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Cybersecurity bill moves forward in U.S. Senate
Posted Date: Monday, October 26, 2015
Last week, the U.S. Senate decided to move forward with the Cybersecurity Information Sharing Act (S.754). The bill would enable private companies to share cyberthreat indicators with each other and, on a voluntary basis, with the federal government. Read on for more details.
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Buyer argues insurer responsible for agent negligence after cyber hack
Posted Date: Tuesday, August 11, 2015
A Chinese property purchaser sued the title agency, title agent and title insurer who were to handle the closing of property in Utah after money wired into the agency’s escrow account was stolen by cyber thieves. The title insurer sought summary judgment, arguing that it was not liable for the actions of its agent when it came to escrow accounts. Read on to find out what the U.S. District Court for the District of Utah had to say on the matter.
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Liability insurer seeks relief from coverage in defending title agent
Posted Date: Wednesday, August 5, 2015
A liability insurer sued their insured title agent seeking declaratory relief regarding defense of a suit brought by a homebuyer allegedly wronged by the agent. The liability insurer argued that the title agent knew of the potential suit when it retained the policy and therefore the issue is not covered. The liability insurer also brought the buyer and title insurer into the suit because of their interest in the outcome of the suit. Read on for more details.
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Property owners sue for negligence, breach of contract over property taxes
Posted Date: Wednesday, August 5, 2015
After the city of Grand Rapids, Mich., foreclosed on the owners of property in the city for failing to pay property taxes for three years, the owners sued their title company for breach of contract and negligence. They argued that the title company’s payment of past-due water and sewer bills after the property taxes were assessed breached the parties’ contract and resulted in foreclosure. Read on to find out what happened when the case went before the Court of Appeals of Michigan.
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NAIC advances Cybersecurity Bill of Rights
Posted Date: Monday, October 19, 2015
The National Association of Insurance Commissioners Cybersecurity (EX) Task Force adopted the Cybersecurity Bill of Rights, a project aimed at bolstering consumer protection. Read on for more details.
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Governor signs California escrow law amendments
Posted Date: Wednesday, October 21, 2015
California Gov. Jerry Brown has signed a bill that amends California’s escrow laws. Among other things it expands the requirements for a company to be authorized to conduct escrow services. Read on for more details.
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D.C. bulletin clarifies what activities require title producer license
Posted Date: Thursday, October 29, 2015
The D.C. Department of Insurance, Securities and Banking issued a bulletin that provides guidance on what activities require a title producer license, particularly whether a title producer must be present at every real estate closing in the district. Read on for more details.
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County clerk speaks out about Fifth Circuit decision in MERS recording dispute
Posted Date: Monday, October 19, 2015
Months after the Fifth U.S. Circuit Court of Appeals found in favor of Mortgage Electronic Registration Systems Inc. in a suit regarding the recording of deed of trust assignments, Travis County Clerk Dana DeBeauvoir, spoke out against the decision, arguing that Texas property owners suffer because of it. Read on for more details.
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Attorney indicted for escrow theft, unauthorized practice of law
Posted Date: Monday, October 26, 2015
The Morris County, N.J., prosecutor’s office announced the indictment of a disbarred attorney who used the name of another attorney to conduct a real estate closing and stole the funds to be disbursed to the seller. Read on for more details.
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Mortgage brokers plead guilty to conspiracy
Posted Date: Monday, October 19, 2015
Two California mortgage brokers were indicted for their roles in a mortgage fraud conspiracy involving the conversion of an apartment complex in Hillsborough County, Fla., from rental apartments to condominium units. Read on for more details.
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Through your crystal ball
Posted Date: Monday, November 9, 2015
With all of these changes happening in such a relatively short period of time, I ask you, what’s next? Should we expect more significant, sweeping changes to happen in 2016, or will we return to life in our new normal?
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TRID Implementation: Issues to consider one month in
Posted Date: Monday, November 9, 2015
It’s been one month since the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) Rule was implemented. In that time, transactions are still going through the pipeline and no extreme issues that need to be addressed. However, there has been some confusion among lenders and settlement providers, and things have not gone exactly as expected.
