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The Legal Description Edition
September 15, 2014
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Federal, state data broker legislation to be on title industry watchlist
Posted Date: Thursday, September 11, 2014
Personal information is easier for people to find than some may think. From Facebook and Twitter to an Amazon account or your company’s website, information about who you are, where you live and even what your favorite color is are all readily available for those who try to find out.
The Obama administration, Congress and even state legislators and regulators increasingly are interested in data brokers and data aggregators, whose non-public personal information they are using and how they are — or are not — regulated. During the Association for Title Information Management’s (ATIM) 29th Annual Conference, David Floyd, president, SKLD Title Services, discussed a new legislative trend in overseeing data brokers and how these bills could impact the title industry.
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LandCastle bought out; sues former CEO for embezzlement
Posted Date: Thursday, August 28, 2014
On Aug. 25, LandCastle Title LLC made two significant moves. It sent a letter to partners informing them that Fidelity National Title Group (FNTG) had purchased a 70 percent ownership of the company. It also filed suit against its former CEO for alleged embezzlement.
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Calculating the true cost of recording documents
Posted Date: Tuesday, August 26, 2014
The cost of recorded documents has been the subject of much debate, including at this year’s Association for Title Information Management’s (ATIM) 29th Annual Conference in Portland, Ore.October Research, LLC attended the event to learn more about this segment of the industry.
The session, “The Answer’s Money; So, What’s the Question? – A Clerk and Recorder Round Table” was moderated by Jim Harper, president and co-founder of PFA Inc., a high technology company specializing in migrating and preserving real property records. Included in the round table were Bill Burgess, Marion County Clerk in Oregon; Christine Walker, Jackson County Clerk in Oregon; Dianne Wilson, Fort Bend County Clerk in Texas and Joyce Mascena, Town of Glastonbury Clerk in Connecticut.
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Dedication instrument prevents Texas property sale; plaintiffs seek claims against title insurer
Posted Date: Sunday, June 15, 2014
Texas property owners brought an action against Stewart Title Guaranty Co. for breach of contract, negligence, gross negligence and violations of the Texas Insurance Code and Texas Deceptive Trade Practices Act after they were unable to resell property because it was subject to a dedication instrument regarding the property’s historic structure. The 191st Judicial Court, Dallas County, granted summary judgment and dismissed the claims, and the property owners appealed. The appellate court upheld the trial court’s finding.
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eClosing pilot program participants announced
Posted Date: Tuesday, August 26, 2014
The Consumer Financial Protection Bureau (CFPB) announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding and engagement and save time and money for consumers, lenders, and other market participants.
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Ten indicted for $50M Miami mortgage fraud scheme
Posted Date: Thursday, September 4, 2014
The owner of a Florida mortgage company, seven employees of the company and two real estate developers were indicted in the Southern District of Florida in connection with an alleged $50 million mortgage fraud scheme.
U.S. Attorney Wifredo Ferrer of the Southern District of Florida, Assistant Attorney General Leslie Caldwell of the Justice Department’s Criminal Division and David Montoya, inspector general for the Department of Housing and Urban Development (HUD), made the announcement.
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Texas man sentenced to 10 years for mortgage fraud
Posted Date: Tuesday, August 26, 2014
Hong Jae Kim, aka “Randy Kim,” 45, was sentenced by U.S. District Judge Jane Boyle to 10 years in federal prison and ordered to pay $1.8 million in restitution for his nearly two-year role in a scheme to launder mortgage fraud proceeds, U.S. Attorney Sarah Saldaña of the Northern District of Texas announced.
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New Jersey straw buyer indicted for role in $15M fraud
Posted Date: Thursday, September 4, 2014
An Essex County, N.J., man admitted conspiring to defraud financial institutions as part of a $15 million mortgage fraud scheme that used phony documents and “straw buyers” to make illegal profits on overbuilt condos, U.S. Attorney Paul Fishman announced.
Larry Fullenwider, 63, of Belleville, N.J., pleaded guilty before U.S. District Judge Jerome Simandle in Camden federal court to a second superseding indictment charging him with one count of conspiracy to commit wire fraud. Using the alias “Stanley Hyde," Fullenwider admitted purchasing four condominiums in North Wildwood, N.J., after presenting a false identification and using fake documents to support fraudulent loan applications.
