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Louisiana DOI issues revised guidance on brick-and-mortar legislation
Posted Date: Monday, December 14, 2020
The Louisiana Department of Insurance has revised and reissued Advisory Letter 2020-04, which provides guidance and instructions on complying with the state’s new brick and mortar requirements, which go into effect Jan. 1, 2021. Read on for more details.
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Mortgagor seeks to void foreclosure
Posted Date: Monday, December 28, 2020
A mortgagor appealed after his motion to vacate a foreclosure as void was denied. He argued the court that granted the foreclosure did not have jurisdiction and because it did not have jurisdiction, the foreclosure was void. Read on to find out how the Court of Appeals of Washington ruled in the case.
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Insurer, couple dispute HELOC agreement
Posted Date: Monday, December 28, 2020
After a couple defaulted on a HELOC, their lender moved to foreclose. During the foreclosure action, the HELOC lender and another lender disputed the priority of their liens on the property. The other lender’s title insurer defended it in the action and eventually filed suit to recover damages for breach of the HELOC agreement. Read on for more details.
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Developer sentenced for wire fraud
Posted Date: Monday, December 28, 2020
A St. Albans, Vt., developer was sentenced after pleading guilty to wire fraud. Read on for more details.
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Title insurer alleges lender, servicer required to satisfy mortgage
Posted Date: Monday, December 28, 2020
After being sued for alleged negligence, a title company filed a third-party complaint against the holder of a deed of trust and its servicer. It alleged the third-party defendants agreed to satisfy the loan when it submitted a requested payoff letter, but did not satisfy the loan after the loan was paid off. Read on for more details.
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Qualia acquires Adeptive
Posted Date: Monday, December 21, 2020
Following its announcement it has raised an additional $65 million in Series D financing, Qualia announced the acquisition of ResWare developer Adeptive Software.
Qualia said its latest fundraising increased its total funding to $160 million and values the company at over $1 billion. The latest round was led by existing investor Tiger Global, alongside other existing investors 8VC and Menlo Ventures.
Read on for more details.
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Couple argues statute of limitations bars trustee from foreclosing
Posted Date: Monday, December 21, 2020
A Maryland couple sought to have the foreclosure action against their property dismissed based on a three-year statute of limitations because the foreclosure was brought more than six years after the couple defaulted on the loan. The trustee argued no statute of limitations applies to foreclosure actions. The case eventually went before the Court of Special Appeals of Maryland. Read on for more details.
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Arkansas to consider emergency remote notary bill
Posted Date: Monday, December 21, 2020
The Arkansas General Assembly will consider legislation that would allow for remote notarizations and remote notary processes if the governor declares a disaster emergency. Read on for more details.
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Indiana man indicted for mortgage, investor, title fraud
Posted Date: Monday, December 21, 2020
A Greenwood, Ind., man was charged in three separate fraud schemes, including attempted mortgage fraud, a $14 million fraud on an investor and a vehicle title-washing scheme. Read on for more details.
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Neighbors dispute boundary line
Posted Date: Wednesday, December 16, 2020
The owners of land in Rupert, Idaho filed suit for trespass and conversion against adjoining neighbors arising from the neighbors’ erection of a fence on a disputed strip of land. The neighbors counterclaimed to quiet title and for judgment recognizing their easement to access a buried irrigation pipeline crossing the other landowners’ property. Read on for what happened when the case went before the Supreme Court of Idaho.
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Mortgage analytics company, FTC settle data security allegations
Posted Date: Wednesday, December 16, 2020
A mortgage industry data analytics company will be required to implement a comprehensive data security program as part of a settlement resolving Federal Trade Commission allegations the firm failed to ensure one of its vendors was adequately securing personal data about tens of thousands of mortgage holders.
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FHA issues update on wire transfers
Posted Date: Wednesday, December 16, 2020
The Federal Housing Administration (FHA) published new Frequently Asked Questions reminding stakeholders in FHA transactions of the method by which payoff funds for secretary-held home equity conversion mortgages (HECMs) and partial claims can be submitted. Read on for more details.
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South Carolina to consider new condition to close
Posted Date: Wednesday, December 16, 2020
The South Carolina General Assembly in 2021 will consider legislation that would require water quality tests for wells as a condition of closing a real estate transaction. Read on for more details.
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Arizona announces new deputy directors
Posted Date: Wednesday, December 16, 2020
The Arizona Department of Insurance and Financial Institutions announced two new deputy directors joining its executive team in December. Read on for more details.
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Borrowers file complaint against HUD in quiet title action
Posted Date: Monday, December 14, 2020
After a title company filed suit against them to quiet title to their property, a couple filed a third-party complaint against, among others, the U.S. Department of Housing and Urban Development (HUD). They argued HUD participated with a bank and its agent to generate substantial fee income from a reverse mortgage to the husband. Read on for more details.
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Virginia to consider settlement agent duties legislation
Posted Date: Monday, December 14, 2020
The Virginia General Assembly will consider legislation that would allow the State Corporation Commission to share information collected from a settlement agent or agency regarding any errors and omissions or malpractice insurance policy or surety bond with any person in connection with the actions of the agent or agency arising out of a settlement. Read on for more details.
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NAIC elects officers for 2021
Posted Date: Monday, December 14, 2020
The National Association of Insurance Commissioners elected officers for 2021 during its Fall 2020 national meeting. Read on for more details.
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