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The Legal Description Edition
April 29, 2013
Cyber security is something every industry in the nation is mindful of these days, due to rapidly improving technology and sophisticated hackers attempting to get and control vital information. Mortgage lenders are looking to title, escrow and settlement services agents for assurances that their information is protected. During a recent webinar, presenters shared insight into the regulatory and legislative environment surrounding cyber security, examined who poses cyber security risks, and advised listeners how to prevent and react to cyber threats. We give you the highlights. In addition, several courts have been affirming MERS’s role as a foreclosing entity. We share insight from one of the opinions, that of the Rhode Island Supreme Court. |
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 The who, what, when, where, how and why of cyber security
Posted Date: Monday, April 29, 2013
As technology has improved and is increasingly relied upon for things ranging from personal banking to storing tax data at the IRS, the threat of cyber fraud has increased as well. Protecting yourself and your company has become critical, but putting protections and protocols in place is not an easy task. With mortgage lenders looking to title, escrow and settlement services agents for assurances about how data is being handled, there never was a more important time for companies of all sizes in the industr
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La. attorney convicted of Las Vegas mortgage fraud
Posted Date: Wednesday, April 17, 2013
Following approximately three weeks of trial, a lawyer from Louisiana who had worked locally as a real estate agent, has been convicted by a jury of conspiracy and multiple fraud counts for his involvement in the mortgage fraud scheme involving over 220 properties and over $50 million in losses. Read on for more details.
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Fourth circuit reinstates fraud conviction
Posted Date: Wednesday, April 17, 2013
The 4th U.S. Circuit Court of Appeals reinstated the mortgage fraud conviction of a North Carolina attorney who was involved in a fraud scheme involving 210 Charlotte, N.C., properties. Read on to find out more about the case.
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Michigan appeals court affirms MERS’s role in foreclosure
Posted Date: Wednesday, April 17, 2013
After being foreclosed upon by the assignee of MERS, Michigan property owners sought a declaration that the foreclosure was invalid because neither MERS nor its assignee had the right to foreclose. They unsuccessfully made their arguments before a state trial court before going before the State of Michigan Court of Appeals. Read on for the appellate court’s reasoning in affirming the trial court’s decision.
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Pennsylvania considers changes to mechanic’s lien laws
Posted Date: Wednesday, April 17, 2013
The General Assembly of Pennsylvania is considering a bill that would change the state’s mechanic’s lien law by providing a definition of cost of construction, as well as the priority of lien and the right to lien. Read on for more details.
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Get training, guidance on RESPA
Posted Date: Monday, April 15, 2013
With several big cases and a new agency enforcing it, RESPA remains a critical consumer protection statute governing mortgage and settlement statutes. Industry professionals and business owners can prevent lawsuits and government enforcement actions by understanding what can and cannot be done under this unwieldy federal law and staying abreast of new guidance and judicial decisions. Read on to find out more about a webinar to help attendees do just that.
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Pa. title company owner pleads guilty to conspiracy, money laundering
Posted Date: Monday, April 15, 2013
A title company owner from Butler, Pa., pleaded guilty to charges of conspiracy and money laundering with the help of a closing attorney, siphoning money from transactions, as well as conducting a fraudulent refinance on his own property. Read on for more details.
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Know who is on the phone
Posted Date: Monday, April 15, 2013
Despite the high tech and elaborate fraud schemes we at The Legal Description and our sister publication, The Title Report, share with readers, ultimately, the key to a successful fraud scheme is trickery. It is up to the agency employees to remain alert and vigilant in all their interactions, down to knowing who they are on the phone with.
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North Dakota adopts good funds amendments
Posted Date: Monday, April 15, 2013
The North Dakota legislature has adopted amendments to its good funds statute. The statute went into effect on Aug. 1, 2011. After implementation, the industry realized the law needed some adjustments and worked with the legislature to draft and adopt the amendments. Read on for more details.
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Arizona adopts requirement for foreclosure beneficiaries
Posted Date: Wednesday, April 10, 2013
The Arizona legislature adopted a requirement that beneficiaries of foreclosed trustee’s deeds who receive payment based on private mortgage insurance covering the sale submit a declaration of additional funds received. Read on for more details.
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Attorney, sister charged in $3.3M mortgage fraud conspiracy
Posted Date: Wednesday, April 10, 2013
A Richmond Hill, N.Y. attorney and his sister, along with a Wells Fargo employee, were charged with conspiring to commit mortgage fraud and larceny for fraudulently obtaining $3.3 million in mortgage funds in the fraudulent purchase of six properties. Read on for more details.
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Training available for loan originator compensation rule implementation
Posted Date: Wednesday, April 10, 2013
With parts of the CFPB’s new loan originator compensation rule taking effect as early as June of this year, mortgage professionals are encouraged to get the training they need now in order to ensure compliance by its effective date. The Legal Description’s sister publication Dodd Frank Update is offering a 90-minute training webinar on the rule and how to comply with its various parts. Read on for more on this educational opportunity.
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Louisiana may establish title insurance committee
Posted Date: Wednesday, April 10, 2013
The Louisiana House of Representatives has introduced a concurrent resolution that, if passed would establish a title insurance committee. The committee would be tasked with studying land title search periods currently required by state law. Read on for details.
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Montana considers new escrow licensing law
Posted Date: Monday, April 08, 2013
The Montana legislature is considering a new escrow licensing statute, modifying the current statutes by providing certain additional exemptions, establishing annual license renewal fees, requiring annual financial statements and establishing civil penalties. Read on for more details.
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No coverage for post-closing agreement after policy issued
Posted Date: Monday, April 08, 2013
After the purchaser of property in Monroe, La., discovered a defect in title, the company sued several parties to the transaction, including the title insurer who issued the title policy. The title insurer argued that the defect was not covered because it attached to the property after the policy was issued. Read on to find out why the U.S. District Court for the Western District of Louisiana agreed with the insurer.
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Co-conspirator in Philadelphia scheme charged
Posted Date: Monday, April 08, 2013
The fourth co-conspirator in a mortgage fraud conspiracy involving 100 Philadelphia properties and more than $20 million in fraudulent loan proceeds was charged for her role in the scheme. The scheme, which centered around an area settlement services company, involved false insurance policies, inflated appraisers and fake receipts for home repairs. Read on for more details.
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