News By Edition

The Financial Crimes Enforcement Network (FinCEN) announced new efforts to curtail and impede business email compromise (BEC) scammers and other criminals who profit from their schemes. Read on for more about these efforts.

The Federal Trade Commission on July 2 announced two separate data security related settlements. Both settlements spell out in detail the requirements for creating a secure system for protecting nonpublic personal information. Read on for more details.

When a homeowner fell behind in their homeowners’ association dues, the HOA foreclosed its lien and sold it to a third party. Despite believing it had provided the required notice to the holder of the first priority lien, it had not. A district court still held that the lien foreclosure sale extinguished the first deed of trust, holding that the first deed of trust holder was not entitled to notice at the address specified in the deed of trust. The case eventually went before the Supreme Court of Nevada. Read on for more details.

In a case involving alleged real estate fraud 15 years ago, a third-party defendant sought summary judgment on allegations against one of the New York real estate attorneys which represented her at closing. The allegations allege that the real estate attorney, along with another attorney and a title underwriter, misled the buyer into believing she could purchase property from sellers who did not have good title. Read on for more details.

A bill that would amend the Illinois Title Insurance Act to provide that the definition of good funds includes a check drawn on the fiduciary trust account of an independent escrowee awaits the governor’s signature. Read on for more details.

In the June 2019 issue of Florida’s Division of Insurance Agent and Agency Services’ Insurance Insights, the division provided guidance regarding title agent involvement in real estate open houses. Read on for more details.

A pair of Connecticut attorneys who sued a group of title insurance companies in a class action case alleging violations of state laws allowing only attorneys to act as title agents amended their complaint after the class was decertified. A district court dismissed their complaint because of the decertification and the attorneys appealed. Read on to see whether the Second Circuit Court of Appeals upheld the district court’s ruling dismissing the complaint.

Federal Reserve Board Chairman Jerome Powell noted that the Fed has been actively engaged in efforts to respond to the increased threat of large-value payment fraud in response to a letter led by Rep. Denny Heck (D-Wash.). Read on for what he had to say about a suggested payee match for wire transfers.

First American Financial Corp. announced that the investigation in to the extent to which customer information may have been compromised in connection with a reported information security incident is complete. Read on for more details.

Two bills to amend the California Consumer Privacy Act of 2018 have moved forward through the legislative process. Read on for more details about these amendments.

A couple in Washington which sought to create joint tenants with right of survivorship with their daughter had the estate of the wife sue the daughter, challenging the quit claim deed which established joint tenancy. After the daughter settled with the estate, she sued her title insurance provider for negligence, professional negligence, legal malpractice and breach of contract. Read on for more from the case.

A disbarred New York attorney was sentenced to time in prison for engaging in a wire fraud scheme and stealing $2 million from victims who believed they were giving her money to invest in real estate. Read on for more details.

A Rhode Island man was charged in federal court in Boston in connection with a conspiracy to launder funds derived from business email compromise fraud schemes, including one that targeted a Dorchester real estate attorney. Read on for more details.

The Blockchain Business Development Act was sent to the Illinois governor’s desk. Read on for more details.

A real estate developer was indicted for residential mortgage fraud for forging member signatures to illegally obtain millions of dollars. Read on for more details.

On June 28, the American Land Title Association, joined by the American Escrow Association, Real Estate Services Providers Council, and the Community Mortgage Lenders of American, launched the new Coalition to Stop Real Estate Wire Fraud. Read on for more details.

The California General Assembly is considering a bill that would increase the amount of current assets an underwritten title company is required to maintain in excess of its current liabilities. Read on for more details.

A California real estate agent was indicted on charges of wire fraud, mail fraud and money laundering in connection with a scheme to defraud clients of downpayments. Read on for more details.

Four men have been indicted for carrying out a scheme to use phony information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit. Read on for more details.

The American Land Title Association urged companies to take action after warning companies that usernames and passwords have been allegedly acquired using a phishing campaign. Read on for more details.

New York Department of Financial Services (DFS) Superintendent Linda A. Lacewell announced new executive appointments, including executive deputy superintendent for Capital Markets, deputy superintendent for insurance and deputy chief of the Health Bureau. Read on for more details.

First American Financial Corp.’s Loan Application Defect Index for May shows that the defect risk has declined for the second straight month. Read on for more details.

A Hudson County, N.J., man has been indicted for his role in running a large-scale mortgage fraud scheme that involved properties in Jersey City, Union, and elsewhere in New Jersey and caused losses of millions of dollars. Read on for more details.

An Indiana man was sentenced to time in prison after pleading guilty to wire fraud, bank fraud, mail fraud and bankruptcy fraud. Read on for more details.