News By Edition

The Financial Crimes Enforcement Network (FinCEN) issued a rule to help safeguard residential real estate from illicit finance. It requires real estate industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust. FinCEN said the current residential real estate geographic targeting orders were intended to be a temporary measure and “a more comprehensive and permanent regulatory approach is needed.”

A buyer sued several parties to a transaction, asserting claims of negligence, negligent representation, breach of fiduciary duty, and breach of contract, seeking to recover funds lost in a wire fraud scheme. After a trial, the buyer dismissed claims against all defendants except his real estate agent.

The owner of property in Philadelphia appealed a decision denying its petition to set aside a sheriff’s sale. The owner argued the city of Philadelphia had failed to comply with the service requirements of the Municipal Claims and Tax Liens Act.

The California Legislature passed a bill to establish new foreclosure notification and sales requirements. The bill awaits the governor’s signature.

The California Legislature passed legislation requiring browsers to support opt-out preference signals, allowing users to opt out of the sale or sharing of their personal information in a single step. The bill awaits the governor’s signature.

The former principal attorney of a law group from Stony Brook N.Y., was sentenced for stealing more than $800,000 from three former clients by taking their money from his escrow account.

Ventura County, Calif., District Attorney Erik Nasarenko announced a Georgia man pleaded guilty to money laundering in a real estate wire fraud scheme.

Fannie Mae and Freddie Mac each made updates to their multifamily seller/servicer guides.

Two banks filed competing claims arising from their mortgages on the subject property. They later filed cross-motions for summary judgment, each arguing that their lien had priority over the other. The lower court ruled that one bank’s lien was superior, and the case was appealed.

After the new owner of vacant property acquired the property after a sheriff’s sale, the owner of adjacent property filed suit to quiet title, arguing she acquired the property via adverse possession.

The Utah Insurance Department issued a bulletin on title licensees’ questions regarding Rule R592-6, Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business.

A restitution hearing has been scheduled for the former owner of Roswell Escrow Services Inc., who had been sentenced to time in prison for wire fraud.

A Texas federal court struck down the Federal Trade Commission’s non-compete rule, preventing it from taking effect on Sept. 4.

When President Joe Biden spoke about title insurance during his State of the Union address, the industry became a focus of the administration’s affordable housing plan. In June, the Consumer Financial Protection Bureau CFPB issued a request for information on mortgage closing costs, bringing with it questions about what could be next. The government-sponsored enterprises are also looking into title waivers, and there is a renewed interest in attorney opinion letters. All of this could present a shift for the industry.

The Ohio General Assembly has sent a bill regarding recorded instruments, liens and other issues to Gov. Mike DeWine for his signature.

Acclaimed “Bowtie” Economist Elliot Eisenberg, Ph.D., shared his thoughts on the U.S. economy and housing market during the 2024 National Settlement Services Summit.

The California Legislature is adopting amendments to state law expanding the exemption of transfer fees.

A Kissimmee, Fla., man was indicted on four charges of wire fraud for an alleged scheme to defraud by obtaining a mortgage through false representation.