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The Legal Description Edition
November 10, 2014
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NAIC moves forward with title guaranty association guide
Posted Date: Tuesday, November 4, 2014
After the insolvency of title insurance underwriters and agencies over the last few years, state regulators took note. The National Association of Insurance Commissioners’ Title Insurance Working Group decided to create a Title Insurance Guaranty Fund Working Group to determine whether it was advisable for states to establish title insurance guaranty funds to ensure that consumers had continuous title insurance coverage. The group decided to craft a guideline, Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund Guideline, to help states create these organizations. The latest version is out for comment.
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Pa. federal court: MERS’ documentation failure violates state recording law
Posted Date: Tuesday, July 22, 2014
A Pennsylvania federal court has made landmark conclusions in a contentious battle between a recorder of deeds in Montgomery County, Pa., and Mortgage Electronic Registration Systems Inc. (MERS), in which the recorder alleged that MERS circumvents the need to record the transfer of the note each time a property is sold, violating state law and unjustly enriching the members-only registry for recording and tracking conveyances of property interests. The court issued a formal declaration that the assignment or transfer of a promissory note secured by a mortgage on real estate is, in Pennsylvania, equivalent to a mortgage assignment, and that MERS’ failure to create and record documents evincing the transfers of promissory notes secured by mortgages on real estate in Pennsylvania “is, was and will in the future be in violation of the Pennsylvania Recording law.”
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CFPB finalizes privacy disclosure rule
Posted Date: Thursday, October 23, 2014
The Consumer Financial Protection Bureau finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which was proposed in May, allows companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.
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Proposed flood insurance rule out for comment
Posted Date: Tuesday, October 28, 2014
Five federal regulatory agencies announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed rule would implement provisions of the Homeowner Flood Insurance Affordability Act of 2014 relating to escrowing flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement.
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Colo. man sentenced to six years for strawbuyer fraud
Posted Date: Tuesday, October 21, 2014
Chaval Williams, 53, of Centennial, Colo., was sentenced by U.S. District Court Judge William Martinez to serve 74 months in federal prison for wire fraud, identity theft and money laundering, federal authorities announced. Following his prison sentence, Williams was ordered to serve 3 years on supervised release. Williams was also ordered by Judge Martinez to pay $766,800.81 in restitution. He was ordered to report to a Bureau of Prisons facility once one is designated. Williams was indicted by a federal grand jury in Denver on June 8, 2011 and pled guilty on May 29, 2013.
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Florida men indicted for inflated sales price conspiracy
Posted Date: Tuesday, October 21, 2014
Two Florida men have been indicted for their role in a mortgage fraud conspiracy in which they and others inflated the price for homes in the area and kept excess funds for themselves. Read on for more details.
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Interagency Cybersecurity Forum launched
Posted Date: Tuesday, October 21, 2014
On Oct. 10, senior leaders from independent and executive branch regulatory agencies launched the interagency Cybersecurity Forum for Independent and Executive Branch Agencies. Read on for more details.
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Q2 Fraud Report shows 3.2 percent increase
Posted Date: Tuesday, October 28, 2014
CoreLogic’s latest Mortgage Fraud Report showed that at the end of the second quarter of 2014 there was a 3.2 percent year-over-year increase in fraud risk, as measured by the Mortgage Application Fraud Risk Index. Read on for more details.
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New York woman sentenced for fraudulent pay off, IRS fraud
Posted Date: Tuesday, October 28, 2014
Preet Bharara, the U.S. attorney for the Southern District of New York, announced that Melanie Ferreira was sentenced in White Plains federal court to 51 months in prison following her conviction for engaging in a series of frauds, which included cheating the Internal Revenue Service out of nearly half a million dollars, and perpetrating a bank fraud scheme. U.S. District Judge Cathy Seibel, who presided over Ferreira’s seven-day jury trial in February 2014, imposed the sentence.
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Complaint management: What to ignore, what not to ignore and how to handle them
Posted Date: Tuesday, November 11, 2014
In this day and age, reputation is everything to companies in any sphere. One bad blog post or tweet and a company’s reputation can be tarnished forever. For those in the financial services sector, reputational risk increases because the Consumer Financial Protection Bureau (CFPB) wants to make sure consumers’ complaints are heard and has developed a consumer complaint database for consumers to share their experiences. It monitors this database regularly and takes action where it feels it needs to.
Many times the title or settlement agent is the last person the consumer sees before their transaction is complete. Although an independent third-party, the CFPB is holding the lender accountable for all actions of their third-party vendors. A poor experience at the closing could reflect badly on the lender, and both parties could end up under fire by the CFPB and public opinion.
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TDI announces fraud prosecutor for Dallas County
Posted Date: Tuesday, October 28, 2014
The Texas Department of Insurance appointed Amy Allen as a fraud prosecutor who will work exclusively with criminal prosecutors in the Dallas County District Attorney’s Office to combat insurance fraud.
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California man sentenced to fraud
Posted Date: Thursday, October 23, 2014
A man was sentenced to seven years in state prison for conspiring with three other family members to commit more than $16 million in real estate fraud by forging documents and purchasing homes using straw buyers.
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Homebuilder sentenced for mortgage fraud conspiracy
Posted Date: Thursday, October 23, 2014
A homebuilder from Delaware was sentenced to 15 years in prison for his role in a mortgage fraud scheme which he conducted with a title agent, mortgage broker and an investor. Read on for more details.
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Indecomm Global Services releases recording integration portal
Posted Date: Tuesday, October 21, 2014
Indecomm Global Services announced the release of its latest mortgage recording innovation, TRIP - The Recording Information Portal. TRIP integrates real-time information and data by jurisdiction with Indecomm’s recording solutions. The data needed for recording, either eRecording or paper recording, resides with the technology to use it.
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President delivers cybersecurity message from CFPB
Posted Date: Tuesday, October 21, 2014
President Obama issued an executive order Oct. 17 on data breach and cybersecurity measures. It said the federal government would transition secure payments to a new technology, host a White House summit on cybersecurity and strengthen assistance for victims of identity theft. Read on for more details.
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