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The Legal Description Edition
June 23, 2014
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NS3 coverage: Preparing for the model escrow office of the future
Posted Date: Wednesday, June 11, 2014
When Nick Nicholson, incoming president of the American Escrow Association, started out in the escrow business, computers were not part of the transaction. Technology has improved the process, but with new technology and a push toward e-transactions, it is important to prepare now to protect your company and your customers from cyber security and other concerns. During October Research, LLC’s 2014 National Settlement Services Summit (NS3), he shared ways to create the model escrow office of the future.
“The industry is completely changing,” Nicholson said. “We’ve got the new integrated disclosures, e-signings, e-notarizations, e-closings. Pretty soon the consumer is going to be able to stay at home and do the entire closing.”
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NS3 Live Coverage: Keynote discusses vendor management from the lender’s perspective
Posted Date: Tuesday, June 10, 2014
Regulators have made it clear that they want lenders to beef up their oversight of third-party service providers, but just how those expectations will impact the relationship between lenders and the settlement services industry remains unclear. In a keynote speech at October Research, LLC’s 2014 National Settlement Services Summit (NS3) in New Orleans, Mike Flynn, executive vice president and general counsel with Flagstar Bank, discussed vendor management from the lender’s perspective.
Flynn said that in the title space, regional and national underwriters and large agencies that have ongoing contracts with banks are already feeling the impacts of vendor management guidance released by the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) because it’s clear such providers are major third-party vendors.
The real question, Flynn said, regards the impact that the regulators’ expectations will have on smaller services providers — such as local title agents — who are not engaged in long-term contractual relationships with a lender.
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Third Circuit holds state law doesn’t bar suit against title insurer
Posted Date: Monday, April 28, 2014
A real estate lawyer and title insurer got caught up in an ownership dispute between a couple and their former business associate when the couple sued them for civil conspiracy and aiding and abetting their former business partner in transferring property they believed belonged to them. A New Jersey federal court held that state law barred the suit and the couple appealed. The 3rd U.S. Circuit Court of Appeals reversed the judgment.
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Title insurer, bank dispute assignment of policy
Posted Date: Thursday, April 24, 2014
After being assigned a note and mortgage in default after the failure of the original bank, the assignee sought coverage under the title policy. The title insurer denied coverage and the bank filed suit for breach of contract. The title insurer countersued for declaratory judgment.
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Lender seeks defense in title dispute, sues title insurer for breach of fiduciary duty
Posted Date: Monday, May 5, 2014
After a vendor brought action against a purchaser’s lender, which ultimately purchased the property after the purchaser defaulted, and other defendants, seeking to have an equitable lien imposed on the property because the deed of trust that was supposed to secure its loan was never recorded, the lender brought action against the title insurer for breach of contract and breach of fiduciary duty. The trial court granted summary judgment in favor of the title insurer. The lender appealed.
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House passes Mortgage Choice Act
Posted Date: Wednesday, June 11, 2014
On June 9, the U.S. House of Representatives unanimously passed H.R. 3211, the Mortgage Choice Act. The bill amends the qualified mortgage (QM) definition in the Dodd Frank Act, designed to improve access to credit and qualified mortgages for low and moderate income borrowers while protecting consumers from bad loans.
The bill, sponsored by Rep. Bill Huizenga, R-Michigan, specifically clarifies the treatment of insurance and taxes held in escrow and removes affiliated title fees from the points and fees calculation under the Ability to Repay Rule.
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South Carolina adopts mortgage satisfaction legislation
Posted Date: Tuesday, June 10, 2014
The South Carolina General Assembly adopted a bill that provides that mortgagees of record, the owner or holder of the debt instrument secured by the mortgage, the trustee or beneficiary of a deed of trust, or the legal representative or attorney-in-fact of any of those parties may execute a mortgage satisfaction or deed of trust release.
The bill, HB 3134, was introduced by Reps. Wendy Nanney, R-Greenville, and Bill Taylor, R-Aiken.
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Trends in e-notarizations: Are we there yet?
Posted Date: Tuesday, June 10, 2014
The National Notary Association 2014 Conference was held in Phoenix, Ariz. June 2 - 4. Among the many topics discussed was e-notarizations and their value to the industry. October Research, LLC attended “E-notarizations Current Use and Trends” and “How to perform electronic notarizations.” The speakers included: Bill Anderson, NNA vice president of legislative affairs; Nancy Pratt, director, eStrategy, Stewart Title; Darcy Mayer, chief technology officer of DocVerify; Harry Gardner, vice president of eStratgies at Ellie Mae; and Bill Gimbel, vice president of business development at Nations Direct.
