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Industry speaks out on New York cyber regs
Posted Date: Monday, December 5, 2016
In September, New York Gov. Andrew Cuomo announced a new first-in-the-nation regulation had been proposed to protect New York State from the ever-growing threat of cyberattacks. The regulation requires banks, insurance companies, and other financial services institutions regulated by the State Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York state’s financial services industry. The proposed regulation was published in the New York State Register on Sept. 28, 2016, and was subject to a 45-day notice and public comment period. During that time, several financial services industries, including the New York State Land Title Association and American Land Title Association submitted comments to the New York State Department of Financial Services suggesting modifications to the proposed regulations.
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Commission proposes mechanic’s lien law changes
Posted Date: Wednesday, November 16, 2016
The California Law Revision Commission released revised tentative recommendation on mechanic’s liens in common interest developments. Read on for more about the suggested changes.
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Lender sues under CPL for agent’s fraud
Posted Date: Monday, October 17, 2016
After Fannie Mae discovered a closing agent had perpetrated fraud in conducting real estate closings, it required the lender in those transactions to buy back the loans. The lender did so, began the foreclosure process and filed claims under the closing protection letters against the title insurer in the transactions. The title insurer denied the claims and the lender filed suit.
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Alabama court affirms for different reasons
Posted Date: Monday, October 17, 2016
A living trust brought action against a property owners association, seeking to judicially redeem disputed property that was sold for unpaid taxes. The trial court ruled in favor of the association, and the living trust appealed. The appellate court affirmed the ruling, but not for the same reasons the trial court had arrived at in the case. Read on for the details.
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Parties dispute amount of attorney fees
Posted Date: Monday, October 17, 2016
After a court found that its title insurer did owe a duty to defend in a local Puerto Rico court case, the insured filed a motion for order regarding its entitlement to costs and fees for successfully establishing the breach of duty to defend. The insurer opposed. Read on for more details.
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Oregon counties file suit against MERS
Posted Date: Wednesday, November 16, 2016
Several Oregon counties have filed suit against Mortgage Electronic Registration Systems Inc. and several member banks and lenders that work in the state. Read on for more details.
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Seven plead guilty to fraud conspiracy
Posted Date: Monday, November 21, 2016
In two related cases, seven residents of Miami-Dade County pled guilty to conspiracy charges arising from their involvement in a complex mortgage fraud scheme involving two condominium conversion projects in central Florida. Read on for more details.
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New York adopts definition of mortgage consummation
Posted Date: Monday, December 5, 2016
The New York State Assembly has adopted legislation that amend the banking law by adding a new provisions defining the term “consummation of a mortgage loan.” Read on for more details.
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Coalition seek rejection of recording fee increase
Posted Date: Wednesday, November 16, 2016
The New York State Land Title Association, along with the Long Island Board of Realtors, Long Island Builders Institute, Long Island Association, Commercial Industry Brokers Society of Long Island and the Association for a Better Long Island wrote a letter to the Nassau County Legislature asking it to reject the county executives budget proposal to increase mortgage recording fees. Read on for more details.
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Recording fees to go up in Colorado
Posted Date: Wednesday, November 16, 2016
The Colorado Department of Regulatory Agencies Division of Insurance sent a notice to all title insurance agents that as of Jan.1, 2017, document recording fee are going up in all Colorado counties. Read on for more details.
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Insurance investigation unit gets accreditation
Posted Date: Monday, November 21, 2016
Washington’s Special Investigations Unit (SIU) has earned accreditation from the Washington Association of Sheriffs and Police Chiefs, joining the 20 percent of law enforcement agencies in the state to have it. Read on for more details.
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Louisiana issues emergency consumer privacy rule
Posted Date: Wednesday, November 16, 2016
Louisiana Insurance Commissioner James Donelon issued an emergency rule regarding privacy of consumers to bring it into line with the federal Fixing America’s Surface Transportation Act, which in turn amended the Gramm-Leach-Bliley Act. Read on for more details.
