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FBI issues PSA on email compromise
Posted Date: Monday, May 15, 2017
The Federal Bureau of Investigation released a public service announcement updating former PSAs on business email compromise and email account compromise, calling it a $5 billion scam. Read on for more details.
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Title agency sues HUD under federal contract
Posted Date: Wednesday, May 3, 2017
A title company – who acted as a settlement service provider for the U.S. Department of Housing and Urban Development’s Federal Housing Administration, when FHA resells property after foreclosure – sued HUD for allegedly breaching its contracts by preventing the agency from charging buyers for closing services. Read on for more details.
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Agency exec seeks dismissal of fraud counts
Posted Date: Monday, May 8, 2017
After the Chapter 7 bankruptcy trustee for a consumer sued various parties for their roles in an alleged scheme to defraud individuals looking for alternative funding sources for real estate projects by misappropriating their escrow accounts, the managing member of an allegedly involved escrow company moved to dismiss the counts against her. Read on for more details.
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Owners seek coverage of septic issues
Posted Date: Wednesday, April 26, 2017
After discovering they could not tie into the commercial-grade septic system that was placed in their front yard for the adjoining hotel and restaurant, a couple sought coverage from their title insurer for the damages. When the title insurer refused, they filed suit. Read on for more details.
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Cyber executive order to strengthen infrastructure, networks
Posted Date: Wednesday, May 17, 2017
On May 11, President Donald Trump issued an executive order titled, “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure.” The executive order is focused on enhancing national defenses against cyberthreats and increasing focus on data security. Read on for more details.
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Woman sentenced for stealing PII from Freddie Mac
Posted Date: Monday, May 22, 2017
A woman who used personally identifiable information stolen from employees of the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Department of Veterans Affairs (VA) was sentenced to 5 1/2 years in prison. Read on for more details.
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New York considers notary conveyance bill
Posted Date: Wednesday, May 17, 2017
The New York Assembly is considering a bill that would require notaries and commissioners of deeds who are involved in executing documents of conveyance to file notarial record of the notarial act. Read on for more details.
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Nevada passes real property legislation
Posted Date: Monday, May 22, 2017
The Nevada Legislature has passed legislation that would revise provisions governing the auction of property pursuant to the power of sale under a deed of trust, as well as provisions requiring mortgagees and beneficiaries of deeds of trust to provide certain contact info to the Division of Financial Institutions of the Department of Business and Industry. Read on for more details.
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New South Carolina timeshare law has escrow requirements
Posted Date: Wednesday, May 24, 2017
South Carolina Gov. recently signed a bill regarding time share reselling in the state. Among other things, the new law includes escrow requirements industry members should be aware of. Read on for more details.
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Colorado passes PACE legislation
Posted Date: Monday, May 22, 2017
Colorado passed a bill that would provide an exemption from applicable requirements for financing from the Colorado New Energy Improvement District if a residential property owner is not seeking to subordinate the priority of existing mortgages. Read on for more details.
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NS3 Preview: Good and collected funds
Posted Date: Wednesday, May 24, 2017
At the same time as there is an increase in email scams targeted at the settlement services industry, there is continued discussion, particularly at the state level, as to what is considered good funds and whether collecting good funds is enough to protect agents and their customers. During the National Settlement Services Summit, two leading escrow professionals will provide insights into the latest.
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NS3 Preview: The value of policies, procedures
Posted Date: Monday, May 22, 2017
Richard Horn, founding attorney at Richard Horn Legal, PLLC, will lead a panel discussion about compliance management system policies and procedures, featuring industry insight from Title Source Chief Operating Officer Brian Hughes and Wells Fargo Home Lending Senior Vice President Brian Webster during the 2017 National Settlement Services Summit (NS3) in San Antonio. Read on to learn more about the session and the summit.
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Loan officer pleads guilty
Posted Date: Monday, May 22, 2017
A Naples, Fla., loan officer plead guilty to conspiracy to commit loan and credit application fraud. Read on for more details.
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NS3 Preview: A new phase of cybertheft?
Posted Date: Wednesday, May 17, 2017
We know technology is constantly evolving and that cybertheft continues to evolve with it, but are we seeing a major shift in the way cyberthieves carry out their business? Tom Cronkright, owner and CEO of Sun Title, has definitely noticed a shift and will share his insights at a session at the upcoming National Settlement Services Summit. Read on for more details.
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Mortgage fraud conspirator sentenced
Posted Date: Wednesday, May 17, 2017
A California man was sentenced to time in prison for conspiracy to commit mortgage fraud and money laundering. Read on for more details.
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Texas bill addresses forgery punishment
Posted Date: Wednesday, May 17, 2017
The Texas Legislature is considering a bill relating to punishment for the offense of forgery and the fee imposed on those who commit the crime. Read on for more details.
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Top issues, live from Fund Assembly
Posted Date: Monday, May 15, 2017
Close to one thousand real estate attorneys from across the state of Florida met in Orlando from May 11 through 13 for a time of learning and innovation at Fund Assembly 2017. The Legal Description was there live and shares some of its biggest takeaways, from cybersecurity insights to the impact of the recently ended 2017 legislative session.
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NS3 Preview: GSE reform as told by former regulator
Posted Date: Monday, May 15, 2017
Having worked in the mortgage industry as a government regulator and an executive in the private sector, WL Ross & Co. LLC Vice Chairman James Lockhart will bring to the stage a viewpoint that is about as well-rounded as one could hope for during his keynote address at the National Settlement Services Summit in San Antonio.
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Attorney sentenced for stealing from clients
Posted Date: Monday, May 15, 2017
A Rhode Island attorney was sentenced to time in prison for stealing from clients. Between approximately April 2011 and June 2014, he defrauded four clients by using funds from one client to pay off debts owed in connection with his representation of other clients, and also to pay for personal expenses, including the tuition for one of his children at a private high school.
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