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Little by little: Things to consider in evolving “e” world
Posted Date: Wednesday, July 27, 2016
It seems like you can do anything from your computer or mobile device these days. You can bank, shop and even order a taxi, all from the palm of your hand. So why, approximately 16 years after ESIGN went into effect, are electronic mortgages not commonplace?
During a session on eClosings at the American Escrow Association’s annual conference, panelists discussed the continuing legal hurdles to going completely paperless, ways to begin aspects of eClosing and some legal concerns to think about as aspects of the mortgage process do go “e.”
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Florida DFS combines law enforcement units
Posted Date: Tuesday, July 19, 2016
Florida Chief Financial Officer and State Fire Marshal Jeff Atwater announced a transition involving the law enforcement units housed within the Florida Department of Financial Services. Read on for more details.
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CFPB letter to Congress says title change unlikely
Posted Date: Wednesday, July 20, 2016
In a letter responding to requests from several members of Congress to consider amending the calculation of title insurance as part of its notice of proposed rulemaking on the TILA-RESPA Integrated Disclosure Rule, Consumer Financial Protection Bureau Director Richard Cordray thanked them for their letter, but said it will likely not be looking to require major changes in implementation at this point. Read on for more details.
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Homebuyer alleges price-fixing conspiracy
Posted Date: Tuesday, July 5, 2016
A Georgia homebuyer brought a class-action suit against the six major title insurers in Georgia, alleging they conspired to defraud buyers of title insurance in violation of the unfair trade practices provisions of state law. Read on for more details.
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Insurance providers say not liable
Posted Date: Monday, July 11, 2016
After a suit regarding a real estate fraud scheme ended in a Coblentz agreement, the settling defendant in that case sought the damages promised under the agreement from the plaintiff title insurer’s insurers. Two of the title insurer’s insurers filed suit for declaratory judgment, arguing they are not liable for those funds. Read on for more details.
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Quitclaim void, foreclosure should be stopped
Posted Date: Wednesday, June 29, 2016
The daughter who was acting as a trustee for her deceased parents’ trust and the personal representative of their estates sued their mortgagee, alleging a quitclaim deed transferring title from the trust to her parents as individuals was void and thus a pending foreclosure could not go forward. Read on for more details.
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Sellers sue title company for failed real estate transaction
Posted Date: Monday, July 11, 2016
The owners of property in California filed suit against a title company after a failed real estate sales transaction. They argue that the transaction failed because the title company breached its duty to issue a title policy, preventing the close of escrow. Read on for more details and the court’s decision.
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FHA releases guidance on insuring mortgages
Posted Date: Wednesday, July 20, 2016
A week after U.S. Department of Housing and Urban Development Secretary Julian Castro was asked about the program by the House Financial Services Committee, the Federal Housing Administration announced guidance that makes clear the circumstances under which it will insure mortgages on properties that include Property Assessed Clean Energy assessments. Read on for more details.
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Michigan adopts predictable recording fee
Posted Date: Tuesday, July 19, 2016
Michigan Gov. Rick Snyder has signed legislation establishing a predictable recording fee for almost every document filed in county registers’ offices. Read on for more details.
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Indiana DOI fines title agency for overcharging
Posted Date: Thursday, July 14, 2016
The Indiana Department of Insurance has entered into an agreed entry with a Louisville, Ky., title agency by which the agency will pay an administrative penalty for overcharging premium rates and provide refunds to customers. Read on for more details.
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New York AG details plan to combat real estate issues
Posted Date: Thursday, July 14, 2016
In a move to strengthen legal enforcement efforts, New York Attorney General Eric T. Schneiderman created a new team to enhance and streamline his office’s resources to combat tenant harassment, deceptive lending practices, deed theft, bank fraud, and other housing issues facing constituents. Read on for more details.
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Attorney indicted for escrow theft, tax evasion
Posted Date: Monday, July 11, 2016
A former Orange County attorney was indicted for mail fraud, structuring cash transactions, obstruction the IRS, tax evasion, obstruction of justice and perjury. Read on for more details.
