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Must title company indemnify in lien row over failed construction project?
Posted Date: Monday, March 16, 2015
After a construction project in Missouri was aborted, the developer filed for bankruptcy where the contractors’ liens were litigated in an adversary proceeding. Having received a fraction of what it put into the project, the lender sought indemnity from its title insurer. When the title insurer denied coverage, the lender sued. The case eventually went before the 7th U.S. Circuit Court of Appeals, which determined whether Exclusion 3(a) excluded coverage in this case, as the insurer argued. Read on for more details.
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Appeal hinges on when plaintiffs suspected fraud
Posted Date: Tuesday, December 2, 2014
In a case involving a claim over a fraudulent quitclaim deed, a couple appealed the trial court ruling that their lawsuit was filed after the statute of limitations for the claim. Read on to find out whether the appellate court upheld the decision to time bar the couple’s lawsuit.
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Company, title insurer dispute coverage of condominium dispute
Posted Date: Tuesday, December 2, 2014
A company sued its title insurer and escrow agent to recover damages it sustained in connection with the sale of a condominium unit. The case eventually went before the First District Court of Appeals of Texas on the company’s claims of negligence, breach of contract, failure to ensure good title. Read on for more details.
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Congressmen ask CFPB for ‘hold harmless’ period on TRID
Posted Date: Wednesday, April 1, 2015
Continuing the push for restrained enforcement on the TILA-RESPA Integrated Disclosure (TRID) rule, two Congressmen wrote the Consumer Financial Protection Bureau asking for a ‘hold harmless’ period. Their plan would extend restrained enforcement through the busy buying season. Read on to find out how long they want the bureau to restrain TRID enforcement.
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CFPB releases homebuying toolkit
Posted Date: Wednesday, April 1, 2015
The Consumer Financial Protection Bureau (CFPB) announced that it updated the Department of Housing and Urban Development booklet issued to mortgage applicants. The new toolkit, developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, will help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. Read on for the details.
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Title licensing changes sent to Utah governor
Posted Date: Tuesday, March 24, 2015
The Utah State Legislature has passed a bill that would make changes to the state’s title licensing laws. The bill now awaits a signature from the governor. Read on for more details.
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Attorneys may be exempt from title licensing law
Posted Date: Tuesday, March 24, 2015
The Alabama Legislature has introduced a bill that would exempt licensed attorneys from needing to be licensed as a title agent also. Read on for more details.
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New Mexico introduces law to address scrivener’s errors
Posted Date: Thursday, March 26, 2015
The New Mexico Legislature is considering a bill that would provide for scrivener’s error affidavits to correct errors in instruments affecting real property. Read on for more details.
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New York attorney arrested for escrow theft
Posted Date: Tuesday, March 24, 2015
Acting Nassau County District Attorney Madeline Singas announced the arrest of an attorney practicing law in Mineola, N.Y., for stealing more than $20,000 in escrow funds owed to a Queens couple.
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CFPB talks TRID restraint
Posted Date: Thursday, March 26, 2015
Consumer Financial Protection Bureau Deputy Director Steven Antonakes was asked about a restrained enforcement period for the TILA-RESPA Integrated Disclosure (TRID) rule at a trade show in Orlando, Fla. See what he said, and what the bureau later felt the need to clarify.
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Florida man indicted for Virginia escrow theft
Posted Date: Thursday, March 26, 2015
A Florida man who allegedly stole $4 million in borrowers’ funds and lied to federal law enforcement agents was indicted by a federal grand jury on charges of wire fraud, money laundering, and false statements.
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Missouri considers changes to notary law
Posted Date: Wednesday, April 1, 2015
The General Assembly of Missouri is considering a bill that would amend the state’s notary law. It would include background and fingerprint requirements, as well as clarification of a notary’s rights and requirements. Read on for more details.
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Maryland title agent pleads guilty to escrow theft
Posted Date: Wednesday, April 1, 2015
Maryland Attorney General Brian Frosh announced that a Baltimore title insurance agent who took tens of thousands of dollars from her clients’ escrow accounts to pay her personal bills pleaded guilty in the Circuit Court for Baltimore County to one count each of felony theft and felony theft scheme.
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Connecticut nominates new insurance commissioner
Posted Date: Thursday, March 26, 2015
Connecticut Gov. Dannel P. Malloy announced that he is nominating Katharine Wade of Simsbury, Conn., to serve as commissioner of the Connecticut Insurance Department.
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Focus on cyber security
Posted Date: Thursday, March 26, 2015
Cyber security has become a top priority, with numerous high profile breaches in the news and the president’s recently announced initiative to combat cyber theft. The title industry is particularly at risk because of the amount of money these small businesses hold in their accounts. Find out some ways to protect your company.
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North Miami mayor sentenced for mortgage fraud
Posted Date: Thursday, March 26, 2015
Former North Miami Mayor was sentenced by U.S. District Judge Robert Scola for her participation in a multi-million dollar mortgage fraud scheme.
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CFPB finalizes Consumer Complaint Narrative Policy
Posted Date: Tuesday, March 24, 2015
The Consumer Financial Protection Bureau (CFPB) is finalizing a policy to empower consumers to voice publicly their complaints about consumer financial products and services. When consumers submit a complaint to the CFPB, they now have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. The CFPB also is publishing a Request for Information seeking public input on ways to highlight positive consumer experiences, such as by receiving consumer compliments.
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