News By Edition

Florida Attorney General Ashley Moody filed a complaint for injunctive relief and monetary relief against Florida-based MV Realty and its principals for deceptive, unfair and unconscionable business practices that result in homeowners signing away home equity for an upfront payment and exclusive listing rights.

In one of several suits brought against title insurers for allegedly breaching their obligations to cover losses sustained by banks as a result of homeowners’ association foreclosure sales, the U.S. District Court for the District of Nevada granted a motion to extend the stay in the case in order to await the forthcoming ruling of the Supreme Court of Nevada in PennyMac Corp. v. Westcor Land Title Insurance Co.

An insured lender, which had taken an interest in three parcels of land, filed suit against its title insurer after the borrower defaulted on the loan and failed to deliver good title to a portion of one of the parcels. The U.S. District Court for the District of Utah awarded the insured more than $3 million but denied the lender’s motion to amend the judgment to include prejudgment interest. The insurer appealed the decision to the 10th U.S. Circuit Court of Appeals.

The Louisiana Department of Insurance revised and reissued Bulletin 07-01 regarding catastrophe response plans to make all insurers aware that Act No. 157 of the 2022 regular legislative session, effective Jan. 1, 2023, updates requirements for catastrophe response plans.

The National Association of Insurance Commissioners’ Title Insurance Task Force adopted its charges for 2023.

Ohio Department of Insurance Director Judith French announced the promotions of several employees in the department’s Office of Legal Services, including a new chief legal officer, in a restructuring of roles and certain operational aspects of the office.

The former chairman of Riviera Beach Housing Authority pleaded guilty to extortion for kickback payments from a real estate transaction.

The Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking that would implement provisions of the Corporate Transparency Act that governs the access to and protection of beneficial ownership information.

After Florida Attorney General Ashley Moody filed suit against Florida-based real estate brokerage MV Realty for allegedly misleading consumers regarding the terms of the company’s Homeowner Benefit Program, Massachusetts Attorney General Maura Healey and Pennsylvania Attorney General Josh Shapiro filed their own suits against MV Realty.

The New York Legislature passes bill to amend the real property actions and proceedings law, prohibiting the registration of mortgages in default prior to the filing of a notice of pendency.

The Maine Bureau of Insurance said it will update its notification processes regarding invoices, copies of licenses, late renewal notices, continuing education reminder notices, license expirations and various other correspondence to now be sent via email.

Members of the National Association of Insurance Commissioners elected officers for 2023 during its Fall 2023 National Meeting plenary.

A creditor made three loans to a couple, the first of which was documented with a claim of lien. When the couple sold the home, the claim of lien was discovered but presumed expired and the buyers believed there was no liens on the property. The creditor later sued the couple as well as the buyers. A lower court ruled in favor of the buyers, finding they took ownership free of the creditor’s interest. The creditor appealed.

The New Jersey Legislature introduced a bill that would set forth requirements for long-term real estate listing contracts.

The National Association of Insurance Commissioners Title Insurance Task Force proposed its charges for 2023.

The Washington State Legislature will consider a bill eliminating prelicensing education requirements for licensed insurance producers during its 2023-2024 session.

Five members of a deed theft right were indicted for allegedly stealing three homes worth more than $1 million from elderly, vulnerable homeowners in the Queens neighborhoods of Jamaica and St. Albans, N.Y.

Hawaii Gov. Josh Green, M.D., announced the appointment of 17 people to positions in state departments, including insurance commissioner for the Department of Commerce and Consumer Affairs.

A man appealed a judgment in favor of his title insurer after a trial court granted summary judgment in favor of the insurer. He argued the insurer failed to meet its burden to demonstrate coverage terminated under his title policy based on his voluntary conveyance of the property.

During the ABA/ABA Financial Crimes Enforcement Conference, Himamauli Das, acting director of the Financial Crimes Enforcement Network, spoke on beneficial ownership information reporting, as well as FinCEN’s efforts to combat fraud.

After a homeower’s association (HOA)sold a property at a trustee’s sale after a borrower failed to pay an HOA assessment, the holder of the deed on the property submitted a claim under its title policy. The title insurer denied the claim and the holder of the deed filed suit. After the court granted the title insurer’s motion to dismiss, the holder of the deed moved for reconsideration.

The Missouri legislature introduced a proposal to submit to the voters a constitutional amendment to replace the property tax on real property with a sales tax.

California Attorney General Rob Bonta announced the sentencing of a Los Angeles broker who was involved in a $8 million mortgage fraud scheme in Southern California.

A Twin Cities house-flipper was sentenced to 58 months in prison, followed by two years of supervised release, and ordered to pay $1,661,407.50 in restitution.