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Branson, Mo., title insurer resolve dispute
Posted Date: Thursday, September 4, 2014
The City of Branson, Mo., and HCW Development LLC have entered into a settlement agreement resolving their multi-million dollar lawsuit against Chicago Title Insurance Company and its parent company, Fidelity National Financial, Inc. Under the terms of the settlement, both the City of Branson and HCW Development will receive separate $90 million title insurance policies protecting their interests in the Branson Landing development.
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Industry group encourages consumer selection of title agents
Posted Date: Thursday, August 28, 2014
For most consumers, purchasing a home will be the single largest investment they make. Title insurance is a key way to protect that investment. Many regulators have worked to encourage homebuyers to shop around for their title insurance provider, and so is the industry’s national association.
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U.S. House introduces Keeping Families Home Act of 2014
Posted Date: Tuesday, August 26, 2014
A bill introduced in the U.S. House would require servicers to establish a deed-for-lease program under which eligible mortgagors could remain in their home.
The bill, HR 5396, was introduced by Rep. Michelle Lujan Grisham, D-N.M.
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Idaho Department of Finance alerts industry, consumers to Internet escrow scam
Posted Date: Thursday, September 4, 2014
Gavin Gee, director of the Idaho Department of Finance, announced the issuance of a cease-and-desist order against a company using the name of Twin Falls Title and Escrow (TFTE). TFTE purported to be an online escrow company engaged in offering escrow services to prospective sellers of timeshare units in Mexico.
Although the department previously has issued press releases warning consumers of unlicensed Internet escrow activity, this is the first instance in which the department has alleged that the promoter fraudulently used the identity of a legitimate Idaho entity to promote the unlawful activity.
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Arizona names acting director of insurance
Posted Date: Tuesday, August 25, 2015
Arizona Gov. Douglas Ducey appointed an acting director of insurance to replace Germaine Marks, who resigned to join the private sector. Read on to find out about the interim head of the Arizona Department of Insurance.
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Homeowners sue escrow company, escrow agent for failed IRS lien payoff
Posted Date: Thursday, September 4, 2014
Homeowners in California sued the escrow company and escrow agent who handled the refinance of their property for failing to pay off all of the IRS tax liens recorded on the property. By failing to do so, the homeowners claim the company and its agent breached their fiduciary duty and failed to follow escrow instructions.
The case is Sharon de Edwards v. Escrow of the West (Court of Appeal, Second District, Division 4, California, No. B249503).
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Pennsylvania court affirms MERS assignment in foreclosure action
Posted Date: Thursday, September 4, 2014
A Pennsylvania homeowner appealed a summary judgment order in a foreclosure action, arguing that there were issues of material fact regarding an assignment of the mortgage which led to the mortgage being held by the current mortgage holder.
The case is Bank of America N.A. v. Matthew Gibson (Superior Court of Pennsylvania, No. 2472 EDA 2013).
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Title insurer sues over duty to indemnify
Posted Date: Thursday, August 28, 2014
A title insurer sued its insured, seeking declaratory judgment that it did not have duty to indemnify its insured under its title insurance policy upon foreclosure of liens that were superior to those of the insured. The case eventually went before the Fifth U.S. Circuit Court of Appeals.
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LA woman sentenced for role in mortgage fraud conspiracy
Posted Date: Thursday, August 28, 2014
A Los Angeles woman was sentenced to three years in federal prison for orchestrating a scheme that led to the fraudulent purchase of four properties worth more than $2 million.
Soo Kyung Hong, who also used the name “Maria Hong,” 48, a resident of the Miracle Mile section of Los Angeles, was sentenced by U.S. District Judge John Walter. In addition to the 36-month prison term, Judge Walter ordered Hong to pay approximately $2 million in restitution, which includes losses from four additional properties fraudulently purchased in a related scheme.
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Company sues title agency for negligence in 1031 exchange
Posted Date: Tuesday, August 26, 2014
After a partial failure of a 1031 exchange, a medical supply distributor sued a South Dakota title agency for negligence and negligent misrepresentation. The trial court held that the title agency was negligent in assisting the distributor with the exchange, and the title agency appealed. The case then went before the Supreme Court of the State of South Dakota.
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