News By Edition

As I was preparing this edition, I came, once again, to a simple realization — more oversight isn’t always a bad thing. Read on for my reasons for thinking this.

Title agents in Alabama will have to follow new laws and regulations governing their educational requirements and oversight of their activities after Act No. 2012-397 goes into effect in January. The new law was put together by a legislative task force which included agents of all sizes and regions of the state, as well as some underwriter representatives. Members of the Alabama Land Title Association (a division of the Dixie Land Title Association) who worked on the new law were quick to point out that it

After receiving new data in a rulemaking regarding consumers’ ability to repay mortgage loans, the Consumer Financial Protection Bureau is re-opening the comment period on the rule so people can comment on the new data. Read on for more details.

WFG National Title Insurance Co. has announced that it has promoted one of its own to the position of vice president, national underwriting counsel. Read on for more details about the promotion.

Tampa Bay, Fla.-based Hillsborough Title Co. has added a South Tampa real estate attorney to its staff to oversee legal services. Read on to find out more about the new hire.

In its recently released study, Escrow Theft: Today’s Challenge in Title Insurance, Demotech Inc. observed the relationship between title insurance losses and the strength of state regulation for title agents. Read on for the company’s findings.

Almost a year after Fidelity National Financial reached a settlement with the U.S. Department of Housing and Urban Development regarding allegations that the company paid improper kickbacks to Realtors, a group of homeowners in California filed a class action against Fidelity and its subsidiaries regarding those same allegations. Read on for more from the complaint.

The American Land Title Association Board of Governors announced the appointment of a new member to fill the vacancy left by Mike Skalka. Read on to find out more about the new board member.

Almost a year and a half after Emerald City Escrow was last in the news, following the confession of its owner to mortgage fraud, the company is back in the news following the indictment of other employees of the company. Read on for more details.

Interthinx’ Mortgage Fraud Risk Report from the first quarter of 2012 revealed that the index was the lowest it had been since the second quarter of 2009. Read on to find out what else the report showed.

As part of a case in which the insured was seeking coverage after discovering she did not receive title to a portion of the property she purchase, the U.S. District Court for the Middle District of Pennsylvania had to determine when it was appropriate to grant abstention. The insured had filed suit in state court and federal court alleging claims of bad faith in handling her claim.

The Louisiana Senate passed a resolution requesting the Louisiana State Law Institute study the structure of Louisiana’s lien law and request ways to simplify the statutes governing liens. Read on for more details.

The National Settlement Services and Compliance Summit is fast approaching. Have you reserved your spot at the nation’s no. 1 educational and networking event of the year? Read on for an exciting event offer that has already attracted hundreds of title agents, underwriters, mortgagers, technology companies and settlement services professionals nationwide.

The Manhattan District Attorney’s Office has indicted a bank and 19 individuals in a mortgage fraud scheme that resulted in the sale of hundreds of millions of dollars’ worth of fraudulent loans. Read on for the details.

The Connecticut General Assembly passed a bill that changes the fees town clerks may charge for copies of documents as well as a few other revisions. Read on for more details.

The National Flood Insurance Program appears to have been saved, as a bill to extend the program for two months while Congress works on a long-term solution was sent to the president.

The Michigan Office of Financial and Insurance Regulation ordered a Southfield, Mich., title agency to stop issuing title insurance in the state after discovering the agency was operating without a license. Read on for more details.

Maryland Gov. Martin O’Malley has signed a bill that establishes procedures for affixing manufactured homes to real property and severing the manufactured home from the property. Read on for the details.

With the governor’s signature on legislation ordering a study on the topic, the Maryland Insurance Administration will now get to work examining closing protection practices in the state. Read on for more details.

A former Rhode Island and Massachusetts attorney pled guilty to operating a Ponzi scheme in the area. Read on for more details.

A division of First Tennessee Bank loaned money to an individual under the assumption the company was secured by a second mortgage. First Tennessee soon realized, however, that Countrywide Home Loans had obtained a superior lien, making First Tennessee a third mortgage. Countrywide Home Loans began a foreclosure proceeding, causing First Tennessee Bank to fight for indemnification. Read on to find out if First Tennessee has the right for compensation from its title insurance company.

On May 24, the U.S. Supreme Court ended a split between the U.S. Circuit Courts of Appeal over whether RESPA Section 8(b) prohibits a real estate settlement service provider from charging an unearned fee if the fee is not split between at least two parties. Read on for more from the decision.

Alabama Gov. Robert Bentley signed a bill that would require title agents working in Alabama to be licensed for the first time. The bill puts forth many requirements for those wishing to work in the state, including a requirement that the agent have a physical location in the state. Read on for more details.

First American Title Insurance Company sought to compel arbitration after homeowners claimed First American overcharged them for the title insurance policies they obtained as a condition of refinancing their mortgages. Read on to find out what First American argued before the United States District Court for the District of New Jersey.

Not a moment too late, the U.S. Senate passed a 60 day extension of the National Flood Insurance Program (NFIP) by unanimous consent, preventing a shut-down of the program on May 31. The extension was part of an agreement to look at a long-term reform bill. Read on for more details.

New Jersey Attorney General announced that five people, including a title company owner and her employee, pled guilty to participating in a scheme to purchase a home in Newark in the name of a man who was deceased. Read on for the details.

An Arizona homeowner failed to persuade the Arizona Supreme Court that a trustee must hold the promissory note before foreclosing on a deed of trust. The court affirmed the decision of both the trial court and the appellate court in making its decision on this case of first impression in the state. Read on for more details.