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News By Edition
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The Legal Description Edition
October 23, 2017
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Lender makes claim after first priority lien forecloses
Posted Date: Wednesday, October 11, 2017
After the completion of a foreclosure action by a lender with a prior recorded, but previously unknown, mortgage, a lender took steps to regain what it argues is its first priority status, including filing suit against its title insurer. The title insurer had denied its claim because the lender did not file its claim until well after the foreclosure was completed, not when it found out about the foreclosure action, as required under the policy. Read on for more details.
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Company argues foreclosure sale was faulty
Posted Date: Wednesday, October 11, 2017
The company that owned property in Mountainhome, Pa., argued that the sale of the property after foreclosure was faulty due to an incorrect address in advertisements that suppressed interest in the property, as well as an inadequate price garnered by the sale. Read on for more details.
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Homeowner appeals judicial foreclosure
Posted Date: Wednesday, October 11, 2017
The owner of property in Renton, Wash., appealed a trial court’s grant of summary judgment and decree of foreclosure, alleging the bank that filed the motion was not entitled to foreclose on the property, despite the bank’s physical possession of the original note. Read on for more details.
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California governor signs PACE legislation
Posted Date: Wednesday, October 11, 2017
Calif. Gov. Jerry Brown has signed legislation that establishes the nation’s most extensive set of consumer protections for California homeowners who finance energy-efficiency improvements through the Property Assessed Clean Energy, or PACE program. Read on for more details.
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CFPB talks eClosings in blog post
Posted Date: Wednesday, October 11, 2017
In a recent blog post, titled “eClosing and buying a home: Technology’s role in closing on a mortgage,” the Consumer Financial Protection Bureau discussed the benefits of eClosings and where we are in making them common practice. Read on for more details.
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ALTA praises introduction of TRID Improvement Act
Posted Date: Monday, October 9, 2017
On Oct. 6, Rep. French Hill and Rep. Ruben Kihuen introduced the TRID Improvement Act of 2017, which modifies requirements related to mortgage disclosures and offers clarification to consumers and regulatory relief to financial institutions. Specifically it amends RESPA to allow for the calculation of a simultaneous issue discount when disclosing title insurance premiums. The American Land Title Association was quick to voice its support. Read on for more details.
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Title holder questions foreclosure over notice
Posted Date: Monday, October 9, 2017
The holder of title to property, transferred via quitclaim deed, filed suit against the holders of the original deed of trust on the subject property who were trying to foreclose, arguing that the parties failed to provide the title holder with the notice of the notice of default and election to sell and the notice of trustee’s sale. Read on for more details.
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Oregon issues cease and desist against title agency
Posted Date: Monday, October 9, 2017
The Oregon Department of Consumer and Business Services, Division of Financial Regulation issued a cease-and-desist order against Gilliam County Title of Clackamas, Ore., for attempting to sell title insurance without a license. Read on for more details.
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Realtor sentenced for money laundering conspiracy
Posted Date: Monday, October 9, 2017
A Hazleton, Pa., Realtor was sentenced to time in prison for conspiracy to engage in monetary transactions through a financial institution, with funds that were the proceeds of wire fraud. Read on for more details.
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Inside the Meridian consent order
Posted Date: Wednesday, October 4, 2017
In the years since the Consumer Financial Protection Bureau was created, it has become an important practice to take a close look at any consent order the bureau hands down. For the title industry, this is especially important with the recently handed-down consent order against Meridian Title Corp. Read on for more from inside the consent order.
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Homeowner seeks mortgage rescission years after foreclosure
Posted Date: Wednesday, October 4, 2017
Nearly six years after her property was foreclosed upon and the property sold to a third party, the former homeowner filed suit against multiple parties, arguing that she can rescind her mortgage and acquire clear title to her property because the defendants made some procedural mistakes in her loan documents and during the foreclosure sale. Read on for more details.
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Does company have to honor predecessor’s agreement?
Posted Date: Wednesday, October 4, 2017
When the City of Largo, Fla., filed suit against it for breach of contract for not paying money required under a PILOT agreement entered into by its predecessor in ownership of property in the city, AHF-Bay Fund LLC argued it did not need to make the payments because it was not a party to the agreement. Read on to find out what the Second District Court of Appeal of Florida had to say when the case went before it.
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Virginia appoints new insurance commissioner
Posted Date: Wednesday, October 4, 2017
The Virginia State Corporation Commission appointed its 14th Commissioner of Insurance. The new commissioner will assume his post on Jan. 1, 2018 after the retirement of the current commissioner, Jacqueline Cunningham. Read on for more details.
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Orange County man gets 8 years for defrauding distressed homeowners
Posted Date: Wednesday, October 4, 2017
An Orange County, Calif., man was sentenced to 97 months in federal prison for fraudulently taking $2.2 million from distressed homeowners based on false promises that he could help them avoid foreclosure by obtaining modifications to their mortgages. Read on for more details.
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Foreclosure rescue fraudster sentenced in Texas
Posted Date: Wednesday, October 4, 2017
A Desoto, Texas man was sentenced to time in prison and ordered to pay restitution for his role in a foreclosure rescue scheme. Read on for more details.
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