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Lenders instructions: The good, the bad, the solutions
Posted Date: Thursday, June 2, 2016
Things have been changing in the industry at an increasingly
rapid pace in the last nine years. From the housing market crash to the
establishment of the Consumer Financial Protection Bureau, to the new
TILA-RESPA Integrated Disclosure Rule (TRID),
the entire real estate mortgage market has had to adjust to new realities
quicker than ever before.
One sticking point as people adapt to their new realities?
Lender’s closing instructions. Whether it’s not having enough time to read and
follow those increasingly complex forms, a lender who asks you to take on more
risk for the transaction, or receiving closing instructions that haven’t been
adapted to the new changes, title and settlement agents have seen them all.
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Former state Senate leader, son sentenced
Posted Date: Monday, May 16, 2016
Preet Bharara, the U.S. Attorney for the Southern District of New York, announced that former New York state Senate Majority Leader Dean Skelos was sentenced to five years in prison after having been found guilty by a federal jury of using his official position to obtain more than $300,000 in bribes and extortion payments that were paid to his son, Adam Skelos, in exchange for Dean Skelos’ official acts. Read on for more details.
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Attorney agent appeals negligence action
Posted Date: Monday, May 16, 2016
national underwriter brought a negligence action in Massachusetts state court against an attorney agent, seeking indemnification. After the trial court judge ruled in favor of the title insurer, the attorney appealed. Read on to find out how the Massachusetts Appellate Court ruled in the case.
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Title insurer seeks to compel arbitration
Posted Date: Wednesday, May 25, 2016
After a policyholder sued its title insurer in a third-party complaint regarding a title dispute on land it sold, the title insurer moved to compel arbitration and dismiss the complaint. Read on for more details.
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LLC has own standing in title dispute
Posted Date: Monday, May 23, 2016
An Arizona appellate court was asked to review a dispute between a property owner and two title insurance companies after his original complaint was dismissed for a lack of standing. The plaintiff claimed he had an equitable interest in the limited liability company’s contract, but the appellate court did not see it the same way. Read on for the details.
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Judiciary slated to work on Email Privacy Act
Posted Date: Monday, May 23, 2016
After unanimously passing the House of Representatives, the Senate Judiciary Committee is expected to begin discussions on the Email Privacy Act. As passed by the House, the bill would, among other things, prohibit email providers from divulging contents of communications to government entities except in certain cases. The bill has bi-partisan support in the Senate committee, but Chairman Chuck Grassley said supporters should not expect it simply to pass the Senate because it passed the House. Read on for details of the bill and why Grassley has concerns.
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Maryland establishes practices to quiet title
Posted Date: Monday, May 16, 2016
A bill to establish practices and procedures to quiet title to property has been signed into law by the governor of Maryland. Read on for more details.
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New Jersey considers mortgage payoff requirements
Posted Date: Wednesday, May 25, 2016
The New Jersey Legislature is considering a bill that would require creditors to provide mortgage payoff balances on home loans within five business days after notification of request. Read on for more details.
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ALTA outlines hopeful changes to committees
Posted Date: Wednesday, May 18, 2016
In a letter to the chairs of the House Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Housing and Insurance, the American Land Title Association urged the committees to help ensure the bureau addresses issues it feels are preventing TRID from achieving its mission of helping consumers better understand the terms of their largest financial investment. Read on for more details.
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Washington OIC issues fines
Posted Date: Wednesday, May 25, 2016
Washington Insurance Commissioner Mike Kreidler issued fines in April totaling $113,600 against insurance companies, agents and brokers who violated state regulations. Read on for more details.
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Businessman, attorney plead guilty
Posted Date: Monday, May 23, 2016
A San Diego businessman and Arizona attorney pleaded guilty to participating in a massive scheme in which they obtained tens of millions of dollars in fraudulently obtained loan proceeds. They would take out loans in Southern California, pretend the loans were paid off and secure additional loans. Read on for more details.
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Ohio bill would overhaul foreclosure procedures
Posted Date: Monday, May 23, 2016
A bill which sailed through the Ohio House is being considered by the Senate. The bill would create an expedited process for foreclosing on vacant and abandoned properties and overhaul the judicial sale process by creating an official public sheriff sale website and creating the position of a private selling officer to spearhead the process. Read on for the details.
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New Jersey may clarify responsibility for income tax payment transmission
Posted Date: Wednesday, May 25, 2016
The New Jersey Legislature is considering a bill that would provide that settlement agents are not responsible for transmitting estimated gross income tax payment and forms for certain not resident real estate transactions unless so responsible pursuant to contract. Read on for more details.
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Baltimore agent pleads guilty to mortgage fraud conspiracy
Posted Date: Wednesday, May 25, 2016
A Baltimore real estate agent pleaded guilty to 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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Conference coverage: The Legal Description live at AEA
Posted Date: Monday, May 23, 2016
At the American Escrow Association’s annual conference in Tempe, Ariz., from May 19-21, there was much to talk about regarding everything from lender closing instructions to eClosings and more. The Legal Description was there to give you all the insight into these and other topics.
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North Carolina court addresses MERS’ rights
Posted Date: Monday, May 23, 2016
A case brought by a couple whose house was foreclosed upon challenged the right of the Mortgage Electronic Registration Systems to assign its note and deed of trust. In its discussion of the case, a North Carolina district court directly addressed whether MERS had the ability to assign notes and deeds of trust in the state. Read on to see what the court said.
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NS3 Preview: Embracing change, developing models can drive sales
Posted Date: Wednesday, May 18, 2016
Since the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule in October, it’s safe to say that business has been anything but usual for the title and settlement services industries. In a panel discussion at the National Settlement Services Summit in Charlotte, N.C., Orange Leaf Consulting CEO Cynthia McGovern and Florida Agency Network CEO Aaron Davis will discuss the opportunities to increase and enhance your business during this period of change. Read on for the details.
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Missouri Legislature passes amendments to financial transaction laws
Posted Date: Wednesday, May 18, 2016
The Missouri Legislature has passed a bill that amends provisions of state law relating to financial transactions. Among other things it amends provisions regarding escrow services and the ability to address legal descriptions. Read on for more details.
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Manhattan attorney sentenced for estate, escrow theft
Posted Date: Wednesday, May 18, 2016
Manhattan District Attorney Cyrus R. Vance, Jr., announced the sentencing of John Todorovich, 63, an attorney, to 2 and a half to 7 years in state prison for stealing more than $800,000 from two former clients’ estate accounts and a deposit owed to a former client related to the sale of his apartment.
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NS3 Preview: Creating meeting of the minds between creditors, settlement agents
Posted Date: Monday, May 16, 2016
A dog is smarter than its tail, right? It usually is, until it doesn’t pay close enough attention to the details. At this year’s National Settlement Services Summit (NS3), October Research, LLC will be hosting “TRID Tails,” where a panel of experts will review the TILA-RESPA Integrated Disclosure (TRID) rule’s various conflicts and problems that they have seen arise out of the normal workflow between creditors and settlement agents. Read on to learn more.
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California considers servicers’ responsibilities to successors
Posted Date: Monday, May 16, 2016
The California General Assembly is considering a bill that would amend mortgage servicers’ responsibilities to successors in interest. Specifically, it would prohibit mortgage servicers, upon notification that a borrower has died, from recording a notice of default until the servicer has done certain things. Read on to find out what.
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