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Louisiana man sentenced for wire fraud conspiracy
Posted Date: Monday, December 5, 2016
A man from Rayville, La., was sentenced to time in prison and ordered to pay more than $1 million in restitution after pleading guilty to his role in a conspiracy to commit wire fraud. Read on for more details.
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Title company seeks surplus from foreclosure sale
Posted Date: Monday, November 28, 2016
In conducting a search for an insured who purchased property at a foreclosure sale on a condo lien, a title insurer missed a purchase money mortgage on the property. To make its insured whole, it purchased the mortgage, then sought to receive the surplus from the foreclosure sale. Read on for more details.
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Florida DFS announces arrest for escrow theft
Posted Date: Monday, November 28, 2016
The Florida Department of Financial Services’ (DFS) Division of Investigative and Forensic Services announced the recent arrest of George Garcia, 69, following his alleged unlicensed insurance activity that resulted in the theft of escrow payments from South Florida homeowners.
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California man sentenced for bank fraud conspiracy
Posted Date: Monday, November 28, 2016
A California man was sentenced to time in prison and ordered to pay restitution for conspiracy to commit bank fraud in relation to a mortgage fraud scheme. Read on for more details.
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Insured seeks enforcement of settlement agreement
Posted Date: Monday, November 28, 2016
After filing suit against its title insurer for breach of contract, bad faith and wrongful denial of insurance benefits, an insured entered into a settlement agreement with its insured. When the insured became dissatisfied with the fulfilment of the agreement, it sought to enforce the settlement agreement. Read on for more details.
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Secondary lien holder disputes alleged reconveyance
Posted Date: Monday, November 28, 2016
After property was reconveyed by a title company and sold via short sale to pay off the first lien on the Idaho property, the secondary lien holder filed suit, alleging tortious interference and negligent reconveyance, among other things. Read on for more details.
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Man pleads guilty in mortgage scheme
Posted Date: Monday, November 21, 2016
A Rocklin, Calif., man pleaded guilty to wire fraud involving financial institutions in connection with a mortgage fraud scheme involving the purchase of at least 31 properties. Read on for more details.
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NYSLTA suggests modifications to proposed cyberregs
Posted Date: Monday, November 21, 2016
The New York State Land Title Association wrote a letter to the New York state Department of Financial Services to offer suggested modifications to the department’s proposed cybersecurity requirements for financial services companies. Read on for more details.
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Homeowners seek class certification in kickback suit
Posted Date: Monday, November 14, 2016
Forty-eight homeowners brought a class action lawsuit against a title agency, marketing companies and lenders alleging violations of the anti-kickback provisions of RESPA. While several lenders have entered into settlements with various classes in the suit, a motion for class certification moved forward against the one lender moving forward with litigation. Read on for more details.
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PHH, NYDFS settle mortgage violations
Posted Date: Monday, November 14, 2016
New York Gov. Andrew M. Cuomo announced that PHH Mortgage Corp. and its affiliate, PHH Home Loans LLC, will pay a $28 million fine and engage a third-party auditor as part of a consent order for violations of federal and New York laws designed to protect homeowners. Among other things, the finds showed that the companies imposed large fees at closing and failed to provide accurate good faith estimates. Read on for more details.
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Man sues sheriff after purchasing property
Posted Date: Monday, November 14, 2016
After purchasing foreclosed upon property at a sheriff’s sale, a man sued the Philadelphia County sheriff because the sheriff’s deed was not recorded until nine months after the sheriff was required to record the document. Read on for more details.
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Homeowner sues MERS for breach of good faith, fraud in concealment
Posted Date: Monday, November 14, 2016
After her property was foreclosed upon by the successor to the mortgagee, a homeowner went after several parties to the transaction, including the successor bank, Freddie Mac, several unidentified entities and MERS. Eventually the claims against each defendant was dismissed until MERS was the sole defendant. Read on for more details on what happened next in the case.
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