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OCC adds third-party oversight guidance
Posted Date: Monday, June 12, 2017
The Office of the Comptroller of the Currency has issued a set of 14 frequently asked questions to supplement its Oct. 30, 2013 bulletin, OCC Bulletin 2013-29 “Third-Party Relationships: Risk Management Guidance. Included in the guidance are some answers as to whether third parties should be subject to more, or less, oversight from financial institutions. Read on for more details.
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Potential impact of the New York proposed regulations
Posted Date: Friday, May 26, 2017
At the beginning of May, New York Gov. Andrew Cuomo introduced proposed regulations to “crack down on unscrupulous practices in the title insurance industry.” The rules would have a significant impact on industry members in the state, and potentially the country. Read on for more details.
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Title agency appeals license revocation to 8th Circuit
Posted Date: Wednesday, May 17, 2017
A Minnesota title agency appealed the decision of a U.S. district court, which dismissed its case alleging that the Minnesota Department of Commerce’s actions during an administrative hearing violated the agency’s federal rights, to the 8th U.S. Circuit Court of Appeals. Read on for more details.
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Bank seeks dismissal of wrongful foreclosure suit
Posted Date: Wednesday, May 10, 2017
A bank sought to dismiss the wrongful foreclosure suit brought against it by homeowners in Oakland, Calif., in a first amended complaint the court allowed the homeowners to bring after dismissing their initial complaint. Read on for more details.
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Man sues title insurer, claiming he suffered during state case
Posted Date: Monday, May 15, 2017
A man in Illinois brought claims for conspiracy against a title insurer, a state judge and others. He alleged that despite winning a case brought against him, he suffered and that the case spurred a heart attack. Read on for more details.
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Title company seeks repayment in fraud proceeding
Posted Date: Monday, May 22, 2017
A title insurer filed an adversary proceeding against a debtor, alleging the debtor defrauded the insurer when he was the treasurer of a Texas title agency which was a policy-issuing agent of the title insurer. Read on for more details.
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Owner sues title agency, insurer over refinance
Posted Date: Monday, May 22, 2017
After he lost his property in Hamilton Beach, Calif., to foreclosure in 2008 as a result of what he claimed was a fraudulent refinance, a property owner began filing suit against various parties, endeavoring to show that they defrauded or otherwise wronged him when he refinanced his residence. Eventually, he filed suit against the title agency that acted as subescrow for the transaction, along with the title insurer, alleging they had a duty to know and prevent the fraudulent transaction. Read on for more details.
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Illinois passes predictable recording fee legislation
Posted Date: Tuesday, June 6, 2017
The Illinois General Assembly has passed a bill establishing a predictable recording fee schedule. The bill now will be sent to the governor for consideration. Read on for more details.
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Maryland governor signs expedited foreclosure bill
Posted Date: Friday, May 26, 2017
Maryland Gov. Larry Hogan signed legislation establishing an expedited foreclosure process for property that has been vacant and abandoned. Read on for more details.
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Florida passes property information report legislation
Posted Date: Friday, May 26, 2017
The Florida Legislature has passed legislation that, among other things, amends the state’s property information report statutes. The bill awaits the governor’s signature. Read on for more details.
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North Carolina considers lien agent legislation
Posted Date: Tuesday, June 6, 2017
The North Carolina General Assembly is considering a bill that would make various changes to the statute governing lien agents, providing for the cancellation and renewal of a notice to lien agent. Read on for more details.
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Homeowners sue regulator, state title association
Posted Date: Friday, June 2, 2017
New Mexico homeowners sued the state Office of the Superintendent of Insurance, Superintendent of Insurance John Franchini and the New Mexico Land Title Association, alleging that the department has failed in its duty to regulate the industry. Read on for more details.
