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The Legal Description Edition
July 6, 2015
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Preparations still underway: Things to consider as you prepare for TRID implementation
Posted Date: Wednesday, July 1, 2015
On June 24, the Consumer Financial Protection Bureau (CFPB) proposed a two-month extension to the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID). This is good news for those still working out kinks or waiting for software to arrive. However, industry members should still work to get ready for implementation, because Oct. 3 will be here soon.
During the National Settlement Services Summit (NS3), Gerardo Caceres, client delivery and regulatory strategy executive, RealEC Technologies, a division of Black Knight Financial Services; Scott Chandler, executive vice president, director of agency, Westcor Land Title Insurance Co.; Ken Markison, vice president and regulatory counsel, Mortgage Bankers Association; Brian Webster, originations program manager, CFPB; and Leslie Wyatt, director of industry relations, SoftPro walked attendees through the entire process and shared how the new rule will impact the process, as well as how to adapt to the changes.
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CFPB submits Oct. 3 proposal
Posted Date: Wednesday, June 24, 2015
Mark your calendars for Oct. 3. That is the date the Consumer Financial Protection Bureau decided to delay implementation of the TILA/RESPA Integrated Disclosure Rule to in a proposed rule being published in the Federal Register on June 26. Read on to find out why the bureau moved the date, why it chose Oct. 3, and what parties it believes will gain the greatest benefits from the delay.
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Is lawyer covered when negligently disbursing funds?
Posted Date: Monday, March 9, 2015
Is a lawyer covered by her liability insurance provider when she negligently disburses closing funds? This is the question before the Third District Court of Appeal of Florida after a trial court held that an exclusion was inapplicable, and that the insurer owed coverage to the lawyer. Read on for more details.
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Title search company on the hook for contractor’s misuse of resources
Posted Date: Wednesday, April 1, 2015
After a title company discovered an employee had been using its resources, and its title plant, to do searches for another company, it sued the employee and the company she did work for. The employee admitted her guilt, but it was up to the court to determine how culpable the other company was for what happened.
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Timeshare owner sues resort company over ‘useless’ title policy
Posted Date: Thursday, March 19, 2015
Timeshare owners alleged that the resort company they purchased a timeshare from misrepresented the benefits of the title insurance policy they were required to purchase in connection with the timeshare purchase. They argued that the title policy was useless because the special warranty deed provides the same protection. Read on for more details.
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Agencies issue flood insurance rule to implement HFIAA/Biggert-Waters Act
Posted Date: Tuesday, June 23, 2015
Five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 relating to the escrowing of flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement. Read on for more details.
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Nevada adopts revised escrow licensing laws
Posted Date: Tuesday, June 23, 2015
Nevada Gov. Brian Sandoval has signed a bill that revises the statutes governing the licensing of escrow agents in the state. Read on for more details.
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Mortgage fraud risk normalizing according to report
Posted Date: Thursday, June 25, 2015
The latest Mortgage Fraud Risk Report, released by Interthinx Inc., reveals that overall mortgage fraud risk appears to have normalized. Read on to find out more from the report.
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Nevada insurance commissioner to step down
Posted Date: Monday, June 15, 2015
Nevada’s Commissioner of Insurance Scott Kipper announced his plans to resign as state commissioner for the Nevada Division of Insurance. Read on for more details.
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Florida agent arrested for grand theft
Posted Date: Thursday, June 18, 2015
The Florida Department of Financial Services announced the arrest of a title agent on multiple felony counts, including transacting insurance without a license and grand theft of more than $20,000. Read on for more details.
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RESPRO names new executive director
Posted Date: Monday, June 15, 2015
The Real Estate Services Providers Council Inc. has named a successor to Sue Johnson, its president and executive director. Read on for more details.
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What’s next?
Posted Date: Monday, July 6, 2015
I know what you might be thinking. The industry is in the middle of one of the biggest regulatory and process changes it has ever gone through; let us get through that before we tackle anything else. And perhaps you are right, to a point. It is important to remember, however, that the wheels of government don’t stop turning because we are going through a major change. A good coach would say the best defense is a good offense, so start looking now at some of the emerging trends.
