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The Legal Description Edition
March 16, 2015
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Points to consider in an ever-changing environment
Posted Date: Friday, March 13, 2015
It’s a crazy, ever-changing world of legislation, regulation and court opinions, with more changes coming to fruition every day. Every time legislation is adopted, a regulation is implemented or a court opinion is handed down, it means changes for the industry. And the ways this information is being handed down is changing.
During a recent October Research, LLC webinar, Francis X. Riley, partner in the Princeton, N.J., office of Saul Ewing LLP, noted that a colleague said that when it comes to understanding how members of the mortgage, title and settlement services industry can act legally, you now have to look at not just the statutes and regulations, but also actions taken by regulators, press releases and even speeches made by high and low ranking officials to extrapolate their policy extension and understand whether or not you are acting legally.
With that in mind, he took audience members through what we know are things to watch out for to keep yourself above the fray.
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CFPB case against closing firm moves forward
Posted Date: Wednesday, March 4, 2015
In October 2013, the Consumer Financial Protection filed a suit against a Kentucky law firm, alleging that the firm and its principals used a network or sham affiliated business arrangements to pay kickbacks in return for referrals of real estate settlement business. The firm sought a judgment on the pleadings, but in a decision handed down last month, the court held that the CFPB’s claims are legally plausible, allowing the case to move forward. Read on for more details.
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Insured, title company dispute coverage requested
Posted Date: Tuesday, November 11, 2014
After its property was foreclosed upon, a company which purchased property in San Diego sued its underwriter for failing to provide the coverage it requested in the escrow instructions and providing different coverage instead. The case eventually went before the Fourth District Court of Appeal of California.
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Developers sue over right of access
Posted Date: Thursday, November 13, 2014
After having to halt construction to address concerns from the New York City Department of Transportation, developers sued their title insurer for allegedly failing to inform them that the property had no access to the street.
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Defendant appeals ruling for Old Republic based on ‘improper splitting’
Posted Date: Thursday, November 6, 2014
As Old Republic National Title Insurance sought to recover the unpaid balance on a promissory note it was assigned, the defendant in the case appealed a summary judgment ruling in favor of Old Republic. Read on to find out whether the appeals court upheld the ruling in favor of Old Republic.
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Credit union sues title company for unmarketability of title
Posted Date: Thursday, November 13, 2014
After acquiring 12 subdivided lots from a failed credit union, the credit union that acquired the lots made a claim against the title insurer, arguing that the title to the property was unmarketable. The case eventually went before the 9th U.S. District Court of Appeals.
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DOJ announces $50M settlement over improperly reviewed paperwork
Posted Date: Wednesday, March 4, 2015
The Department of Justice’s U.S. Trustee Program has entered into a national settlement agreement with JPMorgan Chase Bank N.A. requiring Chase to pay more than $50 million, including cash payments, mortgage loan credits and loan forgiveness, to more than 25,000 homeowners who are or were in bankruptcy.
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Florida may revise assessment procedures and requirements
Posted Date: Thursday, February 26, 2015
The Florida Senate is considering a bill that seeks to revise procedures and requirements related to the recovery of assessments from title insurers, revise provisions related to surcharges collected in excess of the assessment and revise requirements for the payment of excess surcharges to the Insurance Regulatory Trust Fund. Read on for more details.
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Title insurers may be only ones to issues CPLs in Illinois
Posted Date: Wednesday, March 4, 2015
The Illinois General Assembly is considering a bill that would amend the Title Insurance Act by changing the definition of closing protection letter to prohibit closing protection letters from being issued by any person or entity other than a title insurer. Read on for more details.
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Title insurers may collect penalty for failed releases in Oklahoma
Posted Date: Tuesday, February 24, 2015
The Oklahoma State Legislature is considering a bill that would authorize title insurance companies to recover penalties against mortgage holders who don’t release mortgages within a certain amount of time after the mortgage has been paid off. Read on for more details.
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Former owners of Wisconsin title company indicted for bank, tax fraud
Posted Date: Tuesday, February 24, 2015
The former owners of a Wisconsin title and closing company were indicted for their roles in a bank fraud conspiracy in which they allegedly diverted more than $1.8 million from their company’s escrow accounts. Read on for more details.
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Texas real estate attorney, others, indicted for mortgage fraud scheme
Posted Date: Thursday, February 26, 2015
A real estate and tax attorney from Texas turned himself in to authorities following the return of a federal indictment alleging he and others participated in a mortgage fraud scheme involving properties in Surfside and Freeport, Texas. Read on for more details.
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Mastermind of Virginia fraud scheme sentenced
Posted Date: Wednesday, March 4, 2015
The former majority owner of a local construction company, who recruited a number of straw buyers to defraud financial institutions of millions of dollars through an intricate mortgage fraud conspiracy, was sentenced in the U.S. District Court for the Western District of Virginia in Lynchburg.
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Dealing with lender liability
Posted Date: Thursday, March 19, 2015
Liability arising from the conduct of third-party providers must remain an important focal point for lenders, who remain under heavy scrutiny from regulators as well as plaintiff’s attorneys. They are getting their guidance from a variety of regulatory sources, as there are no specific regulations that tell them specifically what they must oversee. Read on for some tips on how to address these issues.
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Are closing agents ready for TRID?
Posted Date: Friday, March 13, 2015
Are you ready for the Aug. 1 implementation date for the TILA/RESPA Integrated Disclosure Rule (TRID)? Is the rest of the industry? The lending industry?
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Trends to look for in the courts
Posted Date: Thursday, March 12, 2015
It’s a crazy, ever-changing world of legislation, regulation and court opinions, with more changes coming to fruition every day. Every time legislation is adopted, a regulation is implemented or a court opinion is handed down, it means changes for the industry. And the ways this information is being handed down is changing. Read on to find out the trends emerging in the courts.
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New Mexico may require all agents to have abstract plants
Posted Date: Thursday, February 26, 2015
The New Mexico legislature is considering a bill that, among other things, would require title producers in the state to own, operate or control an abstract plant as a requirement to hold a title insurance producer license in the state. Read on for more details.
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