many recording jurisdictions.
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Title agency seeks compensation from HUD
Posted Date: Wednesday, March 30, 2016
A title agency sued the United States for breach of contract, seeking $4.3 million to compensate for revenue lost when it was denied the opportunity to charge closing fees to homebuyers purchasing foreclosed property from the U.S. Department of Housing and Urban Development. Eventually, HUD moved for summary judgment. Read on for more details.
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South Carolina Supreme Court rules on MERS fraudulent recording suit
Posted Date: Monday, April 11, 2016
South Carolina county officials filed suit against Mortgage Electronic Registrations Systems Inc., its parent company and various banking institutions, alleging a practice of fraudulent recordings that disrupted the integrity of the public index. The actions were consolidated and MERS’ motion to dismiss was denied before the case went before the Supreme Court of South Carolina. Read on for more details.
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Cordray addresses title fee calculation
Posted Date: Monday, April 11, 2016
Answering a letter from Sen. Bob Corker, Consumer Financial Protection Bureau Director Richard Cordray addressed several issues, including one important to the title insurance industry — title fee calculations. Read on to find out what he had to say and how the industry responded.
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Utah revises closing protection liability law
Posted Date: Wednesday, April 13, 2016
Utah Gov. Gary Herbert has signed a bill that revises its law governing closing protection to address, among other things, the liability of title insurers under certain circumstances. Read on for more details.
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Remote notarization task force launched
Posted Date: Thursday, April 7, 2016
Secretaries of State are joining forces with state notary professionals and private-sector notarization experts to announce the formation of the NASS Remote Notarization Task Force. The task force, which includes representation from 20 states, is dedicated to promoting a greater understanding of the issues and policies surrounding the adoption of remote/video notarizations amongst states.
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New York attorney sentenced for theft
Posted Date: Wednesday, April 13, 2016
Nassau County District Attorney Madeline Singas announced that a Roslyn Heights, N.Y., attorney who stole $720,000 held in an escrow account, as well as sold an East Hills property owned in the name of his law firm where he pocketed more than $700,000 in proceeds, was sentenced to six months in prison and restitution of more than $1.2 million.
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ESRA issues policy statement on eNotarization
Posted Date: Monday, April 11, 2016
The Electronic Signatures & Records Association has written its first policy statement. It addresses electronically enabled notarizations. Read on for more details.
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New York DFS appoints general counsel, others
Posted Date: Wednesday, April 13, 2016
Acting Superintendent of Financial Services Maria T. Vullo announced the appointment of a new general counsel, as well as a number of other new hires in the department. Read on for more details.
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Michigan Supreme Court rules on CPL, foreclosure issues
Posted Date: Monday, April 25, 2016
The Supreme Court of Michigan ruled on a case in which, after submitting a full-credit bid on a couple of properties after foreclosing on them, a bank discovered that it had been the victim of fraud by, among others, the closing agents that closed on the property. The bank went after the agents and their underwriter, which issued a closing protection letter for each transaction. The lower courts had ruled that the court’s decision in New Freedom extended the full credit bid rule to indemnity claims under CPLs. Several similar cases have been held in abeyance at the appellate level pending this decision.
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When does statute of limitation start running?
Posted Date: Wednesday, April 13, 2016
A national bank sued its title insurer for breach of contract for denying a claim relating to the foreclosure of a deed of trust that had priority over its mortgage on the property. The title insurer moved to dismiss the suit, arguing that the bank’s claims are barred by the applicable statute of limitation. Read on for more details.
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Mortgage company co-owner sentenced for large-scale fraud
Posted Date: Monday, April 11, 2016
The co-owner of a mortgage company that was responsible for a long-running, large-scale mortgage fraud scheme that caused millions in losses was sentenced to 21 months in prison. Read on for more details.
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Tennessee amends breach notification law
Posted Date: Monday, April 11, 2016
The Tennessee General Assembly has adopted a bill that will change the time period in which an information holder must disclose a data security breach. Read on for more details.
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Cordray: Lenders can’t unilaterally shift TRID liability to closing agents
Posted Date: Thursday, April 7, 2016
In a reply letter to Sen. Bob Corker, delivered Thursday before Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee, Cordray said that indemnification agreements between lenders and closing agents over mortgage transactions would not allow lenders to shift their liability for errors. Read on for all the details.
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Florida attorney pleads guilty to fraud conspiracy
Posted Date: Thursday, April 7, 2016
A Miami attorney pleaded guilty to conspiracy to commit bank and wire fraud. He now faces a maximum penalty of 30 years in federal prison. Read on for more details.
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Florida, Texas stand out in latest Defect Index
Posted Date: Thursday, April 7, 2016
First American Financial Corp. released its February 2016 Loan Application Defect Index, noting that overall loan defect and fraud risk are declining, but highlighted Florida and Texas as having increased misrepresentation and fraud risk. Read on for more details.
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