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Bank sues title agency over negligence
Posted Date: Wednesday, March 28, 2018
A bank filed suit against a title agency, asserting a single claim of negligence and seeking to recover damages in excess of $800,000. The claim revolves around a Home Equity Line of Credit that was not paid off when the non-party seller sold the property via short sale, the closing of which was conducted by the defendant. Read on for more details.
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Bankruptcy trustee, insured seek appeal of exclusion of coverage
Posted Date: Wednesday, March 28, 2018
A bankruptcy trustee and one of the insureds covered by a title policy appealed the decision of the bankruptcy court that found that an exclusion and the fortuity doctrine barred coverage under a title policy. Read on for more details.
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Florida adopts new unfair insurance trade practices act
Posted Date: Wednesday, March 28, 2018
The Florida legislature adopted a bill that revises the types, value and frequency of advertising and promotional gifts that licensed insurers or their agents may give to insureds, prospective insureds and others. It also 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 of the law that was presented to the governor on March 26.
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New Jersey to get new director of consumer affairs division
Posted Date: Wednesday, March 28, 2018
New Jersey Attorney General Gurbir S. Grewal announced that Gov. Phil Murphy will nominate Paul R. Rodriguez to serve as the director of the New Jersey Division of Consumer Affairs, the lead state agency charged with protecting consumers’ rights, regulating the securities industry, and overseeing 47 professional boards. Read on for more details.
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Virginia eminent domain bill awaits governor’s signature
Posted Date: Wednesday, March 28, 2018
A bill passed out of the Virginia General Assembly that would require that any funds due to the owner be payable to the owner’s attorney within 30 days of a settlement or final determination in an eminent domain proceeding. It now awaits the governor’s signature.
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CFPB seeks info on inherited regulations and rulemaking authorities
Posted Date: Wednesday, March 28, 2018
The Consumer Financial Protection Bureau issued a request for information on the bureau’s inherited regulations and inherited rulemaking authorities. The bureau is seeking comments and information from interested parties to assist the bureau in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal government agencies. Read on for more details.
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Court denies reconsideration in Borders & Borders decision
Posted Date: Monday, March 26, 2018
The U.S. District Court for the Western District of Kentucky has denied the Consumer Financial Protection Bureau’s motion for reconsideration in its case against Borders & Borders PLC. The bureau originally filed suit in 2013 alleging that the law firm arranged for title agencies to pay distributions to joint venture partners in exchange for closing services referrals in violation of Section 8(a) of RESPA. Read on for more details.
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New title closer association files amicus in suit over regulation
Posted Date: Monday, March 26, 2018
A new title closer association in New York, the New York State Title Closer Association Inc., filed an amicus brief in the New York State Land Title Association’s suit against the state’s Department of Financial Services challenging the legality of the state’s new title insurance regulation. Read on for more about the association and their objections to the regulation.
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Idaho title reimbursement bill signed into law
Posted Date: Monday, March 26, 2018
Idaho Gov. Butch Otter signed a bill that allows title insurers to offer a reimbursement or discount of escrow fees for title insurance premiums in certain instances. Read on for more details.
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Pennsylvania insurance commissioner confirmed
Posted Date: Monday, March 26, 2018
The acting Pennsylvania insurance commissioner can now remove the “acting” from her title because her nomination was confirmed by the state Senate. Read on for more about her confirmation and the confirmation of her predecessor as secretary of the state’s Department of Human Services.
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Five arrested for fraudulently discharging mortgages
Posted Date: Monday, March 26, 2018
Five individuals were arrested and charged with using phony money orders, cashier’s checks, receipts and other fabricated documents to fraudulently discharge mortgages, student loans and other financial obligations. Read on for more details.
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FinCEN extends GTO again
Posted Date: Wednesday, March 21, 2018
The Financial Crimes Enforcement Network is again extending its Geographic Targeting Orders to continue identifying natural persons behind shell companies. Read on for more details.
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Homebuyers sues Realtor for failing to advise at closing
Posted Date: Wednesday, March 21, 2018
An Indiana couple filed suit against their Realtors, arguing that they breached their contract for failing to advise them regarding what to do about an encroachment that was discovered in a survey on the day of closing. When the adjacent property was sold, they spent more than $25,000 remedying the encroachment on that property. Read on for more details.
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Title company sues survey companies over missed encroachment
Posted Date: Wednesday, March 21, 2018
A title company sued survey companies that conducted surveys on a plot of land in Washington, D.C., alleging that both were negligent in conducting the land surveys upon which it relied in issuing title insurance policies to its insured and that they are liable for the payout the insurer made to its insured under the title policy. Read on for more details.
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Kentucky considers real property deed legislation
Posted Date: Wednesday, March 21, 2018
The Kentucky Legislature is considering a bill that would describe the requisite ‘full name’ for a grantor and grantee when recording a deed to real property and direct that the record is still notice and admissible as evidence if the instrument is not in compliance with the provisions set out in the bill. Read on for more details.
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PRIA releases GIS and Land Records Integration whitepaper
Posted Date: Wednesday, March 21, 2018
The Property Records Industry Association (PRIA) announced the release of its latest whitepaper on GIS and Land Records Integration. Although Geographic Information System (GIS) is a relatively new tool for anyone interested in land records, the recording of property records has been in existence since records were created. The integration of these two systems can help to create modern property record systems.
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Dallas man convicted after seven-day mortgage fraud trial
Posted Date: Wednesday, March 21, 2018
A federal jury convicted a Dallas man of several counts related to a mortgage fraud scheme following a seven-day jury trial before U.S. District Judge Ed Kinkeade. Read on for more details.
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New York budget language clarifies inducement definition
Posted Date: Monday, March 19, 2018
As part of its recently passed budget, the New York Senate advanced language clarifying that the presence of common marketing activities absent a quid pro quo does not constitute an illegal inducement under the insurance law. This is similar to language in a bill it passed earlier this year and addresses issues that have come up as a result of new Title Insurance Regulations in the state. Read on for more details.
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CFPB leadership restructuring bill introduced in House
Posted Date: Monday, March 19, 2018
Amid all the other legislation Congress is working on pertaining to financial services reform, four representatives introduced legislation that would go a bit farther, by introducing legislation to change the leadership structure of the Consumer Financial Protection Bureau. Read on for more details.
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Nebraska legislature adopts lien release statute
Posted Date: Monday, March 19, 2018
The Nebraska Legislature passed a bill that would change provisions relating to the recording of instruments and the rights and duties of secured creditors with respect to the Residential Mortgage Licensing Act, real estate conveyances, mortgages, trust deeds and the Nebraska Security Instrument Satisfaction Act. The bill has been presented for the governor’s signature. Read on to learn more about this bill.
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FTC modifies order against CoreLogic
Posted Date: Monday, March 19, 2018
The Federal Trade Commission announced it will modify an order entered in 2014 against CoreLogic Inc. originally agreed to in order to resolve commission concerns about the company’s acquisition of DataQuick Information Systems. The FTC said it is modifying the order because CoreLogic did not provide all the required data and information by the required deadlines. Read on for more details.
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