Buyer, title insurer sue FDIC over purchase gone awry
After the owner of property in Rancho Santa Fe, Calif., declared bankruptcy, it arranged for the property to be sold via short sale. All of the lienholders agreed to the short sale, but the Federal Deposit Insurance Corp., acting as receiver for one of the lenders, had some conditions that needed to be met first. Those conditions weren’t met, but the sale was closed. It became the first lienholder on the property and moved to foreclose. Once the title insurer paid the outstanding debt on the lien, the title insurer and buyer sued the FDIC for failing to adhere to the earlier agreement to release its lien for a lesser amount. Read on for more details.
CFPB submits Oct. 3 proposal
Mark your calendars for Oct. 3. That is the date the Consumer Financial Protection Bureau decided to delay implementation of the TILA/RESPA Integrated Disclosure Rule to in a proposed rule being published in the Federal Register on June 26. Read on to find out why the bureau moved the date, why it chose Oct. 3, and what parties it believes will gain the greatest benefits from the delay.
Siblings steal customer identities from title company
A brother and sister from the Inland Empire have pleaded guilty to federal charges of conspiring to steal identities of hundreds of would-be homeowners from North American Title Company and using those stolen identities to obtain credit cards from major national retailers.
Cordray announces proposed delay to TRID effective date
Weeks after announcing that the bureau would be sensitive to good-faith efforts to comply with the TILA-RESPA Integrated Disclosure Rule, Consumer Financial Protection Bureau Director Richard Cordray announced a proposed delay of the implantation date. Read on for more details.
Breaking: TRID date pushed back to Oct. 1
At 5 p.m. June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
FDIC, national underwriter dispute negligent underwriting in CPL row
After discovering that Washington Mutual was defrauded by a scheme in Michigan, the Federal Deposit Insurance Corp. made a claim with the title insurer of 24 fraudulent transactions, arguing that it is responsible under the closing protection letter for the conduct of its agent who took part in the scheme. The title insurer countered that the CPLs didn’t cover negligent underwriting. Read on for the court’s decision.