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Kentucky reintroduces title agent licensing legislation
Posted Date: Monday, March 6, 2017
A year after it last tried to pass legislation on the topic, the Kentucky Legislature has reintroduced legislation that would require title agents in the state to be licensed by the state’s Department of Insurance. Kentucky is the only state that does not require title agents to be licensed.
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Supreme Court rules on HOA superior lien
Posted Date: Monday, February 6, 2017
The Nevada Supreme Court recently was tasked with determining whether state statutes granting homeowner’s associations with superpriority liens for unpaid assessments violate a first security interest holder’s due process rights, as well as whether the extinguishment of a subordinate deed of trust through the HOA’s nonjudicial foreclosure violates the Takings Clauses of the United States and Nevada constitutions. Read on for more details.
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Title Insurance Market Stabilization Act introduced
Posted Date: Monday, February 20, 2017
The New Mexico Legislature is considering the Title Insurance Market Stabilization Act, which would create a pool for high-risk title insurance for properties affected by intergovernmental jurisdiction disputes. The bill comes shortly after a memorial was introduced in the legislature to ask the superintendent of insurance to study and report on methods to mitigate the creation of high-risk title insurance zones that result from intergovernmental conflict.
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Foreclosure related claims dispute questions answered
Posted Date: Wednesday, February 15, 2017
After foreclosure, a mortgagee filed suit against its title insurer, seeking payment under its policy. The case eventually went to the 9th U.S. Circuit Court of Appeals, which certified questions to the Arizona Supreme Court. Read on for the Arizona Supreme Court’s answers.
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Couple makes second attempt at suit over unpaid liens
Posted Date: Monday, February 27, 2017
After losing a suit against other entities involved in the refinance of their loan, a couple filed suit against their title insurer, arguing that the title report prepared by the underwriter’s agent did not include all the liens recorded at the time the couple refinanced. Because not all of the liens were identified on the report, not all liens were paid through escrow. Read on for more about the case.
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Homeowners claim defect prevents foreclosure
Posted Date: Monday, February 20, 2017
A California couple filed suit against their mortgage servicer, who was also the original beneficiary on their deed of trust, because the assignment of the deed to a third party was unlawfully recorded and therefore void. Read on for more details.
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FinCEN renews Geographic Targeting Orders
Posted Date: Thursday, February 23, 2017
The Financial Crimes Enforcement Network (FinCEN) announced the renewal of existing Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas. Read on for more details.
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Huizenga reintroduces points and fees legislation
Posted Date: Wednesday, February 22, 2017
House Financial Services Subcommittee Chairman Bill Huizenga (R-Mich.) reintroduced legislation that would clarify the definition of points and fees under the Truth in Lending Act. The legislation would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.
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Attorneys may release mortgage liens
Posted Date: Wednesday, February 22, 2017
The Kentucky Legislature is considering a bill that would allow and provide requirements for attorneys to file affidavits to provide evidence of a release of a lien encumbering real property. Read on for more details.
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Attorney examination requirements may be removed
Posted Date: Monday, February 27, 2017
The Oklahoma Legislature is considering a bill that would remove requirements that attorneys examine abstracts of title. Instead, title insurers would be required to conduct reasonable examination of title and make determination of insurability. Read on for more details.
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Prince George's County seeks tax lien legislation
Posted Date: Monday, February 27, 2017
The Prince George’s County Delegation of the General Assembly of Maryland have introduced legislation that would release tax liens on vacant property in the county. Read on for more details.
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Maryland considers mortgage bill
Posted Date: Monday, February 20, 2017
The Maryland General Assembly is considering a bill that would amend the law regarding the substitution of a surviving spouse on a mortgage. Read on for more details.
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Montana considers bill on title defects
Posted Date: Monday, February 20, 2017
The Montana Legislature is considering a bill that would provide that defects in or liens or encumbrances on a title include delinquent municipal utility fees. Read on for more details.
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Missouri DOI: Verify payments before sending
Posted Date: Wednesday, February 22, 2017
In light of a number of recently concluded investigations, the Missouri Department of Insurance set out guidelines to protect consumers and title companies from being the targets of fraud. Read on for more details.
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Idaho issues halt to Internet escrow company
Posted Date: Wednesday, February 22, 2017
The Idaho Department of Finance announced the issuance of a cease-and-desist order against a company that claims to be an online escrow company located in Boise that offers escrow services to prospective sellers of timeshare units in Mexico. Read on for more details.
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Salesperson sentenced for mortgage fraud, ID theft
Posted Date: Monday, February 27, 2017
A Roseville, Calif., real estate salesperson was sentenced to time in prison after being found guilty of mortgage fraud and identity theft. Read on for more details.
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Two plead guilty to wire fraud conspiracy
Posted Date: Monday, February 20, 2017
Two defendants have pleaded guilty to conspiracy to commit wire fraud affecting a financial institution and face a maximum of 30 years in prison. Read on for more details.
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Two plead guilty after 5 years on the run
Posted Date: Monday, February 13, 2017
Attorney General Eric T. Schneiderman announced the convictions of Alexander March on two indictments for his role in a residential mortgage fraud scheme and a conspiracy to tamper with witnesses who had testified against him. March and his wife had been on the run for five years before surrendering to authorities. Read on for more details.
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Virginia eliminates eRecording fee
Posted Date: Wednesday, February 22, 2017
Virginia Gov. Terry McAuliffe signed a bill that eliminates a provision allowing clerks to charge a fee to record real estate documents electronically, and instead allow clerks to record a fee for filing a paper land records. Read on for more details.
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Colorado completes regulatory overhaul
Posted Date: Monday, February 27, 2017
The Colorado Division of Insurance, members of the title industry, including the Land Title Association of Colorado (LTAC) and consumers in the state have completed an overhaul of the title insurance regulations in the state, turning the at times unwieldy Regulation 3-5-1, which encompassed the entirety of the regulatory structure for title insurance, into five regulations covering various aspects of title insurance regulation, discussing issues and updating the regulations as they go. The final two regulations, 8-1-4 and 8-1-5, will go into effect March 15.
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New York finalizes cybersecurity regulation
Posted Date: Monday, February 20, 2017
New York Gov. Andrew M. Cuomo announced the first-in-the-nation cybersecurity regulation to protect New York’s financial services industry and consumers from the ever-growing threat of cyberattacks will take effect March 1, 2017. The final regulation requires banks, insurance companies, and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure the safety and soundness of New York’s financial services industry.
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