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The Legal Description Edition
November 24, 2014
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NAIC finishes Exposure Draft of Title Shopping Tool
Posted Date: Thursday, November 13, 2014
The National Association of Insurance Commissioners is accepting comments on an Exposure Draft for its NAIC Title Shopping Tool. Read on to find out more details on the guide and where to send comments.
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Professional golfer sues Hardwick firm; firm seeks dismissal
Posted Date: Thursday, November 6, 2014
Months after the law firm of Morris Hardwick Schneider, now Morris Schneider Wittstadt, and its title agency arm, LandCastle, filed suit against the title agency’s former CEO, Nat Hardwick, because of alleged fraud on Hardwick’s part, one of the victims of his alleged scheme, a professional golfer, sued Hardwick and the rest of the firm, alleging they conspired together to cover up the fraud scheme. The firm was quick to move for dismissal of the suit.
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FDIC sues title insurer, agency for inducing fraudulent mortgage purchases
Posted Date: Tuesday, August 12, 2014
The Federal Deposit Insurance Corp., in its role as receiver for Washington Mutual Bank, sued a title insurer, title agency and title agency owner, for inducing Washington Mutual to purchase three fraudulent mortgages, resulting in more than $1.24 million in losses to Washington Mutual. The case went before the U.S. District Court for the Eastern District of New York on the insurer’s motion to dismiss.
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Title insurer, developers dispute breach of indemnity claim
Posted Date: Thursday, August 7, 2014
After developers promised to indemnify its title insurer against any loss arising from mechanic’s liens or claims in connection with work done on a hotel and condominium development in Minneapolis, Minn., the insurer issued title policies in connection with the project. The title insurer eventually sued the developers for breach of the indemnification agreement and an indemnification bond, as well as fraud. The case eventually went before the Court of Appeals of Minnesota.
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New, old faces lead insurance regulators
Posted Date: Thursday, November 6, 2014
While many were focused on major federal races, smaller, yet just as significant, races were happening to see who would head several state insurance departments. Read on for more information.
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California report shows data breaches’ effect on residents
Posted Date: Tuesday, November 4, 2014
The second annual California Data Breach Report offered a look at the impact of data breaches on state residents in 2013, along with a host of recommendations for reducing the number of breaches and their impact in the future. Read on to see how many California residents were put at risk by data breaches.
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New York attorney arrested for escrow theft
Posted Date: Tuesday, November 4, 2014
Nassau County District Attorney Kathleen Rice announced the arrest of a Roslyn Heights attorney for stealing $720,000 held in an escrow account, as well as selling an East Hills property owned in the name of his law firm and pocketing more than $700,000 in proceeds.
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KREW Settlement Services fraudsters sentenced
Posted Date: Tuesday, November 11, 2014
Defendants in a mortgage fraud conspiracy involving KREW Settlement Services were sentenced by U.S. District Court Judge Berle Schiller for their roles in the multi-million dollar scheme involving more than 100 fraudulent mortgage loans.
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Virginia woman admits to mortgage fraud
Posted Date: Thursday, November 6, 2014
The former majority owner of construction company Genesis Mansions, who recruited a number of strawbuyers to defraud financial institutions of millions of dollars thorough an intricate mortgage fraud conspiracy, pled guilty in the U.S. District Court for the Western District of Virginia in Lynchburg, Va.
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Illinois lawyer, radio host convicted of mortgage fraud
Posted Date: Tuesday, November 4, 2014
An Illinois lawyer and Internet radio talk show host was convicted on federal charges for engaging in two mortgage fraud schemes that defrauded lenders of a total of approximately $9.7 million.
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FFIEC releases cybersecurity assessment observations, recommendations
Posted Date: Tuesday, November 11, 2014
The Federal Financial Institutions Examination Council, on behalf of its members, released observations from the recent cybersecurity assessment and recommended regulated financial institutions participate in the Financial Services Information Sharing and Analysis Center.
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Sixty-eight percent of U.S. population lives in eRecording jurisdiction
Posted Date: Tuesday, November 11, 2014
A new milestone has been reached in the number of recording jurisdictions that are electronically recording documents. As of Nov. 1, more than 1,200 recording jurisdictions are eRecording enabled, which represents one-third of the nation’s 3,600 recording jurisdictions.
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It’s all about transparency
Posted Date: Monday, November 24, 2014
As I write this, I am coming back from the National Association of Insurance Commissioners (NAIC) Annual Fall Meeting, where I attended the Title Insurance Task Force meeting. It was great to meet regulators face-to-face and also get to see some of our loyal readers who were attending the meeting on behalf of their companies. One thing became even clearer sitting there listening to representatives from various state insurance regulators — they want transparency for consumers.
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NAIC releases latest shopping guide for comment
Posted Date: Monday, November 24, 2014
The National Association of Insurance Commissioners (NAIC) Title Insurance Consumer Shopping Tools Working Group is accepting comments on its latest Exposure Draft for its NAIC Title Shopping Tool. Regulators and interested parties may submit comments by Dec. 4.
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Mortgage brokers, closing attorney, developers sentenced for fraud scheme
Posted Date: Thursday, November 13, 2014
The U.S. Attorney’s Office announced that Chief U.S. District Judge James Dever III sentenced numerous participants in an expansive mortgage fraud scheme to prison. Chief Judge Dever also collectively ordered more than $10 million in forfeiture and restitution judgments against the defendants. Those sentenced by the court included multiple real estate developers, a closing attorney, two mortgage brokers, and a real estate broker.
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What to do if you are the victim of a cyber attack
Posted Date: Thursday, November 13, 2014
It seems like you can’t turn around without hearing of another cyber security breach. Find out some things you can do if you are the victim of a cyber attack, from an FBI agent’s insights.
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