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NAIC adopts model data security law
Posted Date: Monday, September 11, 2017
During its summer meeting in August, the National Association of Insurance Commissioners Cybersecurity Working Group and Innovation and Technology Task Force adopted the Insurance Data Security Model Law. Read on to find out what the model law contains.
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PHH, title affiliates propose settlement over kickback allegations
Posted Date: Wednesday, September 13, 2017
PHH Corp. and its affiliates have proposed a $17 million settlement with a class of homeowners who alleged they were improperly referred for title, escrow or closing related services from Title Resources Group or its affiliates in exchange for things of value. Read on for more details.
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CFPB notes TRID, service provider issues
Posted Date: Wednesday, September 13, 2017
Among other findings in the Consumer Financial Protection Bureau’s 16th edition of Supervisory Highlights was the finding by examiners that some companies did not follow the Know Before You Owe mortgage rules. It also had some things to say about the supervision department’s service provider program. Read on for more details.
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Rep. Hill opens discussion of TRID fix
Posted Date: Wednesday, September 13, 2017
During the House Financial Services Subcommittee on Financial Institutions and Consumer Credit’s hearing on “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime,” Rep. French Hill (R-Ark.), spoke about his proposal to introduce legislation to improve TRID. Read on for more details.
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Title insurer sues for indemnification of title defect
Posted Date: Wednesday, September 13, 2017
A national title insurer sued the parties to the sale of 4,000 acres of property in Louisiana, seeking indemnification for the losses it sustained because of a defect in title to the subject property. Read on for more details.
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Philadelphia man sentenced for loan fraud, conspiracy
Posted Date: Wednesday, September 13, 2017
A Philadelphia man was sentenced to time in prison after pleading guilty to one count of conspiracy to commit loan and bank fraud, one count of conspiracy to defraud the Internal Revenue Service, and one count of conspiracy to commit wire fraud. Read on for more details.
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Illinois adopts Title Insurance Act amendments
Posted Date: Monday, September 11, 2017
Illinois Gov. Bruce Rauner signed legislation that amends the state’s Title Insurance Act to allow independent escrowees to issue insured closing letters. Read on for more details.
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Developer, title insurer dispute settlement
Posted Date: Monday, September 11, 2017
A developer and title insurer dispute which party was to be awarded damages after the requirements of a settlement agreement were not met. The title insurer entered into the agreement with the developer to prevent enforcement of the specific performance of a purchase and sale agreement that would have caused 22 homeowners to lose title to their property. Read on for more details.
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MISMO seeks collaborators on eNotary standards
Posted Date: Monday, September 11, 2017
MISMO, the Mortgage Industry Standards Maintenance Organization, is inviting mortgage industry participants to collaborate on developing new electronic and online notary standards and best practices for use within the mortgage process. Read on for more details.
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Mortgage broker pleads guilty to fraud
Posted Date: Monday, September 11, 2017
An Allegheny County mortgage broker pleaded guilty in federal court to a charge of bank and wire fraud. Read on for more details.
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Title insurer seeks declaration of duty
Posted Date: Wednesday, September 6, 2017
After the assignee of a mortgage (and title insurance policy) began foreclosure proceedings on property in Florida, it discovered that the legal description of the mortgage contained errors. It informed the title insurer of the issues and ended up in a dispute with the property owners over the amount of property to be transferred back to the assignee. The title insurer paid the attorney’s fees incurred while defending the title, but disagreed with the assignee about paying additional damages. The title insurer filed suit seeking a declaration of its duty and the assignee filed a counterclaim for breach of contract and bad faith. Read on for more details.
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CFPB provides supervisory statement after Harvey
Posted Date: Wednesday, September 6, 2017
In the wake of Hurricane Harvey, the Consumer Financial Protection Bureau released a supervisory to help supervised entities to assist consumers at risk in the wake of the destruction. Read on for more details.
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Defect risk trend ends as potential rate increase looms
Posted Date: Wednesday, September 6, 2017
First American Financial Corp. released the First American Loan Application Defect Index for July 2017, which shows that a seven-month loan defect risk trend has ended. First American’s chief economist also explains the potential impact a mortgage rate increase could have on the Loan Application Defect Index. Read on for more details.
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Florida title attorney sentenced for mortgage fraud conspiracy
Posted Date: Wednesday, September 6, 2017
A Pensacola Beach, Fla., title attorney was sentenced to time in prison and ordered to pay more than $3.7 million in restitution for conspiracy to commit bank and mail fraud, false statement to a federally insured financial institution, nine counts of money laundering, and two counts of theft, embezzlement or misapplication by a person connected with a financial institution. Read on for more details.
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House subcommittee to discuss TRID Improvement Act draft
Posted Date: Wednesday, September 6, 2017
Congress is back in session and the House Financial Services Subcommittee on Financial Institutions and Consumer Credit is kicking off the fall by holding a hearing entitled “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime.” Among the items on the list is draft legislation that would address the simultaneous rate issue impacting many states. Read on for more details.
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