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Achieving compliance in today’s world
Posted Date: Wednesday, May 4, 2016
The word compliance can seem like a buzzword, some daunting thing out there in the distance that you never can quite reach. The Consumer Financial Protection Bureau, state regulators, lenders and others seem to keep changing the rules. Even if you do start to understand them, you have to know how to implement changes to keep your company in compliance.
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NAIC drafts cybersecurity model law, title industry gives input
Posted Date: Monday, April 25, 2016
A year after the National Association of Insurance Commissioners’ Cybersecurity Task Force adopted its regulatory principles, the task force released a preliminary working and discussion draft of a new Cybersecurity Model Law for comment. The American Land Title Association provided its thoughts about how the rule might impact the title industry and small businesses. Read on to find out more.
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Transfer history sufficient to foreclose
Posted Date: Monday, April 25, 2016
After the successor of her mortgagee moved to foreclose on her property, the owner moved to dismiss the complaint because the bank lacked standing to bring the action, arguing that the bank lacked standing because it could not produce a chain of valid assignments of the eNote from the original lender. The trial court agreed and the bank appealed.
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Title insurer seeks indemnity for lien issues
Posted Date: Wednesday, April 20, 2016
In order to complete a sale and provide the buyer with title insurance, the seller of property in Wheeling, Ill., agreed to indemnify the title insurer for providing coverage to the buyer against a mechanic’s lien on the property. After addressing the mechanic’s lien issue for its insured, the title insurer went back to the seller to compensate it for its losses. The seller refused and the title insurer filed suit. Read on for more details.
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Couple challenges decision in title insurance row
Posted Date: Wednesday, April 20, 2016
After buying a secluded piece of property in Washington state, a couple discovered an overlooked easement that could render their property far less secluded. Their title insurer agreed that it had overlooked the easement and the claim was covered, but disagreed about the diminution of value to the property. The couple filed suit and a jury returned a defense verdict. The couple appealed and the case eventually went before the Supreme Court of Washington. Read on for more details.
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President appoints members to commission
Posted Date: Monday, April 18, 2016
President Barack Obama announced his intent to appoint 10 members to the Commission on Enhancing National Cybersecurity, a new commission of strategic, business and technical thinkers from the private sector who will make recommendations about how best to strengthen cybersecurity in the public and private sector. Read on for more details.
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Missouri amends title insurance legislation
Posted Date: Monday, April 25, 2016
The Missouri General Assembly amended HB 2257, which would modify title insurance law with respect to the performance of escrow, settlement or closing services by title insurers, agencies and agents. The bill now includes changes to the state’s notary laws. Read on for more details.
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Louisiana looking at new recording fee schedule
Posted Date: Monday, April 18, 2016
The Louisiana Legislature is considering a bill that would establish a schedule of fees for recording documents with the clerks of district courts across the state. Read on for more details.
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State mulls revised electronic recording bill
Posted Date: Wednesday, April 27, 2016
The California Legislature is considering revised legislation to amend the state’s Electronic Recording Delivery Act of 2004. Read on for more details.
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Title agency owner sentenced to prison
Posted Date: Monday, April 18, 2016
A Tennessee title agency owner was sentenced to 33 months in prison to be followed by two years of supervised release. He also was ordered to pay $2.2 million in restitution and to forfeit the proceeds of his crime. Read on for more details.
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Freedom Mortgage settles FHA allegations
Posted Date: Wednesday, April 20, 2016
Freedom Mortgage Corp. has agreed to pay the United States $113 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting single family mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements for the FHA insurance program, the Justice Department announced. Read on for more details.
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Leader against mortgage fraud to resign
Posted Date: Monday, April 25, 2016
U.S. Attorney Benjamin B. Wagner for the Eastern District of California has announced his resignation, effective midnight April 30. During his tenure he was co-chair of the Mortgage Fraud Working Group and prosecuted numerous mortgage fraud cases. Read on for more details.
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Nebraska adopts Electronic Notary Public Act
Posted Date: Wednesday, April 20, 2016
Nebraska has adopted the Electronic Notary Public Act, which defines terms and outlines procedures for electronically notarizing documents in the state. Read on for more details.
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CFPB to reopen TRID rulemaking
Posted Date: Monday, May 9, 2016
Industry communications with the Consumer Financial Protection Bureau (CFPB) appear to have paid off. In a letter addressed to industry trades and their members, Director Richard Cordray wrote that the bureau would be reopening rulemaking, with a notice of proposed rulemaking expected to be released by late July.
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NS3 Preview: Attorneys to discuss RESPA, ethics, reverse vendor oversight
Posted Date: Monday, May 2, 2016
Title agents and attorneys are expected to adhere to the highest ethical standards, especially given Dodd Frank’s ban on unfair, deceptive or abusive acts or practices, which gave the CFPB broad authority to root out questionable activities. This will be the topic of a highly engaging ethical discussion at this year’s National Settlement Services Summit, led by Charles Cain and Marx Sterbcow. See more here.
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NS3 Preview: Industry leaders panel up to share insights
Posted Date: Wednesday, April 27, 2016
When the industry gathers in Charlotte, N.C., June 6-8 for the National Settlement Services Summit, it will have a chance to hear from a host of top underwriter and lender executives in three panels. Read on to find out who will be featured, and what to expect from some of the most dynamic sessions at the conference.
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New Yorkers indicted for mortgage fraud
Posted Date: Monday, April 25, 2016
A federal grand jury returned a 24-count indictment charging four New Yorkers with conspiracy to commit wire and mail fraud affecting financial institutions, wire and mail fraud affecting financial institutions and bank fraud. Read on for more details.
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