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Right-to-rescind clarified by U.S. Supreme Court
Posted Date: Tuesday, January 20, 2015
In a recent opinion, the U.S. Supreme Court clarified what a borrower must do to invoke his or her right to rescind under the Truth in Lending Act. Read on to find out the court’s reasoning.
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FDIC seeks indemnity in dispute with second lien holder
Posted Date: Thursday, October 9, 2014
After purchasing property at a trustee’s sale as receiver for a Nevada bank, the Federal Deposit Insurance Corp. (FDIC) discovered a second lien holder was making claims against the property. Though the dispute was settled, the FDIC sought indemnity from the title company that performed the escrow duties to recoup its losses.
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Appellate court mulls decision in property lien case
Posted Date: Thursday, October 9, 2014
When a homeowner’s lawsuit to enforce a judgment lien evolved into a third-party complaint in which the party who purchased property from the judgment debtor sued the title company for failing to discover the lien in a title search, the defendant companies moved to dismiss the third-party complaint for failure to state a claim for relief. A trial court granted their motions, and the property owner appealed. Read on to find out whether the appellate court affirmed the decision.
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Minor changes to disclosure rule finalized
Posted Date: Wednesday, January 21, 2015
The Consumer Financial Protection Bureau finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding certain construction loans.
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New York seeks amendment to title insurance assessment law
Posted Date: Wednesday, January 21, 2015
The New York Assembly has introduced a bill that would amend state law so that New York-domiciled licensed title underwriters are assessed on the net premiums retained on policies issued for property located within the state of New York. Read on for more details.
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Oklahoma introduces new mortgage release law
Posted Date: Wednesday, January 21, 2015
The Oklahoma legislature has introduced a bill that would allow title insurance companies to execute affidavits to release mortgages from the county records under certain circumstances. Read on for more details.
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Utah regulation addresses land flips
Posted Date: Monday, January 12, 2015
The Utah Title and Escrow Commission recently promulgated a rule that set out regulations prohibiting certain land flips from being closed by title insurance producers in the state. Read on for more details.
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Pa. governor-elect appoints insurance chief
Posted Date: Thursday, January 15, 2015
Pennsylvania Governor-elect Tom Wolf announced the appointment of a new chief to lead the state’s department of insurance. Read on to find out the new appointee.
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Florida title industry prepares as data call submission draws closer
Posted Date: Monday, February 2, 2015
A few years ago, Florida regulators and title industry members came together to find a way to ensure that the rate promulgated by the state was accurate and fair. To do that, they established a data call for underwriters and title agents. Industry members have been working to educate themselves and gather the necessary information and soon will submit their first data call. While things have been going relatively smoothly according to regulators and industry members, there is still work to be done before May 31.
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CFPB cites Wells, Chase, Maryland title firm for illegal kickbacks
Posted Date: Thursday, January 22, 2015
The Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services with a now-defunct title company, Genuine Title. In addition to the banks, the bureau and Maryland took action against a former Wells Fargo employee and his wife for their involvement. In all, the penalties for the enforcement total more than $35 million.
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What are lenders concerned about?
Posted Date: Wednesday, January 21, 2015
The buzzword around the industry for the last few years has been lender liability. What does that mean, however? What areas lenders are concerned about and what can agents do to alleviate those concerns?
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Who cares about lender liability?
Posted Date: Tuesday, January 20, 2015
Over the last few years, the term lender liability has been floated around frequently among members of the title industry. Lenders are under immense scrutiny, while at the same time trying to implement policies and procedures to comply with an ever-changing regulatory landscape. It can be unclear what is expected of title agents who want to continue to receive business from their lender clients. During a session at the Louisiana Land Title Association’s annual convention, Marx Sterbcow, managing attorney at the Sterbcow Law Group, and Charles Cain, senior vice president and agency manager for the Midwest region at WFG National Title Insurance Co., provided some insight into why lenders are concerned about their liability.
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Indiana General Assembly addresses purchaser’s, omitted lienholder’s rights after foreclosure
Posted Date: Tuesday, January 20, 2015
The Indiana General Assembly is considering a bill that any time after a judgment is entered in a foreclosure action, a purchaser or an omitted lienholder may bring a civil action to determine the omitted lienholder’s interest and determine the amount of the proceeds of the sale the omitted lienholder is entitled to. Read on for more details.
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Lawyer, 11 others indicted for short-sale fraud
Posted Date: Tuesday, January 20, 2015
Acting New Jersey Attorney General John Hoffman announced that a lawyer from Chatham, N.J., was indicted along with 11 co-defendants who allegedly conspired with her in a scheme to steal nearly $1 million from lenders through a mortgage fraud scheme.
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New Mexico bulletin rescinded
Posted Date: Thursday, January 15, 2015
A week after it issued a bulletin informing the title insurance industry that it has received information regarding industry members drawing up legal documents at no charge and warning that this practice is illegal, the New Mexico Office of the Superintendent of Insurance rescinded the bulletin.
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Lenders address business issues ahead of implementation
Posted Date: Thursday, January 15, 2015
A lot of new regulations and business practices have come at the entire real estate industry in the last few years. Everyone has had to adjust to different economic practices and new regulatory scrutiny. None have been impacted more than the lending community.
After all these changes, a new, dramatic shift in how the real estate business is done is again on the horizon with the implementation of the integrated mortgage disclosure rules. Again, the biggest impact is beginning to be felt on the lending community as they attempt to address many business decisions while the rest of the industry waits for their decisions to be made.
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New Mexico bulletin warns against drafting legal documents
Posted Date: Monday, January 12, 2015
The New Mexico Office of the Superintendent of Insurance issued a bulletin informing the title insurance industry that it has received information regarding industry members drawing up legal documents at no charge and warning that this practice is illegal.
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South Dakota appoints insurance division director
Posted Date: Monday, January 12, 2015
South Dakota State Labor and Regulation Secretary Marcia Hultman announced Larry Deiter has been named the new director of the Division of Insurance. Read on for more details.
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