Florida Department of Financial Services develops inducement rule
The Florida Department of Financial Service is developing a rule to identify unfair methods of competition and unfair or deceptive acts or practices in title insurance. Read on for more details.
Leading title law firm shuts doors
One of the largest title law firms in the country has shuttered its doors, filing an Assignment for the Benefit of Creditors in Florida state court. It said it grew too fast, resulting in short-term cash crunches. Read on for more details.
Changes continue in New York as new refinance rates introduced
Weeks after changes were introduced that will change the way the title industry in New York is regulated, more changes were introduced. The New York State Department of Financial Services approved new title insurance rates for mortgage refinancing transactions which the department says will provide up to 65 percent savings for consumers. The new rates are the product of recent regulatory reforms. Read on for more details.
Alabama man sentenced for mortgage fraud, attempted murder
A Ventress, Ala., man was sentenced to 210 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos. He was charged with one count of wire fraud, one count of money laundering, as well as one count of attempted murder of a witness in a federal case. Read on for more details.
Could delayed TRID enforcement be on the way?
Legislative Developments, The Road to Aug. 1
On May 1, two congressmen introduced a bill that would provide for a hold harmless period for the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures rule. Read on for more details.
Cuomo announces regulations to crackdown on title insurance kickbacks
New York Gov. Andrew Cuomo announced new regulations to crack down on kickbacks and other improper expenditures (such as excessive meal and entertainment expenses) in the title insurance industry. He states the regulations will reduce title insurance closing costs by up to 20 percent for new home purchases and up to 60 percent for refinancing transactions. The regulations are based on a Department of Financial Services investigation which uncovered that these practices significantly inflate title insurance premiums. Read on for more details.