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New Jersey issues bulletin on wire transfer fraud
Posted Date: Wednesday, April 11, 2018
The Department of Banking and Insurance issued a bulletin to remind all regulated entities in the mortgage services industries of the prevalence of fraudulent schemes to divert funds by wire. Read on for more details.
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Transcripts give idea of English arguments in appellate court
Posted Date: Wednesday, April 11, 2018
Transcripts recently released by the U.S. District Court for the District of Columbia of the preliminary injunction hearing held before U.S. District Judge Timothy Kelly on Dec. 22 in the case of Leandra English v. Donald John Trump, et al. provide some insight into the arguments that may be made when the parties go before the D.C. Circuit Court for oral arguments today. Read on for some insight from the transcript.
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FFIEC issues statement on cyberinsurance
Posted Date: Wednesday, April 11, 2018
Members of the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement to describe matters that financial institutions should consider if they are determining whether to use cyberinsurance as a component of their risk management programs. Read on for more details.
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Title agency gets caught in buyer dispute with city
Posted Date: Wednesday, April 11, 2018
A title agency got caught in a lawsuit the purchaser had with the city when the new owners refused to honor an agreement to give the city a right of way to expand a roadway that went along the property. Read on for more details.
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Florida governor signs new unfair insurance trade practices act
Posted Date: Wednesday, April 11, 2018
Florida Gov. Rick Scott signed a bill that, among other things, prohibits title agents, title insurance agencies or title insurers from giving insureds, prospective insureds or others any article of merchandise in excess of a specified value. Read on for more details.
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Illinois regulator revises financial interest disclosure
Posted Date: Monday, April 9, 2018
The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions wrote a memorandum to title insurance companies, agents and independent escrowees on April 3, noting that as of 12:01 a.m. April 4, 2018, they were to use a revised disclosure of financial interest form. Read on for more about the new form.
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Mortgagee seeks to set aside HOA foreclosure
Posted Date: Monday, April 9, 2018
After a mortgagor failed to pay the required home owners association assessments, the HOA began the process of filing a lien on the property and foreclosing on that lien. After the property was sold, the mortgagee filed suit against the HOA and the buyer, seeking to set aside the foreclosure. Read on for more details.
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Colorado adopts title fiduciary bill
Posted Date: Monday, April 9, 2018
Colorado Gov. John Hickenlooper signed a bill concerning fiduciary responsibilities of title insurance entities to protect funds held in conjunction with real estate closing settlement services. Read on for more details.
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Lenders sue title company over alleged fraud
Posted Date: Friday, March 30, 2018
After agreeing to five loans for the purchase of 40 acres of land in Arizona, the borrowers defaulted. The lenders then sued their title company, among others, alleging that its representative had breached her fiduciary duty by helping the purchasers facilitate a conspiracy to defraud the lenders through illegal or invalid escrow transactions. Read on for more details.
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CFPB requests feedback on guidance
Posted Date: Friday, March 30, 2018
The Consumer Financial Protection Bureau issued a Request for Information on the Bureau’s guidance and implementation support. The bureau is seeking comments and information from interested parties to assist in assessing the overall effectiveness and accessibility of its guidance materials and activities, including implementation support. Read on to learn more.
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DOJ sues law firm for overcharging Fannie Mae
Posted Date: Friday, March 30, 2018
The United States has filed a complaint-in-intervention against Rosicki, Rosicki & Associates, P.C. , a foreclosure law firm in New York, and its wholly owned affiliates, Enterprise Process Service, Inc and Paramount Land, Inc. , for engaging in a scheme to generate false and inflated bills for expenses and causing those expenses to be submitted to and paid by Fannie Mae. Read on for more details.
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Seller sues buyer over escrow agreement
Posted Date: Friday, March 30, 2018
A seller appealed a decision from a trial court, seeking to recover damages for breach of an escrow agreement which the court denied. Read on for more details.
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North Carolina man found guilty of bank fraud
Posted Date: Friday, March 30, 2018
A Greensboro, N.C., man was convicted on 10 counts of bank fraud, two counts of engaging in monetary transactions involving criminally derived property and one count of aggravated identity theft and aiding and abetting. Following the trial, the jury further found that the defendant was obligated to forfeit more than $1.3 million in fraudulent proceeds, more than $100,000 in recording studio equipment, and $300,000 in gold bullion and coins. Read on for more details.
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