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NJ Supreme Court determines lien priority
Posted Date: Wednesday, August 24, 2016
The Supreme Court of New Jersey recently handed down a decision regarding lien priority in a case where a mortgagee brought an action to foreclose on mortgages given to secure financing for a group of related commercial entities. After a trial court granted summary judgment on its behalf, a subsequent mortgagee appealed, arguing that its intervening mortgage took priority over optional future advances made by the first mortgagee. Read on for more details.
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CFPB takes steps to prevent foreclosure
Posted Date: Wednesday, August 10, 2016
In the last week, the Consumer Financial Protection Bureau has taken steps to prevent foreclosures and prepare for the sunset of the Home Affordable Modification Program. Read on for more details.
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Superiority doesn’t extinguish lender’s interest
Posted Date: Wednesday, August 17, 2016
The 9th U.S. Circuit Court of Appeals recently heard a case regarding Nevada’s HOA lien superiority in a case where the homeowners’ association sold property at a foreclosure sale for unpaid dues, leaving the holder of the mortgage with no interest in the property. Read on for more details.
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RICO charge gets second review in Ohio court
Posted Date: Monday, August 8, 2016
In a case remanded back to determine potential violations of the Racketeer Influenced and Corrupt Organizations Act, a plaintiff tried to prove his servicer, MERS and their officials conspired to fraudulently foreclose on his home. Read on for details of the Ohio case.
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Buyer sues title insurer over escrow handling
Posted Date: Monday, August 1, 2016
The purchaser of vacant property in Ridgefield, Wash., sued the title insurer who handled a holdback escrow account, alleging breach of fiduciary duty in making payments from that account. The account was to be used to ensure that expenses to obtain final engineering approval from the city of Ridgefield were paid. Read on for more details.
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CFPB adds TRID settlement guide
Posted Date: Wednesday, August 24, 2016
Continuing its efforts to provide educational resources on the TILA-RESPA Integrated Disclosure (TRID) rule to the industry, the Consumer Financial Protection Bureau announced that it created a webpage specifically for settlement professionals. The page, posted nine months after TRID took effect, discusses practices and changes TRID made to the settlement process that agents should note. Read on for the details.
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Revised electronic recording bill passes legislature
Posted Date: Friday, August 26, 2016
The California Legislature adopted legislation to, among other things, amend the state’s Electronic Recording Delivery Act of 2004. The bill awaits the governor’s signature.
Read on for more details.
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California notaries to get a raise
Posted Date: Monday, August 22, 2016
The California General Assembly adopted a new law increasing the amount notaries public can charge for various acts they perform. Read on for more details.
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AG backs Homeowner Survivor Bill of Rights
Posted Date: Wednesday, August 24, 2016
California Attorney General Kamala D. Harris released a statement in support on the California State Assembly’s passage of Senate Bill 1150, the California Homeowner Survivor Bill of Rights. Read on for more details.
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Underwriters settle Florida reinsurance case
Posted Date: Monday, August 8, 2016
In a case involving three of the Big Four underwriters, a settlement has been reached involving reinsurance pacts between First American, Old Republic and Stewart. Read on for details of the case.
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Emergency rule to address historic flooding
Posted Date: Thursday, August 18, 2016
To address issues created by the historic flooding in the state, the Louisiana Department of Insurance issued an emergency rule to suspend parts of the Louisiana Insurance Code including cancellations, non-renewals, reinstatements, premium payments, claim filings and related provisions regarding all insurance matters affecting insureds in Louisiana. Read on for more details.
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Florida AG sues foreclosure defense scammers
Posted Date: Monday, August 22, 2016
Florida Attorney General Pam Bondi filed a court action to stop a group of non-lawyers operating an illegitimate foreclosure defense and loan modification law firm. The group of non-lawyers operated several foreclosure defense and loan modification companies, allegedly deceived homeowners into paying large fees for legal services that were not supervised or approved by licensed attorneys. Read on for more details.
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Maine aligns state, federal regulations
Posted Date: Wednesday, August 10, 2016
Maine has adopted new regulations to its Alternative Mortgage Transaction Joint Rule, changes which will substantially align the joint rule with the Consumer Financial Protection Bureau’s Regulation D. Read on for the details.
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CFO admits stealing from his title company
Posted Date: Friday, August 26, 2016
The former chief financial officer of a San Antonio title company pleaded guilty to stealing from the agency, using the funds to pay for his personal expenses and bills. Read on for more details.
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Company founder charged with mortgage fraud
Posted Date: Monday, August 22, 2016
The president and founder of a Falmouth, Mass., mortgage company was charged in U.S. District Court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of nearly $3 million. Read on for more details.
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Scammer pleads guilty to $3 million fraud
Posted Date: Tuesday, August 30, 2016
A California man has pleaded guilty to a federal fraud charge related to a long-running mortgage rescue scheme that involved nearly $3 million in illegal fees charged to distressed homeowners and about 200 fraudulent bankruptcy petitions. Read on for more details.
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Appellate court reviews jury instruction, evidence exclusion
Posted Date: Wednesday, August 24, 2016
In a case involving whether a lender is entitled to title insurance coverage where the underlying defaulting mortgage was the result of a fraud by the borrower, and the lender was not assigned the mortgage before it was declared void, the title company appealed the district court ruling, its jury instructions, and the exclusion of certain evidence. Read on for more details.
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Does escrow entity have duty to disclose previous, unrecorded loans?
Posted Date: Monday, August 22, 2016
After losing money when a borrower defaulted on its loan, the lender sued several parties involved, including the escrow company and the title insurer. It argued that the escrow company had a duty to disclose a previous, unrecorded loan before closing and that had it known about this previous loan, it would not have provided the funds to the borrower. Read on for more details.
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