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State issues to tackle in preparation for the new disclosures
Posted Date: Tuesday, December 16, 2014
Everyone may be working hard to implement the new integrated mortgage disclosure rule and addressing the requirements of this federal rule. However, the federal rule is not the only thing agents will need to consider. They also will have to consider how these rules are impacted by state laws and regulations surrounding consumer disclosures and the real estate closing process.
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Title insurer compels fraud information from agent’s bank
Posted Date: Tuesday, September 16, 2014
After bearing the responsibility for $3.5 million in losses from its agent’s fraud scheme, a title insurer alleged that the agent’s bank partially was responsible because it let the fraudulent conduct continue, despite warning signs of fraud. When the bank refused to provide information, the insurer filed a motion to compel.
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Title insurer sues homeowners regarding HELOC
Posted Date: Tuesday, September 16, 2014
After addressing a claim filed by a bank policy holder, a title insurer sued the homeowners to recover the costs. The claim was to address the junior status of a refinance mortgage that was to have paid down and been superior to a HELOC on the property.
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Property owner sues title company for fraud, breach of fiduciary duty
Posted Date: Thursday, September 11, 2014
After discovering the sale of his property was not quite what he agreed to, a property owner sued the buyer, lender and eventually the title company that conducted the transaction. He sued the title company for fraud and breach of fiduciary duty, arguing that the title company should have told him more about the details of the transaction.
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Investment company sues title company for property assessment coverage
Posted Date: Thursday, September 11, 2014
After purchasing commercial property at a foreclosure sale, an investment company discovered pending municipal tax appeals on the property. It sought coverage from its title insurer, arguing that these tax appeals constituted a title defect covered by the policy.
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National Association of Insurance Legislators seeks dialogue with CPFB on blurred lines
Posted Date: Thursday, December 11, 2014
Acting on concerns that he Consumer Financial Protection Bureau (CFPB) may be overstepping its authority with regard to state insurance regulation, The National Conference of Insurance Legislators (NCOIL) at its Annual Meeting voted to send a letter to the CFPB that seeks to open a formal dialogue with the bureau and asks for clarity on its rationale for certain enforcement decisions. This includes actions against title insurers who are closely regulated at the state level.
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PRIA approves Redaction Best Practices paper
Posted Date: Tuesday, December 16, 2014
The Board of Directors of the Property Records Industry Association has given final approval to the Redaction Best Practices paper produced by the Records Access & Privacy Policy Committee.
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New York to ban fracking
Posted Date: Thursday, December 18, 2014
At a cabinet meeting on Dec. 17. the New York State Department of Health shared its findings regarding High-Volume Hydraulic Fracturing. Based on those findings, the state’s Department of Environmental Conservation said it plans to finish its final report on the issue and will prohibit hydraulic fracturing in the state. Read on for more details.
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New title, mortgage association to launch in Canada
Posted Date: Thursday, December 11, 2014
A group of mortgage and title Insurance companies licensed to do business in Canada executed a Letter of Intent to formalize their commitment to launching the Mortgage and Title Insurance Industry Association of Canada. Read on for more details.
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New reality is coming
Posted Date: Monday, January 5, 2015
This year, perhaps more than others, will be a year of new. Many are telling me that the industry will look dramatically different after Aug. 1. With new forms, the policies and procedures to go with them, and the costs associated with all of it, some may exit the industry, like we saw after the 2010 changes.
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Former Countrywide loan officer sentenced for mortgage fraud scheme
Posted Date: Thursday, December 18, 2014
A former loan officer at GMAC Mortgage and Countrywide Home Loans was sentenced to 60 months in prison for his role in a mortgage fraud scheme arising from the purchases of more than 40 properties in New Haven, N.J. U.S. Attorney Paul Fishman announced.
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Final three sentenced for Hampton Springs fraud
Posted Date: Tuesday, December 16, 2014
The final three individuals involved in the $49.6 million Hampton Springs mortgage fraud scheme, which was organized and led by Miami resident Domenico “Dom” Rabuffo, were sentenced yesterday. Rabuffo’s ex-wife was sentenced to 14 years in prison, and the other two individuals who acted as recruiters for the scheme were sentenced to 20 years in prison.
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Minnesota man sentenced to 12 years for mortgage fraud
Posted Date: Thursday, December 11, 2014
U.S. Attorney Andrew Luger announced the sentencing of Alpha Rashidi Mshihiri, 39, to 150 months in federal prison for orchestrating a multi-million dollar mortgage fraud conspiracy. Mshihiri was convicted, on Feb. 20, 2014, following a seven-day trial, of each count of the indictment against him, including conspiracy to commit bank fraud, bank fraud, mail fraud, and wire fraud.
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Developing Story: Wells Fargo provides Q&A on Closing Disclosures
Posted Date: Wednesday, December 10, 2014
Wells Fargo is addressing questions from title agents and other settlement services professionals about their plans for the Closing Disclosure, after the lender announced in September that it would deliver the Closing Disclosure to borrowers when the new rules take effect Aug. 1, 2015.
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Lender, title insurer dispute terms, duty to defend
Posted Date: Tuesday, December 9, 2014
After both parties were sued by a non-party warehouse lender who was defrauded by a mortgage company and title agency, a lender sued its title insurer for failing to defend it in the underlying complaint.
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Title company owner sentenced for wire fraud conspiracy
Posted Date: Tuesday, December 9, 2014
A title agency owner in Florida was sentenced to time in prison and ordered to pay $4.7 million in a money judgment for his role in a wire fraud conspiracy. Read on for more details.
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Texas couple sentenced for roles in mortgage fraud scheme
Posted Date: Tuesday, December 9, 2014
A Katy, Texas, couple who owned two mortgage service businesses in Henderson, Nev., have been sentenced to prison for their roles in a mortgage fraud scheme that caused more than $30 million in losses to federally insured financial institutions.
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Western Title & Escrow announces new chief security officer, progress on security
Posted Date: Thursday, December 4, 2014
Western Title & Escrow not only welcomed Matt Hillman to the new role of chief security officer, but also announced company's progress in its ongoing goal to comply with the American Land and Title Association's best practices, which ensures the privacy and confidentiality of clients' non-public, personal information.
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Connecticut man sentenced in fraud scheme
Posted Date: Thursday, December 4, 2014
Thomas Provenzano of Torrington, Conn., was sentenced Dec. 1 to 18 months of imprisonment, followed by five years of supervised release, for his role in a series of fraudulent real estate transactions. Read on for details of the fraud scheme that led to his sentencing.
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Establish network controls, protect non-public information
Posted Date: Thursday, December 4, 2014
From our home computer to our business’s server, it feels like we are constantly under cyber attack. It may seem like there is nothing you can do to protect yourself, your customers and your business from a data breach, but there are several, relatively inexpensive things you can do to avoid being a target.
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