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New York proposes nation’s first cyberregulations
Posted Date: Wednesday, September 14, 2016
Saying the potential risk to the financial services industry is “stark,” the New York Department of Financial Services has proposed cyberregulations that would cover banks, insurance companies and other financial institutions regulated by the department. Read on for initial details of the proposals.
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FinCEN releases advisory about email fraud
Posted Date: Monday, September 12, 2016
The Financial Crimes Enforcement Network has issued an advisory on email compromise fraud schemes criminals are actively using to defraud financial institutions and their customers. Read on for more details.
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Appellate court interprets lis pendens statute
Posted Date: Friday, September 2, 2016
After purchasing property at a foreclosure sale, the new homeowner discovered several liens for code violations had been attached to the house. He filed suit against the town to quiet title and remove the liens. The case eventually went to the Florida court of appeals. Read on for more details.
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Title insurers can compel arbitration
Posted Date: Monday, September 12, 2016
The 3rd U.S. Circuit Court of Appeals recently ruled that title insurers can compel individual arbitration in a class action case where the plaintiffs sued them over overcharged recording fees. Read on for more details.
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Title insurer seeks reimbursement
Posted Date: Tuesday, August 30, 2016
After selling their property to their daughter via warranty deed, the federal government attempted to foreclose on liens placed on property for back taxes a Pennsylvania couple had failed to pay in various years. The daughter’s title policy covered the claim, but the title company then sued the couple for reimbursement. Read on for more details.
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Title insurer, owner dispute right of access solution
Posted Date: Wednesday, September 7, 2016
After discovering that it did not have access to property it now was hoping to split into smaller parcels and sell, the owner of property in Colorado went to its title company. The title company was able to obtain a 30-year revocable right-of-way grant to access the property, but its insured sued for breach of contract. Read on for more details.
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Bank sues underwriter for denial of coverage
Posted Date: Tuesday, August 30, 2016
When a bank discovered it held the third lien position on property in South Carolina, it went to its underwriter to address the claim. The title insurer denied the claim and the bank accepted a less amount to satisfy the note and mortgage, creating a significant deficit. After the title insurer denied a second claim, the bank filed suit. Read on for more details.
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New notary law in effect in Missouri
Posted Date: Friday, September 2, 2016
On Aug. 28, notaries in the state of Missouri became subject to new requirements, adopted earlier in the summer by the Missouri General Assembly. Read on for more details about these new provisions, which address topics from electronic signatures to the handling of notary seals and journals.
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Indiana agency fined
Posted Date: Friday, September 2, 2016
The Indiana Department of Insurance fined a resident agency after discovering that an unlicensed employee performed closings. Read on for more details.
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NAIC begins planning for 2017
Posted Date: Friday, September 2, 2016
When the National Association of Insurance Commissioners’ Title Insurance Task Force met during its summer meeting in August, it tackled several important issues. Additionally, it began looking ahead at what it hopes to accomplish in 2017. Read on to find out more about these goals.
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FTC seeks feedback on Safeguards Rule
Posted Date: Wednesday, September 7, 2016
The Federal Trade Commission is seeking public comment on Standards for Safeguarding Customer Information (the Safeguards Rule) as part of its systematic review of all FTC rules and guides. It is looking for feedback on issues such as the economic impact and benefits of the rule and any potential conflict between the rule and any other state, local or federal laws or regulations. Read on for more details.
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Man sentenced for mortgage modification scheme
Posted Date: Monday, September 12, 2016
A California man was sentenced to time in prison and ordered to pay approximately $2.4 million in restitution for his role in an extensive mortgage modification scheme. Read on for more details.
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Man pleads guilty to false mortgage documents
Posted Date: Wednesday, September 7, 2016
A man from Winter Haven, Fla., pled guilty to making false statements in a mortgage loan application. Among other things, he persuaded his bank to pay off a lien on the property that did not actually exist. Read on for more details.
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Law firm, principals banned for scam
Posted Date: Friday, September 2, 2016
The principals of a mortgage relief operation and their companies are banned from the mortgage loan modification and debt relief business under court orders obtained by the Federal Trade Commission. The orders resolve charges that the scheme falsely promised financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates, and illegally charged thousands of dollars in advance. Read on for more details.
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New NY rules require CISO, encryption, much more
Posted Date: Wednesday, September 21, 2016
The proposed cybersecurity regulations by the New York Department of Financial Services entail much more than creating policies and procedures around cybersecurity. Designating a chief information security officer, establishing third-party policies, and encrypting all nonpublic information are among the mandates. Read on for details of what will be expected come Jan. 1.
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California woman sentenced for mortgage fraud
Posted Date: Wednesday, September 21, 2016
A woman from Roseville, Calif., was sentenced to 14 1/2 years in prison for her involvement in mortgage fraud schemes that cost financial institutions more than $17 million. Read on for more details.
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Nations Title sued over alleged calls
Posted Date: Monday, September 19, 2016
A California man has filed a class-action lawsuit against Nations Title Co. over allegedly making telemarketing calls to cell phones in violation of the Telephone Consumer Protection Act. Read on for more details of the case.
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Philadelphia woman indicted for loan application fraud
Posted Date: Monday, September 19, 2016
A Philadelphia woman was indicted with loan application fraud for falsely representing her employment status when she misrepresented her employment status. Read on for more details.
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Congressman seeks answers regarding financial crisis
Posted Date: Monday, September 12, 2016
U.S. Rep. Bill Pascrell, Jr. (D-N.J.), a member of the House Ways and Means Committee, called on Federal Bureau of Investigations Director James Comey to release unclassified case files from the agency’s investigation into the financial institutions at the center of the 2008 financial crisis, the country’s worst economic disaster since the Great Depression.
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New Jersey co-conspirators arrested for mortgage fraud scheme
Posted Date: Friday, September 2, 2016
New Jersey Attorney General Christopher S. Porrino announced that a man and a woman were arrested on first-degree charges for allegedly carrying out an elaborate identity theft and mortgage fraud scheme in which they stole nearly $1 million from various lenders. Another man who allegedly participated in the criminal scheme is being sought as a fugitive.
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