|
News By Edition
Select from the options below to restrict your search.
|
The Legal Description Edition
September 29, 2014
|
|
The time is now: Gearing up for the new mortgage disclosures
Posted Date: Tuesday, September 30, 2014
Although it may still seem a long way off, there is less than a year until Aug. 1, 2015, when the new loan estimate and closing disclosure forms replace the good faith estimate, HUD-1 settlement statement and TILA disclosures. This is a game-changer for both the lending community and the title industry, and it’s important to start preparing for the new disclosures.
|
|
|
Georgia Supreme Court issues opinion on witness-only closings
Posted Date: Tuesday, September 23, 2014
The Georgia Supreme Court on Sept. 22 approved Formal Advisory Opinion 13-1, which answered three questions, most importantly “Does a lawyer violate the Georgia Rules of Professional Conduct when he/she conducts a witness-only closing?”
|
|
|
11th U.S. Circuit Court asks Alabama Supreme Court to define ‘legal services’ under state law
Posted Date: Thursday, June 26, 2014
A title company in Alabama sued one of their attorney agents after discovering the attorney agent had failed to discover and except prior mortgages in two instances before issuing title commitments on a piece of property. The attorney agent moved for summary judgment on the grounds that the suit was time-barred under state law because he was performing legal services when conducting his title insurance work. The 11th U.S. Circuit Court of Appeals sought clarification from the Alabama Supreme Court on this matter.
|
|
|
Foreclosed upon insured sues title co. for RESPA, TILA violations
Posted Date: Thursday, July 3, 2014
After his property was foreclosed upon by an entity that had first lien position, a man sued his title company under RESPA and the Truth in Lending Act (TILA), arguing that the title insurer concealed the counterfeit lien. The U.S. District Court for the District of Delaware recently ruled on the title company’s motion to dismiss
|
|
|
|
U.S. House passes bill defining points and fees
Posted Date: Thursday, September 18, 2014
The House of Representatives passed a bill amending several aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including a bill modifying the criteria for exclusion from the computation of points and fees. The bill originated in the Financial Services Committee.
|
|
|
R.I. attorney sentenced for embezzling real estate closing funds
Posted Date: Tuesday, September 16, 2014
Rhode Island Attorney General Peter Kilmartin announced that Patrick Allienello, 48, of Narragansett, R.I., pled nolo contendere before Superior Court Justice Robert Krause to nine counts of embezzlement for stealing more than $900,000 from clients in real estate transactions.
|
|
|
Connecticut man pleads guilty to mortgage fraud conspiracy
Posted Date: Thursday, September 18, 2014
Deirdre Daly, U.S. attorney for the District of Connecticut, announced that Filippos Milios, also known as Filip Milios, 55, of Newington, Conn., pleaded guilty before U.S. Magistrate Judge Donna Martinez in Hartford to conspiracy and money laundering offenses stemming from his role in a mortgage fraud scheme that involved dozens of Connecticut properties.
|
|
|
Fraud ring leader gets 35 years in prison
Posted Date: Monday, September 8, 2014
Charles Head, 40, of Pittsburgh, Pa., (formerly of Los Angeles and Orange County), was sentenced by U.S. District Judge Kimberly Mueller to 35 years in prison, U.S. Attorney Benjamin Wagner announced. A hearing to determine the amount of restitution has been set for Nov. 22.
|
|
|
Foreclosure rescue fraud leader found guilty in California
Posted Date: Tuesday, September 16, 2014
After a one-day bench trial on stipulated facts, U.S. District Judge Troy Nunley found Alan Tikal, guilty of 11 counts of mail fraud and one count of money laundering in connection with a multi-million dollar foreclosure rescue scheme.
|
|
|
Industry associations seek additional guidance on mortgage disclosure implementation
Posted Date: Thursday, September 18, 2014
There is no doubt that the new mortgage disclosures forms which will be required to be in use in August next year are complex and will require much time and effort to implement. While acknowledging the work the Consumer Financial Protection Bureau (CFPB) has done to assist in the transition, several industry associations wrote to the CFPB requesting additional guidance.
|
|
|
First American promotes new senior operations counsel
Posted Date: Monday, September 8, 2014
First American Title Insurance Co. promoted Matt Sager to senior operations counsel. In his new role, Sager joins First American’s Legal Department and is responsible for title operations and regulatory issues for the west region of the company’ s direct division, which includes California, Hawaii, Alaska, Oregon, Washington, Idaho, Utah, Nevada, Arizona, Wyoming, Colorado, New Mexico and Texas. Sager is based in First American’s office in Scottsdale, Ariz.
|
|
|
Mortgage disclosure rule compliance guide gets update
Posted Date: Thursday, September 11, 2014
The Consumer Financial Protection Bureau updated a pair of guides intended to help smaller entities implement new mortgage disclosure forms and rules that take effect next summer.
|
|
|
Georgia man found guilty of lien fraud
Posted Date: Monday, September 8, 2014
A federal jury in Omaha, Neb., found a Pelham, Ga., man guilty of seven counts of conspiracy to file and filing false liens against two U.S. District Court judges, the U.S. Attorney for the District of Nebraska, two Assistant U.S. Attorneys and an Internal Revenue Service (IRS) special agent, the Justice Department announced.
|
|
|
ATGF of Colorado announces new agency representative
Posted Date: Tuesday, September 16, 2014
Eric Morgan, president of Attorneys Title Guaranty Fund, Inc. (ATGF) of Denver, announced Jim Johnson joined the firm as agency representative for Utah and Colorado. In this role, Johnson will help ATGF keep its strong ties with its existing independent agents while establishing new relationships in both states.
|
|
|
Auctioneer sentenced for defrauding banks in trustee auctions
Posted Date: Thursday, September 18, 2014
An Orange County, Calif., auctioneer who defrauded banks by accepting bribes to lower the amount of winning bids in trustee auctions was sentenced to 24 months in federal prison, announced Acting U.S. Attorney Stephanie Yonekura and Bill Lewis, the assistant director in charge of the FBI’s Los Angeles Field Office.
|
|
|
Lien holders dispute position in foreclosure action
Posted Date: Thursday, September 18, 2014
A secondary lien holder under statutory race-notice scheme brought suit against the primary lien holder, seeking to be subrogated to the primary lien holder position on real property in the amount it had paid to satisfy the original primary deed of trust. When the trial court granted equitable subrogation, the primary lien holder appealed.
|
|
|
Bank seeks indemnity in suit over unpaid prior mortgage
Posted Date: Tuesday, September 16, 2014
After discovering that a title agent did not pay off a prior mortgage as instructed, a bank sued the agent and its underwriter for breach of contract, breach of fiduciary duty and fraud. The prior lender had filed a foreclosure action and the owners of the property were suing the bank for allegedly breaching its obligations.
|
|
|
|
FDIC seeks recovery of $9M losses through CPL
Posted Date: Monday, September 8, 2014
The Federal Deposit Insurance Corp., as receiver for Washington Mutual Bank, sought reimbursement from a Florida title company for Washington Mutual’s losses on 14 defaulted mortgages. Washington Mutual had closing protection letters for each of the closings and sought claims on each of them, which the title company denied.
|
|
|
Homeowners sue for payment of unowed transfer taxes
Posted Date: Monday, September 8, 2014
Michigan homeowners sued five title insurers and seven title agencies, seeking damages arising from the payment of real estate transfer taxes they allege were not owed.
|
|
|
|
|