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Industry changes in play after election
Posted Date: Thursday, November 10, 2016
With a surprise victory for President-Elect Donald Trump and the Republican-led Congress, the door has been opened for changes to industry regulations that many haven’t thought about since before the Consumer Financial Protection Bureau was established. Read on for more details.
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States elect new insurance regulators
Posted Date: Monday, November 14, 2016
A new president wasn’t the only elected official chosen Nov. 8. Several states also elected new heads of state insurance regulators. Read on to find out about the new faces that will lead state insurance departments across the country.
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Office of Insurance Regulation to end surcharge
Posted Date: Wednesday, November 9, 2016
The Florida Office of Insurance Regulation has issued an order to stop the assessment to support the rehabilitation and receiverships of two Florida title insurers. Read on for more details.
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Bank, servicer sued over alleged handling of note
Posted Date: Thursday, October 20, 2016
Believing his promissory note and deed of trust were improperly handled after the note was pooled into a mortgage-backed securitization trust, and should have in fact been released after holder of the security paid the lender, a Maryland man sued the bank that now held the note, the servicer and MERS. Read on for more details.
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Insurer seeks injunction against former employees
Posted Date: Monday, October 24, 2016
When several employees left to start a competing agency, a title insurer sued them. Later, the title insurer moved for summary judgment on counts for breach of contract against three individual former employees. Read on for more details.
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First American sued over denial of insurance claims
Posted Date: Thursday, October 13, 2016
A limited liability corporation in Puerto Rico tendered insurance claims to First American Title Insurance Co. for title insurance policies which it was assigned in a settlement agreement. When First American denied coverage, the corporation sued. Both sides filed for summary judgment. Read on for details of the magistrate judge’s ruling.
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Title insurer sued for vexatious refusal
Posted Date: Tuesday, October 11, 2016
Thinking it had a subordination agreement with the home equity lender on property in Missouri, the lender of a refinance mortgage moved forward with its transaction. The borrower defaulted on the home equity and when the home equity lender went to foreclose, the refinance lender discovered the subordination agreement never had been recorded. When its title insurer denied its claim, the refinance lender filed suit for breach of contract and vexatious refusal.
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Construction mishap leads to coverage dispute
Posted Date: Tuesday, October 11, 2016
After the lid of an underground storm water retention vault collapsed, it was discovered that the vault had not been constructed in accordance with the indemnity agreement the builder signed with the city. The owner’s title insurer filed a declaratory judgment action against the owner, seeking a determination of liability. Read on for more details.
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Major information security incident at OCC
Posted Date: Friday, October 28, 2016
After discovering a former employee reportedly lost information downloaded to thumb drives before he retired, the Office of the Comptroller of the Currency (OCC) notified Congress and other federal agencies of the major information security incident. Read on for the details.
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Illinois introduces mortgage foreclosure fraud bill
Posted Date: Monday, November 7, 2016
The Illinois General Assembly introduced a bill that, among other things, would require mortgagees who purchase properties at a judicial sale in a county of more than 3 million people to register with the county’s property fraud alert system. Read on for more details.
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FinCEN offers guidance on cyberevents
Posted Date: Monday, November 7, 2016
The Financial Crimes Enforcement Network (FinCEN), released an advisory to assist financial institutions in understanding their Bank Secrecy Act obligations regarding cyberevents and cyberenabled crime. Read on for more details.
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New Jersey attorney sentenced for falsifying documents
Posted Date: Monday, November 7, 2016
New Jersey Attorney General Christopher Porrino announced the sentence of a lawyer to state prison for conspiring to steal funds from lenders by using stolen or fictitious identities to file fraudulent mortgage loan applications, falsifying settlement statements and diverting loan proceeds. Read on for more details.
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Virginia names new deputy insurance commissioner
Posted Date: Monday, October 31, 2016
The Virginia State Corporation Commission’s Bureau of Insurance has named a new deputy commissioner of its Agent Regulation Division. The deputy will oversee three investigation units and the bureau’s Agent Licensing Section. Read on for more about the new appointee.
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Woman sentenced for defrauding homeowners
Posted Date: Wednesday, November 9, 2016
A California woman was sentenced to time in prison for participating in an extensive mortgage loan modification scheme that defrauded numerous homeowners across the country. Read on for more details.
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Consultant, agent sentenced for fraud
Posted Date: Monday, November 7, 2016
A real estate consultant and real estate agent from Maryland were sentenced to time in prison for real estate mortgage fraud and ordered to pay a total of more than $1.5 million in restitution. Read on for more details.
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Pennsylvania CPA pleads guilty to mortgage fraud
Posted Date: Wednesday, November 9, 2016
A CPA from Pennsylvania pled guilty to four counts of bank fraud by helping one of his clients defraud lenders into issuing mortgages for three multi-million dollar New Jersey Shore beach mansions. Read on more details.
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Title insurer’s breach claim moves forward
Posted Date: Wednesday, November 9, 2016
After paying a claim regarding an unpaid prior mortgage and receiving all claims and rights under its insured’s note, a title insurer filed suit against its title agent and the previous owner of the property. The title agent moved to dismiss the breach of contract claim against it when the case went before the U.S. District Court for the District of Columbia. Read on for more details.
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Mortgage relief scam leads to suit against title insurer
Posted Date: Wednesday, November 9, 2016
After a mortgage rescue fraud case began making its way through the court, the title insurer who insured the title to the subject property during the transaction was pulled in, with the plaintiff bringing claims of fraud, conspiracy and breach of contract, among other things. The title insurer eventually moved for summary judgment on the claims against it. Read on for more details.
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Florida Supreme Court: Statute of limitations restarts with each foreclosure
Posted Date: Monday, November 7, 2016
The Supreme Court of Florida recently interpreted the application of the five-year statute of limitations to an action to foreclose a mortgage pursuant to state law. The case before it came from the Fifth District Court of Appeals, which certified the question as one of great importance. The appellate court had overturned a trial court’s decision, holding that the statute of limitations had not expired because the case involved the foreclosure of subsequent accelerated payments, not the original foreclosure. Read on for more details.
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First-party relationship precludes tort claims
Posted Date: Monday, November 7, 2016
An insured entity filed suit against its title insurer, claiming breach of fiduciary duty and seeking punitive damages. The title insurer sought to dismiss the case, which went before the U.S. District Court for the District of Utah. Read on for more details.
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