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Virginia settlement company owner pleads guilty to short sale fraud
Posted Date: Thursday, June 5, 2014
Jose Marinay, 52, of Annandale, Va., pleaded guilty to conspiracy to commit wire fraud for his involvement in a short sale mortgage fraud conspiracy.
Dana Boente, U.S. attorney for the Eastern District of Virginia; Valerie Parlave, assistant director in charge of the FBI’s Washington Field Office, and Thomas Kelly, special agent in charge, Washington D.C. Field Office, IRS-Criminal Investigation, made the announcement after the plea was accepted by U.S. District Judge Claude Hilton.
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TRIA reauthorization passes Senate Banking Committee
Posted Date: Thursday, June 5, 2014
The Senate Banking Committee approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, by a unanimous vote of 22-0. This bill extends the existing TRIA program for seven years while taking steps to further protect taxpayers.
“I am pleased today that the Banking Committee unanimously supported this important bipartisan bill,” said Committee Chairman Tim Johnson. “This seven year extension of TRIA will continue to help promote economic growth and provide certainty for commercial property development and job creation across the country while protecting the taxpayer. With such a substantial bipartisan vote out of the Banking Committee, I thank my colleagues on both sides of the aisle and plan to continue working with them to move the bill through the Senate in a timely manner.”
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Seeing clearly: Navigating the uncertainties of lender liability
Posted Date: Monday, June 23, 2014
Since the Consumer Financial Protection Bureau (CFPB) issued its April 13 bulletin two years ago, lender liability has been an important topic of discussion among lenders and settlement service providers alike. In that time, the industry has made strides to assure comply with regulatory expectations, but those expectations remain unclear.
During October Research, LLC’s National Settlement Services Summit this year, George Houghton, group president, agency operations, Stewart Information Services Corp., led a panel discussion with William Burding, executive vice president, general counsel, Orange Coast Title Co.; Penny Reed, vice president, industry outreach-business capabilities development, Wells Fargo Home Mortgage; and Paula-Rose Stark, senior principal, Promontory Financial Group LLC, on how to gain clarity and move forward to address the concerns of lenders and agents.
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October Research announces industry award winners
Posted Date: Monday, June 23, 2014
In addition to networking and education, during the National Settlement Services Summit, time was taken to recognize three individuals who have given to the industry and their community. October Research, LLC, announced the winners in its annual awards program, launched to honor men and women in the mortgage and settlement services industries for exemplary accomplishment in the areas of leadership, innovation and philanthropy.
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NS3 attendees help “Make a Child Smile”
Posted Date: Wednesday, June 11, 2014
The goal of October Research, LLC’s 2014 National Settlement Services Summit is to help settlement services companies build their businesses and grow their bottom line, but conference goers took time out from networking and attending panel discussions Monday to focus on a more important goal — helping restore the city of New Orleans, one nut and bolt at a time. The third-annual “Make a Child Smile” charity event, sponsored by Winward Consulting | Software LLC, saw attendees across industries roll up their sleeves to help assemble 30 bikes that will be donated to New Orleans children in need.
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CEO of The Mortgage Store sentenced to conspiracy
Posted Date: Wednesday, June 11, 2014
The chief executive officer of The Mortgage Store, who was also the president of Title America, was sentenced to time in prison after pleading guilty to conspiring to defraud the United States and several banks through those businesses.
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October Research announces industry award winners
Posted Date: Tuesday, June 10, 2014
October Research, LLC, publisher of The Title Report, The Legal Description, Valuation Review, RESPA News and Dodd Frank Update, today announced the winners in its annual awards program, launched to honor men and women in the mortgage and settlement services industries for exemplary accomplishment in the areas of leadership, innovation and philanthropy.
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Texas escrow officer sentenced for role in mortgage fraud conspiracy
Posted Date: Thursday, June 5, 2014
A 53-year-old Aledo, Texas woman has been sentenced to federal prison for her role in a mortgage fraud scheme in the Eastern District of Texas, announced U.S. Attorney John Bales.
Donna Shirley Cobb pleaded guilty on Oct. 16, 2013, to conspiracy to defraud the United States and was sentenced to 21 months in federal prison by U.S. District Judge Thad Heartfield. Cobb was also ordered to pay restitution in the amount of $2.15 million.
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Insured sues escrow co. for missed lien
Posted Date: Thursday, June 5, 2014
Property owners sued an escrow agent after discovering that the property it purchased was encumbered by a deed of trust. It filed motions for breach of contract, breach of fiduciary duty and negligence, arguing that the escrow agent, as agent for the title insurer, was supposed to ensure that title to the property was unencumbered.
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