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Title report error leads to negligence suit
Posted Date: Thursday, June 25, 2015
An error in a preliminary title report caused an escrow company to record an incorrect grant deed on behalf of a buyer of real property. Six years later, the buyer’s efforts to sell the property temporarily were thwarted by the error. Despite the fact that the title insurer addressed the buyer’s claim, the buyer sued the escrow company, the escrow officer and the title insurer, claiming negligence, breach of fiduciary duty and breach of escrow agreement. The trial court found for the defendants and the buyer timely appealed.
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California considers amendments to escrow laws
Posted Date: Thursday, June 25, 2015
The California General Assembly is considering a bill that would amend the state’s escrow laws, including the authorization to transact escrow business. Read on for more details
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California attorney indicted for short sale fraud
Posted Date: Thursday, June 25, 2015
A real estate attorney from Modesto, Calif., was indicted on three counts of wire fraud in connection with a fraudulent short-sale scheme he conducted to save property he owned from foreclosure. Read on for more details.
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Homeowners claim underwriter filed baseless lawsuit
Posted Date: Thursday, June 25, 2015
After filing suit against the owners of subdivision lots in defense of its insured, a national underwriter was sued by those subdivision owners for allegedly filing a baseless claim. Read on for more details.
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Siblings steal customer identities from title company
Posted Date: Tuesday, June 23, 2015
A brother and sister from the Inland Empire have pleaded guilty to federal charges of conspiring to steal identities of hundreds of would-be homeowners from North American Title Company and using those stolen identities to obtain credit cards from major national retailers.
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Lender, title company dispute amount due after title failure
Posted Date: Tuesday, June 23, 2015
After title to property insured by a national underwriter failed, a Texas bank sued its title insurer for bad faith, unfair claims settlement practices and breach of contract. Both parties filed motions for summary judgment, which were granted in part and denied in part. The parties then appealed the case to Court of Appeals of Texas, Houston. Read on for more details.
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New Mexico amends Escrow Company Act
Posted Date: Tuesday, June 23, 2015
The New Mexico Legislature has adopted a bill that amends the state’s Escrow Company Act. It changes bond requirements and adds the requirement to provide audit reports, account statements and reconciliations. Read on for more details.
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Virginia man pleads guilty in Lansing, Mich., fraud
Posted Date: Thursday, June 18, 2015
A Virginia man has pled guilty to a federal conspiracy charge stemming from fraudulent real estate transactions he engaged in in Lansing, Mich., during 2006 and 2007. Read on for more details.
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FDIC, national underwriter dispute negligent underwriting in CPL row
Posted Date: Monday, June 15, 2015
After discovering that Washington Mutual was defrauded by a scheme in Michigan, the Federal Deposit Insurance Corp. made a claim with the title insurer of 24 fraudulent transactions, arguing that it is responsible under the closing protection letter for the conduct of its agent who took part in the scheme. The title insurer countered that the CPLs didn’t cover negligent underwriting. Read on for the court’s decision.
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Insurer, agent dispute agent’s responsibility for unclosed credit line
Posted Date: Monday, June 15, 2015
After paying out a claim to its insured, a title insurer sued its agent, and the agent’s surety bond provider, for failing to ensure that a credit line was closed and that a refinanced mortgage deed of trust was in first position. The agent and surety bond provider moved to dismiss the suit. Read on for more details.
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Industry associations seek passage of hold-harmless legislation
Posted Date: Monday, June 15, 2015
Nineteen real estate industry associations wrote a letter to the chairman and ranking member of the House Financial Services Committee seeking the passage of H.R. 2213, which provides for a hold-harmless period for enforcement of the TILA-RESPA Integrated Disclosures. This comes on the heels of Consumer Financial Protection Bureau Director Richard Cordray’s announcement that the bureau would be sensitive to those who make good-faith efforts to comply with the rule Aug. 1. Read on for more details.
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