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Title industry takes steps as county recorders shift
Posted Date: Wednesday, March 25, 2020
With their role in the financial services sector deemed “essential” by the Department of Homeland Security and Department of the Treasury, the title industry continues to adapt to ensure that the buying and selling of property and the ability to access credit remains available. A concern about whether they can continue to aid the transfer of property has arisen as counties, concerned about the spread of infection, have closed or limited the hours county recording offices remain open. Read on for more details.
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Fannie, Freddie provide guidance on closings
Posted Date: Wednesday, March 25, 2020
Fannie Mae and Freddie Mac each put out bulletins providing temporary guidance on how to proceed in light of the rapidly evolving situation regarding COVID-19. Among other things, the bulletins address the use of electronic records and signatures and the closure of land recoding offices around the country. Read on for more details.
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Cuomo authorizes remote notarization
Posted Date: Wednesday, March 25, 2020
In an executive order issued March 19, New York Gov. Andrew Cuomo allowed for performance of notarial acts via audio-video technology through April 18, 2020. Read on for more details.
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New Hampshire governor issues RON order
Posted Date: Wednesday, March 25, 2020
New Hampshire Gov. Christopher Sununu issued an order authorizing the temporary authority to perform secure remote online notarization. Read on for more details.
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Industry associations seek extension of 1031 timeline
Posted Date: Wednesday, March 25, 2020
Several industry associations, including the American Land Title Association, Mortgage Bankers Association and National Association of Realtors, wrote to the Treasury Department and Internal Revenue Service to help ensure liquidity in real estate markets by delaying deadlines applicable to like-kind exchanges that currently are underway. Read on for more details.
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Finastra attacked by ransomware
Posted Date: Wednesday, March 25, 2020
Finastra announced that, its IT security and risk teams March 20 detected a bad actor attempting to introduce malware into its network through a common ransomware attack. The company said it has found no evidence so far that customer or employee data was accessed. Read on for more details.
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Federal RON bill introduced
Posted Date: Monday, March 23, 2020
Sens. Mark Warner (D-Va.) and Kevin Cramer (R-N.D.) have introduced S. 3533, the “Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2020.” This bipartisan legislation permits immediate nationwide use of Remote Online Notarizations. Read on for more details.
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Wisconsin issues emergency guidance on RON
Posted Date: Monday, March 23, 2020
The Wisconsin Department of Financial Institutions issued emergency guidance on remote notarization, allowing for the use of remote notarization until further notice. Read on for more details.
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Best practices for safe closings
Posted Date: Monday, March 23, 2020
In this uncertain time, it is important to ensure the safety of all employees, clients and consumers while still conducting closings. Read on for more on some of the safe closing practices your company can implement.
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Lien priority exception bill awaits Maryland governor’s signature
Posted Date: Monday, March 23, 2020
A bill to establish that the provision authorizing a mortgagor or grantor to refinance the indebtedness secured by a first mortgage or deed of trust without obtaining permission from the holder of a junior lien does not apply to government junior liens awaits the Maryland governor’s signature. Read on for more details.
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FDIC reminds all of safety of FDIC-insured banks
Posted Date: Monday, March 23, 2020
In light of recent developments related to the coronavirus, the Federal Deposit Insurance Corp. (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC also is warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Read on for more details.
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Maryland issues title on-site review bulletin
Posted Date: Wednesday, March 18, 2020
The Maryland Insurance Administration issued a bulletin regarding the scheduling of title insurance producers on-site reviews. Read on for more details.
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FinCEN alerts financial institutions about fraud
Posted Date: Wednesday, March 18, 2020
The Financial Crimes Enforcement Network (FinCEN) advised financial institutions to remain alert to scams related to COVID-19, noting it is seeing malicious or fraudulent transactions like those similar to those that occur in the wake of natural disasters. Read on for more details.
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Criminals using COVID-19 as cybertheft opportunity
Posted Date: Wednesday, March 18, 2020
With more people working from home, it is even more critical to be vigilant in protecting yourself and your company online. Cybercriminals use any foothold they can get, and DomainTools reports that its security research team has discovered a domain which downloads ransomware onto Android systems. Read on for more details.
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Appellate court hears kickback case
Posted Date: Monday, March 16, 2020
Homeowners, representing a putative class of plaintiffs, filed a single-count complaint that a kickback scheme engaged in by the defendants deprived them and other class members of impartial and fair competition between settlement service providers. The case eventually went before the Fourth U.S. District Court of Appeals. Read on for more details.
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HOA lien timing at issue in suit against title insurer
Posted Date: Monday, March 16, 2020
A title insurer in Nevada was sued following a homeowner association foreclosure of property.
The district court in Nevada determined the lien occurred after the issuance of the title insurance policy, but it did not dismiss the case.
Read on for details from the ruling.
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Sen. Jerry Moran introduces federal data privacy bill
Posted Date: Monday, March 16, 2020
Sen. Jerry Moran (R-Kan.), chairman of the Commerce Subcommittee on Consumer Protection, introduced the Consumer Data Privacy and Security Act, which he said would strengthen the laws that govern consumers’ personal data and create clear standards and regulations for American businesses that collect, process and use consumers’ personally identifiable data. Read on for more details.
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Oklahoma considers abstractor legislation
Posted Date: Monday, March 16, 2020
The Oklahoma Legislature is considering a bill that would modify the requirement for licensure as an abstractor as well as allow for reappointment to the Oklahoma Abstractors Board. Read on for more details.
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Couple’s suit against title insurer involves plats dating to 1957
Posted Date: Monday, March 16, 2020
A Michigan couple whose home suffered damage from a leaking sewer or stormwater pipe sued the city of Ann Arbor, Mich., and its title insurer to recover costs.
The dispute involved plats and easements dating back to 1957, and after a district court ruled in favor of the title company and city, the couple appealed.
Read on for details of the case and why the appellate court ruled in favor of the title insurer.
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