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The Legal Description Edition
January 20, 2014
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Florida industry prepares for first data call
Posted Date: Monday, January 20, 2014
It’s a new year and everyone is working on resolutions and fresh starts, both personal and professional. For title agents and underwriters in Florida, one of those resolutions is to begin gathering data required for their first data call, which must be submitted annually beginning March 31, 2015. While it may seem a long way off, preparing now will help them in this significant undertaking.
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Speak to the CFPB about improving the closing process
Posted Date: Thursday, January 9, 2014
The Consumer Financial Protection Bureau (CFPB) is seeking information from industry professionals, consumer advocates and other stakeholders to find out how it can best encourage the development of a more streamlined, efficient and educational closing process as it begins the next phase of its Know Before You Owe initiative.
On Jan. 3, the CFPB issued a notice and request for information in the Federal Register regarding the topic. The notice states that, specifically, the CFPB wants more information on key consumer pain points associated with mortgage closings and how those pain points might be addressed by market innovations and technology.
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Missouri modifies escrow performance statute
Posted Date: Monday, January 6, 2014
The Missouri General Assembly has prefiled a bill that would allow title industry members to perform escrow functions even if they do not provide title insurance. The bill, SB 634, was filed by Sen. Mike Parson, R-Bolivar.
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New officers begin term at NAIC
Posted Date: Monday, January 6, 2014
Members of the National Association of Insurance Commissioners (NAIC) elected its 2014 officers. The newly elected officers assumed their duties on Jan. 1.
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Fraud mastermind sentenced for straw buyer scheme
Posted Date: Thursday, January 9, 2014
The mastermind behind a straw buyer scheme in Connecticut was sentenced to time in prison for operating his extensive scheme. The scheme involved falsifying borrower information, writing fraudulent escrow checks and altering closing records. Read on for more details.
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Straw buyers, others indicted in Gulf Coast mortgage fraud conspiracy
Posted Date: Monday, January 6, 2014
Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast, said Steven Dettelbach, U.S. attorney for the Northern District of Ohio, and Stephen Anthony, special agent in charge of the FBI’s Cleveland office.
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Starting off the legislative session
Posted Date: Monday, January 20, 2014
The 2014 legislative session is underway, with several states having filed and prefiled bills in late December and early January. The General Assembly of Virginia, for one, has prefiled a bill that would create an affidavit to correct errors in deeds, deeds of trust and mortgages.
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It’s time to prepare: Training available for new mortgage disclosure forms
Posted Date: Thursday, January 9, 2014
The Consumer Financial Protection Bureau has released its final rule on the integrated mortgage disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act. Not much time has passed since industry members had to implement a new Good Faith Estimate and HUD-1 form under the 2010 RESPA reform. Similar to that reform, preparing for this new rule will require extensive staff training, retooling and systems upgrades to ensure compliance.
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