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Cordray announces proposed delay to TRID effective date
Posted Date: Thursday, June 18, 2015
Weeks after announcing that the bureau would be sensitive to good-faith efforts to comply with the TILA-RESPA Integrated Disclosure Rule, Consumer Financial Protection Bureau Director Richard Cordray announced a proposed delay of the implantation date. Read on for more details.
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Managing your vendors: Important things to address when selecting, maintaining a vendor relationship
Posted Date: Thursday, June 18, 2015
Although many may understand that it is important to have a fourth- and fifth-party vendor management plan in place, it is hard to know to what level of scrutiny you need to adhere to. There are many levels of potential scrutiny, from the CFPB, the Office of the Comptroller of the Currency and other federal regulators, to the secondary market, all of which are looking closely at the lending community. The lending community in turn sets the parameters for their vendors to follow. During the National Settlement Services Summit, Marx Sterbcow, managing partner at the Sterbcow Law Group, and Charles Cain, executive vice president, agency, WFG National Title Insurance Co., walked attendees through the expectations of these groups, as well as ways to evaluate their vendors to ensure proper due diligence is done.
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Title insurer sues in bankruptcy court over debtors’ fraud
Posted Date: Thursday, February 26, 2015
A title insurer filed an adversary proceeding against a debtor in bankruptcy court for failing to disclose a $1.9 million deed of trust on the property that the title insurer eventually had to pay off. The case eventually went before the 11th Circuit Court of Appeals. Read on for more details.
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Homeowners seek coverage of environmental easement
Posted Date: Thursday, February 26, 2015
Owners of a home in Pebble Beach, Calif., sought coverage of a lawsuit brought by Coastal Commission, alleging that the suit was a direct result of their title insurer’s efforts to address a previously undiscovered open air easement. The title insurer sought to dismiss the complaint in federal court. Read on for more details.
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Title insurer sues homeowner, title agency over undisclosed mechanic’s lien
Posted Date: Tuesday, February 24, 2015
After paying off a claim for a mechanic’s lien on the insured property, a title insurer sued the owner of the property, the title agency that conducted the title work. The insurer argued that the owner knew that there was a chance the construction company that built the house on the property would file a mechanic’s lien.
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Nevada governor signs super-priority lien amendments
Posted Date: Monday, June 8, 2015
Nevada Gov. Brian Sandoval signed a bill that amends the provisions governing a homeowner’s association’s lien on a unit for amounts due, as well as provisions governing the foreclosure of an association’s lien. Read on for more details.
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Louisiana Legislature urges State Law Institute to study mortgage assignments
Posted Date: Wednesday, June 10, 2015
The Louisiana State Legislature has introduced a concurrent resolution to ask the Louisiana State Law Institute whether an assignment or transfer of a mortgage loan on residential real property should be required to be recorded in the appropriate mortgage or conveyance records in order to be effective as to third parties. Read on for more details.
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Louisiana gives new guidance on prohibited practices
Posted Date: Friday, June 5, 2015
The Louisiana commissioner of insurance issued a bulletin to title insurance producers and a corresponding advisory letter rescinding guidance it provided a few years ago and providing new guidance as to acceptable practices. Read on for more details.
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Washington agency fined $5,000
Posted Date: Wednesday, June 10, 2015
As part of a consent order issued by the Washington Office of the Insurance Commissioner, a title agency in the state agreed to a $5,000 fine. Read on for more details.
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Idaho gets new director of Department of Insurance
Posted Date: Thursday, June 4, 2015
Idaho Gov. C.L. “Butch” Otter announced that Sen. Dean Cameron of Rupert, Idaho, will be the next director of the Idaho Department of Insurance, effective June 15. Chief Deputy Tom Donovan has been acting director since Director Bill Deal’s retirement. Read on for more details.
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Pennsylvania Senate confirms new insurance commissioner
Posted Date: Friday, June 5, 2015
The Pennsylvania Senate confirmed the appointment of Teresa Miller as the new commissioner of the state’s Department of Insurance. Hers is one of three confirmations of Gov. Tom Wolf’s appointees made on June 3. Read on for more details.
