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News By Edition
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The Legal Description Edition
June 4, 2012
Underwriters in North Carolina are taking a stand, refusing to offer mechanic’s lien coverage because of the additional risk this coverage would bring them, thanks to the state’s mechanic’s lien law. We let you know why underwriters are reconsidering this coverage and efforts to change state law. We also give you the inside scoop regarding the latest unauthorized practice of law suit brought by the Real Estate Bar Association of Massachusetts Inc. and the latest regarding New Mexico Title Escrow. |
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 End in sight for NFIP debate?
Posted Date: Monday, June 04, 2012
Could the end of the delays to closings in flood-prone areas be finally over? We let you know why we think the answer might be yes.
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Wary underwriters balk at high risk mechanic’s lien coverage
Posted Date: Wednesday, May 30, 2012
In the last few years, several states have worked to address the increasing incidence of mechanic’s lien claims and subsequent losses. The losses are often caused by the combination of ‘hidden liens’ in states that give the mechanic’s lien claimant priority from the first visible commencement of work on the property and the continued down economy. While some states have addressed this issue, industry members in North Carolina are still trying to come up with a solution.
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St. Clair County latest to attack MERS, banks
Posted Date: Wednesday, May 23, 2012
St. Clair County, Ill. has become the latest state to seek to put an end to Mortgage Electronic Registration Systems Inc. and get back money it feels it lost because banks used MERS instead of recording mortgage assignments in the county recorder of deeds. Read on for more from the county’s complaint.
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Insured attempts to SLAPP underwriter for trying to regain funds
Posted Date: Wednesday, May 23, 2012
An insured tried to SLAPP down a lawsuit filed against it by an underwriter trying to regain money it spent to clear a judgment lien. The company argued the insured misrepresented the status of the property and the judgment lien. Read on to find out what happened when the case went before the Court of Appeal, Fifth District, California.
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Tennessee passes title protection law
Posted Date: Wednesday, May 23, 2012
Tennessee Gov. Bill Haslam signed a bill that makes it a crime for someone to file a lien on property without reasonable basis for doing so. Read on for more details about the new law.
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Title Connection fights against a tax incentive ‘scam’
Posted Date: Wednesday, May 23, 2012
After an alleged swindle, Michelle Dyer attempted to recover monetary damages she lost. Her payments, held in the defendant’s escrow account, were disclosed to two individuals working for Harbor Funding without an established loan commitment or a loan closing schedule. Dyer filed suit for securities fraud, breach of contract and professional negligence. Read on to find out what happened when she went before the U.S. District Court for the Middle District of Florida.
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REBA files new UPL suit
Posted Date: Monday, May 21, 2012
In the wake of the Massachusetts Supreme Court decision in REBA v. NREIS last year, the Real Estate Bar Association for Massachusetts filed an unauthorized practice of law suit against a document signing agency and the attorneys that work with it to close real estate transactions in the state. Read on for the details.
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Fidelity ends coverage of mechanic’s, materialmen’s liens
Posted Date: Monday, May 21, 2012
Fidelity announced that it will stop providing mechanic’s and materialmen’s lien coverage in North Carolina because of the risks that these liens pose on their business and insureds in the state. Read on for more details about the risk and the insurer’s decision.
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Maryland adds optional pre-file mediation
Posted Date: Monday, May 21, 2012
Gov. Martin O’Malley has signed a bill that allows for the option of pre-file mediation between a foreclosing party and mortgagor. Read on for more details.
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October Research announces top finalists for industry awards program
Posted Date: Monday, May 21, 2012
October Research LLC, publisher of The Title Report, The Legal Description, Valuation Review, RESPA News and Dodd Frank Update, today announced the finalists for its inaugural awards program, launched to honor men and women in the mortgage and settlement services industries for exemplary accomplishment in the areas of leadership, innovation and philanthropy.
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Title defense counsel moves to Steptoe & Johnson
Posted Date: Monday, May 21, 2012
Steptoe & Johnson announced that a veteran title defense counsel has joined the firm in its office in Canonsburg, Pa. The firm is expanding its presence in the state.
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Disbarred attorney sentenced for mortgage fraud scheme
Posted Date: Monday, May 21, 2012
A disbarred Rhode Island real estate attorney was sentenced to a year in prison and three years’ supervised release for his role in a $1.1 million mortgage fraud scheme in which he received three mortgages based on false information. Read on for more details.
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Biggert introduces NFIP extension, with a twist
Posted Date: Wednesday, May 16, 2012
As May 31, the day the National Flood Insurance Program expires, looms closer, Rep. Judy Biggert, introduced a short term extension to the program, in hopes that the Senate would pass a long-term extension in that time. She did more than just change the date in the statute, however. She put in some of the key reforms introduced as part of the long term extension bill she introduced last year.
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Judge denies summary judgment in breach of contract case
Posted Date: Wednesday, May 16, 2012
After it was discovered that a closing agent failed to pay off prior mortgages when conducting several refinance transactions, the lender went to the underwriter to make it whole. When the underwriter denied the claim, the lender sued for breach of contract, among other things. Read on to find out what the U.S. District Court for the Northern District of Illinois had to say when the case went before it on the underwriter’s motion for summary judgment.
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Three co-conspirators arraigned for time-share fraud
Posted Date: Wednesday, May 16, 2012
Three people from southern New Jersey were arraigned on charges of mail and wire fraud, conspiracy to commit mail and wire fraud and conspiracy to commit money laundering in a $2.6 million time share mortgage fraud. They are only three of 16 people involved in the alleged fraud.
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The CFPB is coming! Shapiro to speak at 2012 Summit
Posted Date: Monday, May 14, 2012
Erica Meyer, owner and publisher of October Research, LLC, announced that Barton Shapiro, senior advisor for Small Business, Community Banks and Credit Unions at the Consumer Financial Protection Bureau, will speak at the 2012 National Settlement Services and Compliance Summit, to take place in Cleveland, Ohio, June 12-13.
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CFPB to simplify points and fees
Posted Date: Monday, May 14, 2012
The Consumer Financial Protection Bureau unveiled potential rules designed to simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. Read on for more details.
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Receiver begins servicing 900 New Mexico Title Escrow accounts
Posted Date: Monday, May 14, 2012
The New Mexico Regulation and Licensing Department announced that the court-appointed receiver for New Mexico Title Escrow Co., which unexpectedly shut down earlier this year, will begin servicing 900 escrow accounts that were left pending by the company. Read on for more details.
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Call for extension, reform of NFIP grows louder
Posted Date: Monday, May 14, 2012
Last week the U.S. Senate Banking Committee’s Subcommittee for Economic Policy held a hearing regarding the fate of the National Flood Insurance Program. With only weeks left until the program is halted, those testifying intensified the call to re-authorize and reform the program. Read on for more details.
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Man indicted for scam spanning 2 states, 70 properties
Posted Date: Monday, May 14, 2012
The mastermind of a mortgage fraud scheme that spanned two states and involved 70 properties and losses of at least $18 million was sentenced for his part in the fraud. Read on to find out more.
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Florida Supreme Court hears arguments in foreclosure case
Posted Date: Monday, May 14, 2012
The Florida Supreme Court last week heard oral arguments in a foreclosure case that has been watched by many in the real estate and mortgage servicing market in Florida. The court will answer a certified question regarding alleged fraud in the original foreclosure filing. Read on for more details.
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