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Las Vegas man pleads guilty to lien fraud
Posted Date: Thursday, October 29, 2015
A Las Vegas man pleaded guilty to two counts of false representation concerning title. The man participated in a scheme to claim liens on real estate in Las Vegas by filing false documents. Read on for more details.
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Title company sues closing attorney for malpractice
Posted Date: Thursday, October 29, 2015
After discovering that the purported borrowers in a real estate transactions were imposters and had convinced a mortgage lender to wire loan proceeds to a Swiss bank account, the lender made a claim with its title insurance provider. Once the claim was paid, the title insurer, as subrogee of the lender, sued the law firm and lawyer who represented the lender in the transaction, alleging malpractice. Read on for more details.
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Louisiana Commissioner of Insurance gets third term
Posted Date: Thursday, October 29, 2015
Voters in Louisiana decided that James Donelon should continue serving as the state’s commissioner insurance, with more than 50 percent of the voters choosing to let him continue in his position. Read on for more details.
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Junior lienholder argues against equitable subrogation because mortgagee has legal remedies
Posted Date: Monday, October 26, 2015
After homeowners in Shrewsbury, Mass., defaulted on their loan, the holder of the first priority mortgage on the property brought suit against a junior lienholder, seeking equitable subrogation. The junior mortgagee argued that the bank was not entitled to equitable subrogation because it had a legal remedy, namely title insurance. The trial court disagreed and the case was appealed. Read on for more details.
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Companies seek to have tax liens extinguished
Posted Date: Monday, October 26, 2015
Two companies sought a declaratory judgment that federal tax liens have been extinguished or do not attach to their respective interests in a piece of real property. The companies and the United States have filed motions for summary judgment, which went before the U.S. District Court for the District of Utah. Read on for more details.
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Sacramento mortgage fraudsters sentenced for straw buyer fraud
Posted Date: Monday, October 26, 2015
Four Sacramento-area residents were sentenced for their roles in a mortgage fraud scheme in which a loan officer recruited others to purchase and refinance property. This brings the number of sentences for mortgage fraud last week to 11, including some lengthy prison time. Read on for more details.
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Mortgage fraudsters get collective 46 years in prison
Posted Date: Wednesday, October 21, 2015
Four fraudsters were sentenced to a collective 46 years in prison for their roles in a mortgage fraud scheme that cost financial institutions approximately $16 million. Read on for more details.
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California owners sue for improper foreclosure procedures
Posted Date: Wednesday, October 21, 2015
After falling behind on their mortgage payments, a California couple attempted to modify their loan. Later on, they filed suit against the bank, the trustee and the servicing agent for allegedly recording a notice of default prematurely, failing to properly contact the couple, engaging in dual tracking and failing to provide the couple with a single point of contact, among other things. The case went before the U.S. District Court for the Central District of California on the defendants’ motion to dismiss.
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Homeowner sues bank for quiet title over improper property description
Posted Date: Monday, October 19, 2015
A California homeowner defaulted on her loan less than a year after receiving a mortgage on her property. She then sued her bank, arguing that the property was not a single-family dwelling like the bank represented, but rather a converted barn and that it would be financially impractical to bring the property into a condition where a certificate of occupancy could be issued. After her first suit was dismissed and a loan modification could not be made, she sued the bank again. Read on to find out what the Second District Court of Appeal of California had to say in that case.
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Fifth Circuit affirms MERS’ standing in foreclosure case
Posted Date: Monday, October 19, 2015
After defaulting on their mortgage loan, a Texas couple sought to enjoin Bank of New York Mellon from foreclosing, claiming that the assignment of the deed of trust was void. They also brought a false-lien claim against the bank and Mortgage Electronic Registration Systems. Read on to find out why the 5th U.S. Circuit Court of Appeals affirmed the district court’s dismissal of the case.
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