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What will happen next?
Posted Date: Tuesday, June 23, 2015
Well, isn’t that a surprised? After months of urging people to be ready on Aug. 1 because there will be no delay, coming out and saying that the bureau will be sensitive to progress made by entities that have made good-faith efforts to be compliant with the new rules, Consumer Financial Protection Bureau Director Richard Cordray announced a proposed delay in the implementation date for the TILA/RESPA Integrated Disclosure Rule (TRID). And we were all shocked.
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Breaking: TRID date pushed back to Oct. 1
Posted Date: Wednesday, June 17, 2015
At 5 p.m. June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
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District judge sides with Quicken against DOJ
Posted Date: Wednesday, June 10, 2015
The first legal victory in the cases involving Quicken Loans and the Department of Justice and the Department of Housing and Urban Development (HUD) appears to have gone in favor of the mortgage lender. Read on to find out what the district judge ruled in its case.
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Regulators get frank on TRID at NS3 forum
Posted Date: Wednesday, June 10, 2015
From beards to TRID to simultaneous issuance and data security, panelists at the regulators’ open forum Monday shared a frank discussion of top issues with the audience at October Research, LLC’s National Settlement Services Summit (NS3) in Atlanta.
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NS3 attendees help Make a Child Smile again
Posted Date: Tuesday, June 9, 2015
For the fourth year in a row, attendees at October Research, LLC’s National Settlement Services Summit got together to help make a difference in the lives of area children. Attendees took time out of their panel discussions, education and networking in Atlanta on Monday to help build 30 children’s bicycles and Big Wheels as part of the “Make a Child Smile” charity event, sponsored by Windward Consulting | Software and Adeptive. The bikes and corresponding helmets were presented to Atlanta Ronald McDonald House Charities on Tuesday afternoon. Read on for all the details.
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October Research, LLC presents annual industry awards
Posted Date: Tuesday, June 9, 2015
October Research, LLC presented its fourth annual industry awards today at its National Settlement Services Summit in Atlanta. Awards were handed out for exemplary accomplishment in the areas of leadership, innovation and philanthropy. Read on to find out the winners.
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CFPB announcement puts spotlight on NS3 event
Posted Date: Monday, June 8, 2015
The 11th annual National Settlement Services Summit (NS3) opened its doors Monday with an even more focused view on the industry-wide changes happening Aug. 1. The Consumer Financial Protection Bureau’s statement last week that it would be “sensitive” to companies making “good-faith efforts” to comply with TRID after Aug. 1 put a whole new set of questions on the table. Read on to find out what answers might be in store at NS3.
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Realtor, recruiters plead guilty to mortgage fraud
Posted Date: Thursday, June 4, 2015
A former Raltor/developer and two out-of-state recruiters pleaded guilty to wire and bank fraud charges in connection with a multi-year, multi-property mortgage fraud scheme in Boston.
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NS3 Preview: Data, escrow security update keeps you ahead of curve
Posted Date: Thursday, June 4, 2015
Across the country, settlement service providers are doing their best to protect consumers’ money and personal information, taking great care to educate and arm themselves against the thieves that threaten their business. However, these thieves are smart, coming up with new ways to take what’s valuable. That’s why it’s important to stay up-to-date on the latest schemes attacking your clients and consumers, something a panel will discuss at the National Settlement Services Summit in Atlanta June 8-10. Read on for the details.
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CFPB promises sensitivity as industry ponders impact
Posted Date: Thursday, June 4, 2015
After months of increasing pressure from industry groups and Congress, the Consumer Financial Protection Bureau made an announcement Wednesday about the Aug. 1 effective date for the TILA-RESPA Integrated Disclosure rules. Many in the industry voiced their concerns that this gesture was not enough, and contemplated the response of two other enforcement entities, the secondary market and the plaintiffs’ bar. Read on for more details.
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