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Which is first when liens are recorded at the same time?
Posted Date: Wednesday, March 14, 2018
A California court had to determine which lien had priority when a mortgage and a HELOC were recorded at the same time and the HELOC was given the lower number. A borrower defaulted on the loans and the assignee of the HELOC went to court to determine whether the mortgagee or other parties were due the surplus funds from its sale. Read on for more details.
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Colorado Senate amends title fiduciary bill
Posted Date: Wednesday, March 14, 2018
The Colorado Senate amended its bill that would require title insurance entities to hold funds belonging to others in a fiduciary capacity. Read on for more about the bill and the changes made.
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Wrongful foreclosure case hinges on interpretation of notice statute
Posted Date: Wednesday, March 14, 2018
A wrongful foreclosure case before the District of Columbia Court of Appeals hinges on whether a condominium association adhered to D.C. Code when it sent notice only to the unit instead of also sending it to the unit owner’s current address. Read on for more details.
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Property owner sues city over utility lien
Posted Date: Wednesday, March 14, 2018
The owner of property in Homestead, Fla., sued in state court the City of Homestead over a utility lien the city placed on the property that the owner had no knowledge about before beginning work to develop the property. It sought quiet title and an immediate injunction to compel the city to activate utility service to the property. It also sued its underwriter for declaratory relief and negligence. That case was concluded in the owner’s favor, but the owner filed a suit two years later in federal court for violations of Fourteenth Amendment due process rights and for inverse condemnation. Read on for more details.
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Former N.J. settlement agent sentenced for loan application fraud
Posted Date: Wednesday, March 14, 2018
A former settlement agent from Wyckoff, N.J., was sentenced to 144 months in prison for defrauding banks of $1.1 million using phony loan applications for properties in Bergen and Morris Counties, N.J., and for failing to pay over $450,000 in personal income taxes. Read on for more details.
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House subcommittee holds data security hearings
Posted Date: Monday, March 12, 2018
In the last month, the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee held two hearings on data security, the second specifically addressing legislative proposals the subcommittee is considering. Read on for more details.
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Illinois extends comment period for proposed title agent compensation guidance
Posted Date: Monday, March 12, 2018
The Illinois Department of Financial and Professional Regulation is extending the period to comment on its proposed guidance on the process by which title insurance underwriters compensate their agents. This is the second time the comment period has been extended. Read on for more details.
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Legislature considers amendments to Oklahoma Abstractors Act
Posted Date: Monday, March 12, 2018
The Oklahoma Legislature is considering a bill that would amend the state’s abstractors act by allowing independent licensed abstractors access to abstract plants in single-source counties in certain situations and requiring records relied on for title purposes to statutorily impart constructive notice, among other things. Read on for more details.
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Georgia adopts tax lien legislation
Posted Date: Monday, March 12, 2018
The Georgia General Assembly has adopted legislation that would revise provisions of state law relating to the transmittal, filing, recording, access to and territorial effect of tax liens issued by the Department of Revenue; to provide for electronic record keeping relating to the filing and public access to state tax liens and to provide for duties and responsibilities of the Georgia Superior Court Clerks’ Cooperative Authority. Read on for more details.
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Indiana passes remote notary legislation
Posted Date: Wednesday, March 7, 2018
The Indiana General Assembly has passed legislation that would, among other things, allow for remote notarizations in the state. The bill now awaits the governor’s signature. Read on for more details.
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TRID Improvement Act introduced in Senate
Posted Date: Wednesday, March 7, 2018
After being passed twice in the U.S. House in the last few weeks, the TRID Improvement Act was introduced in the Senate. The bill would allow for the accurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures. Read on for more details.
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Trump, Mulvaney and amici file briefs in director dispute
Posted Date: Wednesday, March 7, 2018
President Donald Trump, Mick Mulvaney and their amici have filed their briefs in the D.C. Circuit Court of Appeals regarding the dispute over whether Mulvaney was authorized to be the acting director of the Consumer Financial Protection Bureau or if Leanda English, who was appointed deputy director by former Director Richard Cordray shortly before his departure, should rightfully hold the title. Read on for more details.
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Bureau issues request on rulemaking processes
Posted Date: Wednesday, March 7, 2018
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) about the bureau’s rulemaking processes. The bureau is seeking comments and information from interested parties to help assess the overall efficiency and effectiveness of its rulemaking processes.
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Title company appeals bankruptcy court decision
Posted Date: Wednesday, March 7, 2018
After the sale of property by a family trust without the approval of one member, ownership of the property was disputed. A bankruptcy court rescinded the sale of the property and eventually found that the title company was liable to the members of the trust for damages assessed against them in the bankruptcy proceeding.
The title company appealed, saying the trust’s detrimental reliance claim failed as a matter of law and there were genuine issues which existed over the title company’s negligence.
Read on for details of the Louisiana appellate court’s decision.
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Woman arrested for alleged fraudulent transaction
Posted Date: Wednesday, March 7, 2018
Florida Chief Financial Officer Jimmy Patronis announced the recent arrest of Michellet Alexandra Lincoln, owner of Lyonsgate Acquisitions Corporation, for allegedly stealing $225,000 from a local couple who thought they were purchasing a new home. Lincoln allegedly forged fraudulent documents in order to acquire and sell real estate that she did not own. Read on to learn more about this allegation.
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TRID Improvement Act passes again
Posted Date: Monday, March 5, 2018
In a move designed to move the provisions forward regardless of the other components of an ultimate financial services reform bill, the U.S. House passed the TRID Improvement Act of 2018, now H.R. 5078, by voice vote. It has been received by the Senate and referred to the Senate Banking Committee.
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Mechanics’ lien coverage issue goes to 8th Circuit
Posted Date: Monday, March 5, 2018
A title insurer filed suit against an insured that bought a bank’s interest in a condominium development to determine whether the title policy covered mechanics’ liens on the property. It argued that Exclusion 3(a) excluded those liens from coverage because the original insured created those liens by failing to enforce the conditions set forth in the construction loan agreement. While its complaint was dismissed, the insured’s counterclaims eventually went before the 8th U.S. Circuit Court of Appeals. Read on for more details.
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South Carolina introduces mortgage clause legislation
Posted Date: Monday, March 5, 2018
The General Assembly of South Carolina introduced a bill that would require all mortgages executed after June 1, 2018 to include a clause setting forth the name of the party who prepared the mortgage or the attorney licensed in South Carolina who assisted in the closing of the instrument. Read on for more details.
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Loan application defect risk high in Florida, Index shows
Posted Date: Monday, March 5, 2018
First American Financial Corp. released the First American Loan Application Defect Index for January, 2018. While the overall defect, fraud and misrepresentation risk index was unchanged, the index for purchase transactions increased in January. It also showed Florida as the third riskiest state, the largest in the top five most risky. Read on to find out more from this report.
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Louisiana Department of Insurance makes new appointments
Posted Date: Monday, March 5, 2018
Louisiana Insurance Commissioner Jim Donelon has appointed Nicholas “Nick” Lorusso as chief deputy of the Louisiana Department of Insurance (LDI) and Denise Dunckel as the deputy commissioner of public affairs. As chief deputy, Lorusso will manage operations of the agency as well as serve as liaison on legislative issues.
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FTC kicks off 20th National Consumer Protection Week
Posted Date: Monday, March 5, 2018
The Federal Trade Commission and its partners across the country will participate in the 20th anniversary of National Consumer Protection Week (NCPW), held March 4-10, 2018. NCPW is a nationally coordinated campaign to help consumers understand their consumer rights and make well-informed decisions about money and learn how to spot scams. Read on for more details.
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