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Matters of State: Diverse regulators discuss wide range of issues
Posted Date: Wednesday, July 12, 2017
During the National Settlement Services Summit in San Antonio in June, four regulators from diverse states, and diverse regulatory frameworks, shared their insight into a wide range of topics being address in their states. Issues ranged from unlawful inducements to escheatment, Blockchain and geographical targeting orders. Read on for more details.
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CFPB finalizes updated disclosure rule
Posted Date: Friday, July 7, 2017
The Consumer Financial Protection Bureau released its amendments to the TILA-RESPA Integrated Disclosure Rule, designed to formalize guidance and provide greater clarity and certainty. Among other things, the rule addresses tolerances for the total of payments and questions regarding the privacy and sharing of information. Read on for initial analysis.
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Insurer sues agent over account shortfall
Posted Date: Tuesday, June 6, 2017
A national title insurer sued a Utah agent after a shortage was discovered in its trust account because of garnishments from default judgments against the agent. Read on for more details.
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Ninth Circuit upholds bankruptcy panel’s ruling
Posted Date: Monday, June 19, 2017
The Ninth Circuit Court of Appeals upheld a Bankruptcy Appellate Panel’s decision affirming a bankruptcy court dismissal of an adversary proceeding brought by homeowners against parties to the deed of trust after their home was foreclosed upon. Read on for more details.
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Bank seeks reversal of foreclosure due to abandonment of suit
Posted Date: Wednesday, June 14, 2017
The First Circuit Court of Appeals of Louisiana recently decided a case on appeal where the trial court handed down a judgment to set aside a bank’s claims in a foreclosure action due to abandonment. The trial court had originally issued a writ of seizure and sale as to the property in 2007, but the sheriff’s sale had never taken place due to title defects. The bank did not make any official action after the notice of writ of seizure until six years later when it moved to substitute counsel. Read on for more details.
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Federal legislation would improve cybersecurity resources for small businesses
Posted Date: Monday, June 26, 2017
House Small Business Committee Chairman Steve Chabot (R-OH) joined Senate Small Business Committee Chairman Jim Risch (R-ID) to introduce bipartisan, bicameral legislation to improve cybersecurity resources for small businesses. The Small Business Development Center Cyber Training Act will be a priority in each respective committee. Read on for more details.
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Illinois General Assembly passes CPL legislation
Posted Date: Monday, June 26, 2017
The Illinois General Assembly passed legislation that makes changes to the insured closing letter provision of the Title Insurance Act. The bill now awaits the governor’s signature.
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Rhode Island adopts escrow release statute
Posted Date: Monday, June 26, 2017
The Rhode Island General Assembly adopted a bill that would require real estate brokers to release customer or client funds in an escrow account as instructed by the parties to a failed real estate transaction within 10 days of receipt of a written release that has been signed by all the parties. Read on for more details.
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Florida to get new CFO
Posted Date: Monday, June 26, 2017
Gov. Rick Scott appointed a new chief financial officer to replace Jeff Atwater. The swearing in ceremony will occur on Friday. Read on for more details.
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Latest Defect Index shows increase
Posted Date: Wednesday, July 5, 2017
The latest First American Loan Application Defect Index showed that the frequency of defects, fraudulence and misrepresentation increased from a year ago and is higher than levels seen since 2015. Read on for more details.
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New Mexico escrow company owner sentenced for embezzlement
Posted Date: Monday, June 26, 2017
The former owner of Mimbres Valley Escrow Services has been sentenced for embezzling over $800,000 from 12 Luna County residents. The sentencing follows an investigation by the Tax Fraud Investigations Division of the New Mexico Taxation and Revenue Department and cooperation from the Financial Institutions Division of the Regulation and Licensing Department.
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Former Alabama bank president man sentenced for fraud
Posted Date: Wednesday, July 5, 2017
A former Alabama bank president was sentenced to 63 months in prison and ordered to pay more than $2.4 million in restitution for conspiracy to commit bank fraud, four counts of false statements to a federally insured financial institution, bank fraud, and mail fraud affecting a financial institution. Read on for more details.
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Nevada adopts electronic notary law
Posted Date: Wednesday, July 5, 2017
The governor of Nevada has signed legislation that revises provisions of state law governing electronic notaries public. Read on for more details.
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Coverage dispute erupts after construction ends
Posted Date: Wednesday, July 5, 2017
A homeowner sued his title insurer and title agent on several grounds arising from the closing of a home renovation construction loan. Read on for more details.
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North Carolina passes curative affidavit statute
Posted Date: Wednesday, July 5, 2017
The North Carolina General Assembly has passed legislation that clarifies the process for correcting nonmaterial errors in recorded instruments of title. The bill creates curative procedures for obvious description errors in documents of title and creates a seven year curative provision for defects in recorded instruments of title. Read on for more details.
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New York paralegal indicted for mortgage fraud
Posted Date: Monday, June 26, 2017
Queens District Attorney Richard A. Brown, joined by New York State Department of Financial Services Superintendent Maria T. Vullo, announced that a 40-year old paralegal formerly employed at a Jackson Heights, N.Y. law firm has been charged with stealing $80,000, and attempting to steal an additional $44,000, by claiming that he could help one of the firm’s clients and another homeowner in distress and in danger of foreclosure with loan modifications on their mortgages. Read on for more details.
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