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Ways to stop seller impersonation fraud in its tracks
Posted Date: Monday, September 18, 2023
One of the fastest-growing real estate cyber fraud schemes in 2023 is seller impersonation fraud, where someone finds a vacant or non-owner-occupied property and attempts to impersonate the property owner and sell the property. Using public records, business email compromise and good old-fashioned persistence, these fraudsters try to trick the Realtor, title company and buyer into thinking they are the real owner of the property and can sell the property, all before the real owner gets wind that their property is being sold.
You can be part of stopping this crime in its tracks.
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Title insurer sues former agency for failure to remit premiums
Posted Date: Wednesday, July 5, 2023
A title insurer sued a former agency for failure to remit premiums. It filed claims for breach of the agency agreement, breach of fiduciary duty, and conversion, seeking to recover the unpaid premiums. The parties later filed cross motions for partial summary judgment.
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FinCEN issues guide to assist small businesses report BOI
Posted Date: Monday, September 18, 2023
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information reporting rule.
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New Jersey adopts flood insurance notification legislation
Posted Date: Monday, September 11, 2023
New Jersey Gov. Phil Murphy signed legislation that requires sellers of property and landlords to make certain notifications regarding flooding. This includes disclosing knowledge of a property’s history of flooding, flood risk, and location in a flood zone or area.
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Colorado AG addresses tax lien process in light of Tyler v. Hennepin County
Posted Date: Wednesday, September 13, 2023
Colorado Attorney General Philip Weiser issued Opinion No. 23-01, addressing the question of whether Colorado laws governing the process to recover unpaid property taxes are unconstitutional in light of the U.S. Supreme Court’s decision in Tyler v. Hennepin County. At least one county treasurer paused on its treasurer’s deed process until state lawmakers weigh in.
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Indiana AG files suit against MV Realty
Posted Date: Wednesday, September 20, 2023
Indiana Attorney General Todd Rokita filed a lawsuit against MV Realty in an effort to stop the company from negotiating contracts that violate Indiana law. The company is based out of Florida, but it operates in Indiana and several other states.
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Arizona counties begin releasing title alert programs
Posted Date: Wednesday, September 20, 2023
After the passage of SB 1110 earlier this year required county recorders in Arizona to provide a system for notifying people when any document is recorded in which the person is a named party to the instrument, several counties have begun rolling out their alert systems.
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Tampa man pleads guilty to bank fraud conspiracy
Posted Date: Wednesday, September 20, 2023
U.S. Attorney Roger Handberg announced Carlos Ferrer, 46, of Tampa, Fla., pleaded guilty to one count of conspiracy to commit bank fraud. Ferrer faces a maximum penalty of 30 years in federal prison.
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CISA, NSA, FBI issue deepfake cybersecurity threat information sheet
Posted Date: Monday, September 18, 2023
The National Security Agency, the Federal Bureau of Investigation, and the Cybersecurity and Infrastructure Security Agency released a Cybersecurity Information Sheet , Contextualizing Deepfake Threats to Organizations, which provides an overview of synthetic media threats, techniques, and trends.
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U.S. senators seek information on MV Realty’s Homeowner Benefit Program
Posted Date: Wednesday, September 13, 2023
Several U.S. senators sent a letter to MV Realty, a Florida-based real estate company, on accusations of predatory business practices. The letter seeks information about MV Realty’s “Homeowner Benefit Program”, which court documents have alleged misleads and unfairly targets consumers.
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Associations urge Congress to extend NFIP
Posted Date: Wednesday, September 13, 2023
Several associations, including the Mortgage Bankers Association, National Association of Realtors and National Association of Home Builders, wrote to Congressional leadership to urge them to extend the National Flood Insurance Program before its Sept. 30 expiration.
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Michigan AG shares tips to avoid business identity theft
Posted Date: Wednesday, September 13, 2023
Michigan Attorney General Dana Nessel spoke with the West Coast Chamber of Commerce about warnings and tips about business identity theft based on complaints by the department’s consumer protection team.
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Title company seeks dismissal of coverage for deed dispute
Posted Date: Monday, September 11, 2023
A realty company sued their title insurer seeking indemnification and defense after several third parties alleged claims adverse to, or defects on, the title to property it purchased in Catskill, N.Y.
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California considers residential exclusive listing agreement legislation
Posted Date: Monday, September 11, 2023
The California General Assembly is considering legislation enacting the Residential Exclusive Listing Agreements Act. The bill would establish the conditions for exclusive listing agreements in regard to residential real property and provide that agreements that do not meet these terms are void.
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Title insurer seeks stay in HOA foreclosure coverage case
Posted Date: Monday, September 11, 2023
A title insurer sought a stay in a coverage dispute brought by a lender stemming from litigation over a homeowner’s association’s foreclosure sale. There are two cases raising similar issues pending before the Nevada Supreme Court.
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MISMO publishes enhanced closing instruction templates
Posted Date: Monday, September 11, 2023
MISMO published a new set of enhanced work products designed to create a standardized exchange for closing instructions information. The templates have reached “Candidate Recommendation” status, which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and are available for use across the industry.
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