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New York attorney sentenced for embezzlement
Posted Date: Friday, June 2, 2017
Nassau County District Attorney Madeline Singas announced that an attorney from Great Neck has been sentenced to one to three years in prison for stealing nearly half a million dollars by embezzling a downpayment from a couple selling their home and by fraudulently securing a mortgage loan in the name of a corporation owned by his former mother-in-law. Read on for more details.
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Virginia Insurance Commissioner announces retirement
Posted Date: Tuesday, June 6, 2017
Virginia Insurance Commissioner Jacqueline K. Cunningham will retire at the end of the year after serving for a total of 30 years with the State Corporation Commission’s Bureau of Insurance. She was appointed to serve as Virginia’s 13th commissioner of insurance on Jan.1, 2011.
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Defect index highlights need for caution
Posted Date: Friday, June 2, 2017
The latest Loan Application Defect Index, released by First American Financial Corp., shows a fifth consecutive month of increased defects, signaling a need for increased caution. Read on for more details.
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NS3: Industry standouts rewarded with OR awards
Posted Date: Thursday, June 8, 2017
For the sixth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts. The awards were presented by CEO and Publisher Erica Meyer at the 13th annual National Settlement Services Summit (NS3) in San Antonio. Read on to find out who took home the hardware this year.
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Ocwen sues FIS for fraud, negligence
Posted Date: Tuesday, June 6, 2017
Ocwen Loan Servicing LLC sued independent servicing reviewer Fidelity Information Services LLC for negligence in California state court for negligence in handling its review. Read on for more details.
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Powerhouse lineup takes to NS3 stage this week
Posted Date: Monday, June 5, 2017
With the most distinguished group of speakers set to take the stage over three days, the 13th annual National Settlement Services Summit (NS3) makes its first appearance in the great state of Texas this week. Read on for details about the program that is At The Center of the real estate transaction today.
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Bank sues title insurer for excluding coverage
Posted Date: Friday, June 2, 2017
After suffering $1.78 million in losses from selling property after foreclosure because of a court holding that lien rights of a third party were not extinguished by foreclosure, the bank sued its title insurer for denying a claim for indemnity. The title insurer had argued that the coverage was excluded by the policy. Read on for more details.
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Title insurer seeks indemnification for mistaken description
Posted Date: Friday, June 2, 2017
After property owners refused to sign a curative instrument that would have corrected the description of property they purchased from a bank who bought the property at a foreclosure sale, their title insurance company filed suit. The title insurer sought legal and equitable relief against the bank and the property owners. Read on for more details.
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California man files suit for improper foreclosure
Posted Date: Friday, May 26, 2017
A California man sued his lender and the title insurer who acted as trustee for the deed of trust, alleging that the parties did not have standing to foreclose and that the property had been improperly foreclosed upon. Read on for more details.
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NS3 Preview: Get a first expert look at PHH Corp.
Posted Date: Friday, May 26, 2017
On May 24 the D.C. Circuit Court of Appeals heard oral arguments for the en banc hearing for PHH Corp. v. CFPB. Where are we in terms of RESPA Section 8 in light of the most recent developments in PHH Corp.? What are the practical impacts of Section 8(c)(2)? These are just a handful of questions that Ken Markison of the Mortgage Bankers Association and Loretta Salzano of Franzén and Salzano, P.C., will be tackling at the National Settlement Services Summit (NS3) in San Antonio.
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Queens man indicted for stealing from elderly
Posted Date: Friday, May 26, 2017
Queens District Attorney Richard A. Brown announced that a 68-year-old Queens man has been charged with stealing more than $100,000 from an 83-year-old female friend who gave him power of attorney to act in her stead as her health was deteriorating and she was losing her eyesight. Among other things, he authorized the sale of property in Freeport, Long Island and transferred the proceeds to his own account. Read on for more details.
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Bookkeeper pleads guilty to embezzlement
Posted Date: Friday, May 26, 2017
The former bookkeeper of an Oklahoma real estate management company pleaded guilty to check forgery and embezzlement. Read on for more details.
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