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Six indicted for foreclosure rescue scam
Posted Date: Wednesday, July 20, 2016
California Attorney General Kamala D. Harris announced that six individuals were indicted and arrested on 135 felony charges for operating a mortgage fraud scheme throughout Southern California, preying on homeowners facing foreclosure. Read on for more details.
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Mortgage modification scam leader sentenced to 9 years
Posted Date: Wednesday, July 20, 2016
A Santa Ana, Calif., man was sentenced to nine years in prison for heading a mortgage loan modification scheme that defrauded more than 1,000 struggling homeowners across the United States. Read on for more details.
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Builder denies settlement of malpractice suit against attorney
Posted Date: Wednesday, July 20, 2016
After settling a dispute with the holder of a tax sale certificate who sought money damages for a defective redemption and cancellation of the tax certificate, a builder in New Jersey filed suit against its title companies and the real estate attorney who represented it during the transaction. When a trial court granted a motion to enforce a settlement with the attorney, the builder denied the settlement was made and appealed the decision.
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Does title company owe duty to third parties when recording?
Posted Date: Tuesday, July 19, 2016
Does a title company owe a duty of care to third parties in the recording of legal instruments? The Washington Supreme Court had to answer that question when the Ninth U.S. Circuit Court of Appeals certified the question to it. Read on for the court’s answer.
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Title companies owner indicted for wire, tax fraud
Posted Date: Tuesday, July 19, 2016
U.S. Attorney Zane David Memeger announced the indictment of a title company owner, alleging 24 counts of wire fraud, four counts of bank fraud and three counts of filing a false tax return. Among other things, he failed to payoff existing mortgages on borrowers’ property, instead using the money to fund an extravagant lifestyle. Read on for more details.
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Couple sues title company to recoup funds lost to fraud
Posted Date: Tuesday, July 19, 2016
After relinquishing property in Illinois in a quiet title suit by the rightful owners, victims of a mortgage fraud scheme sought to recover funds from their title insurer. Read on to find out what the Seventh U.S. Circuit Court of Appeals had to say when the case went before it.
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Supreme Court of Florida suspends attorney for dishonesty, misuse of funds
Posted Date: Tuesday, July 19, 2016
The Supreme Court of Florida suspended an attorney who, as officer of a title company, violated the rules for professional conduct relating to dishonesty or misrepresentation by deliberately failing to inform a lender that the funds provided were not being used as agreed to. Read on for more details.
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ALTA sends TRID rulemaking suggestions to Cordray
Posted Date: Thursday, July 14, 2016
On July 7, the American Land Title Association wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, providing three recommendations for the CFPB’s upcoming Notice of Proposed Rulemaking on the TILA-RESPA Integrated Disclosure Rule. Read on for more details.
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New Jersey man sentenced for mortgage fraud scam
Posted Date: Thursday, July 14, 2016
A Hudson County, N.J., man was sentenced to 60 months in prison for his role in a $13 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos in Wildwood and Wildwood Crest, N.J. Read on for more details.
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Appellate court reviews First American rate filing case
Posted Date: Thursday, July 14, 2016
A California homebuyer, representing a class-action lawsuit against First American Title, appealed a trial court ruling that First American was immune from the plaintiff’s ambiguity theory. Because the trial court ruled that First American was in violation of failing to charge its own filed rates, First American also appealed the decision. Read on for details on how the Second District Court of Appeals ruled in the case.
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Georgia appellate court determines date of loss under title policy
Posted Date: Thursday, July 14, 2016
After realizing there were restrictions on the property it felt made the title defective, the successor lender filed a claim with its title insurer and foreclosed on the property. A trial court determined damages were to be calculated as of the date the predecessor closed on the loan. Both parties then appealed on various points. Read on for more details.
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Maryland real estate agent pleads guilty to mortgage fraud
Posted Date: Monday, July 11, 2016
A Randallstown, Md., real estate agent pleaded guilty to charges arising from the fraudulent purchase of a Baltimore City property using fraudulent loan documentation and a straw purchaser. Read on for more details.
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