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What to know about New York’s new cybersecurity regulations
Posted Date: Monday, March 20, 2017
The New York Department of Financial Services’ new cybersecurity regulations went into effect March 1. The department worked for months drafting this bill, touting it as first in the nation regulation “to protect New York’s financial services industry and consumers from the ever-growing threat of cyber-attacks”
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Associations voice concerns over New Mexico legislation
Posted Date: Wednesday, March 8, 2017
Shortly after the introduction of bills that would look to create a pool for high-risk title insurance for properties affected by intergovernmental jurisdiction disputes in New Mexico, the New Mexico Land Title Association and American Land Title Association wrote state senators to voice their concerns that this was not the best solution to the problem. Read on for more details.
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Utah Supreme Court clarifies void, voidable, valid trustee’s deeds
Posted Date: Wednesday, March 8, 2017
The Utah Supreme Court recently addressed questions left unanswered after they heard Federal National Mortgage Association v. Sundquist, specifically, what the remedy should be when it is discovered that a trustee conducted a nonjudicial foreclosure sale in violation of Utah Code section 57-1-21. This law requires the trustee to maintain a physical office within the state. Read on for more details.
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Missing certificate of occupancy leads to breach of contract suit
Posted Date: Monday, March 6, 2017
After closing on a new build without the needed certificate of occupancy, the new owner of the property not only sued the builder, but several other parties to the transaction, including his attorney and title agency. Read on for more details.
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Industry associations voice support for G-fee bill
Posted Date: Wednesday, March 15, 2017
The American Land Title Association and other mortgage associations voiced their support for H.R. 916, the Risk Management and Homeowner Stability Act. Read on for more details.
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Oregon considers changes to trust deed
Posted Date: Monday, March 13, 2017
The Oregon Legislative Assembly is considering a bill that would revise the definition of beneficiary under a deed of trust, as well as declare recorded trust deeds prima facie evidence of assignments that are required to be recorded. Read on for more details.
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Rhode Island bill cleans title chains
Posted Date: Wednesday, March 8, 2017
The Rhode Island Legislature is considering a bill that would provide that all transfers of a mortgage interest on residential property be recorded to provide a clean chain of title for consumers to track the ownership of their mortgages. Read on for more details.
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PRIA approves eNotary FAQ
Posted Date: Monday, March 13, 2017
The Board of Directors of the Property Records Industry Association (PRIA) gave final approval to the background paper on “eNotary Frequently Asked Questions (FAQs)” published by the eNotary Work Project Team, under the auspices of the Standards & Best Practices Committee. Read on for more details.
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West Virginia appoints new insurance commissioner
Posted Date: Monday, March 6, 2017
West Virginia Gov. Jim Justice has appointed Allan L. McVey to serve as West Virginia’s insurance commissioner, effective April 1. McVey is a vice president for BB&T-Carson Insurance Services. Read on for more details.
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Former New Jersey lawyer sentenced for mortgage fraud conspiracy
Posted Date: Monday, March 13, 2017
A former New Jersey lawyer was sentenced to 48 months in prison for participating in a conspiracy that caused lenders to release $40.8 million based on fraudulent mortgage loan applications and for laundering the proceeds of the fraud. Read on for more details.
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Maryland may add certification requirement for recordation
Posted Date: Wednesday, March 15, 2017
The Maryland General Assembly is considering a bill that would require a deed or lease bear a specified attorney certification or a certification that the instrument was prepared by a specified party in order to be recorded. Read on for more details.
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Connecticut considers quitclaim deed bill
Posted Date: Wednesday, March 15, 2017
The Connecticut General Assembly is considering a bill that would require both the grantor and the grantee, or their duly authorized legal representatives, to be present at the time a quitclaim deed is executed. Read on for more details.
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Is an assignment of mortgage a transfer of beneficial interest?
Posted Date: Monday, March 13, 2017
The First District Appellate Court of Illinois recently deliberated whether the transfer of a mortgage is subject to the Chicago real estate transfer tax as an assignment of beneficial interest in real property. Read on for more details.
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Homeowner sues title insurer over easement dispute
Posted Date: Monday, March 13, 2017
A homeowner sued its title insurer, arguing that the company had a duty to defend it in a suit filed by their neighbor, who argued he had an easement on the homeowner’s land. Read on for more details.
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Landowner makes second attempt at title claim
Posted Date: Wednesday, March 8, 2017
Years after filing his original claim with his title insurer seeking help in obtaining a right of access to his landlocked real property which fell across federal land, the landowner filed another claim and eventually a second suit against the title insurer. He argued that the resolution of the initial claim was inaccurate because it did not confer an irrevocable easement. Read on for more details.
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Maryland man sentenced for mortgage fraud
Posted Date: Wednesday, March 8, 2017
U.S. District Judge James K. Bredar sentenced Michael Gerard Camphor, 60, of Baltimore, to 27 months in prison, followed by three years of supervised release on charges arising from the fraudulent purchase of four properties in Baltimore, using fraudulent loan documentation and straw purchasers. Read on for more details.
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Arkansas bill clarifies negligence for missed title
Posted Date: Monday, March 6, 2017
A bill introduced in the Arkansas State Legislature would clarify that no cause of action exists for negligence by an insured against a title insurance agency or agent for lack of reasonable care in a title search. Read on for more details.
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Three indicted for West Palm Beach mortgage fraud
Posted Date: Monday, March 6, 2017
A federal grand jury sitting in West Palm Beach returned a nine-count superseding indictment charging three individuals with conspiracy to commit bank fraud and various substantive bank fraud offenses. Read on for more details.
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