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Bureau finalizes ‘black hole’ fix
Posted Date: Wednesday, May 2, 2018
The Consumer Financial Protection Bureau finalized an amendment to its TILA-RESPA Integrated Disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to the mortgage industry. Read on for more details and for insight from industry experts.
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Trustee seeks declaration that deed of trust is enforceable
Posted Date: Wednesday, May 9, 2018
After a property issue arose as part of a divorce proceeding in which the husband had deeded the property to his sister, who mortgaged the property, and it was ruled that the wife held sole title to the property. The holder of the deed of trust, the sister, filed suit seeking a declaration that the deed of trust was an enforceable, first-priority lien on the property. Read on for more details.
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NS3 Preview: Moving your business from the Stone Age to eClosings
Posted Date: Wednesday, May 9, 2018
While lenders and customers (especially millennials) are embracing the electronic real estate process of the future, the same cannot always be said for title and settlement companies. Some are loathed to incorporate the latest technology; others are stymied by state laws that have slowed the adoption of eClosings and eNotarization. During a session at this year’s National Settlement Services Summit (NS3) in Detroit June 6-8 titled “From Zero to eClosing,” industry experts will discuss eNotarizations, eClosings and the remaining roadblocks to their widespread adoption.
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Bureau email shares staff, organizational updates
Posted Date: Wednesday, May 9, 2018
On May 9, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, sent an email to the entire staff informing them of some changes to the bureau’s organizational structure and some staffing updates. Read on for more details on these changes.
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Plaintiffs seek to remand owner’s policy dispute to state court
Posted Date: Wednesday, May 9, 2018
Plaintiffs in a combined case regarding the issuance of an owner’s policy covering property in Dallas seek to remand the case back to state court from the U.S. District Court for the Northern District of Texas. Read on for more details.
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Delaware DOI names new deputy commissioner
Posted Date: Wednesday, May 9, 2018
Delaware Insurance Commissioner Trinidad Navarro swore in a new deputy commissioner on May 7 in front of the Department of Insurance’s Dover office. Read on for more information about the new deputy commissioner.
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FTC charges mortgage relief company with fraud scheme
Posted Date: Wednesday, May 9, 2018
The Federal Trade Commission (FTC) has charged a mortgage relief operation with deceiving distressed homeowners by falsely promising to make their mortgages more affordable and prevent foreclosure. A federal court temporarily halted the scheme and froze the defendants’ assets at the FTC’s request. Read on for more details.
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CFPB receives comment on CID processes
Posted Date: Monday, May 7, 2018
The comment period on the Consumer Financial Protection Bureau’s first Request For Information (RFI), regarding Civil Investigation Demands (CIDs) and industry members, associations, fellow regulators and others shared their thoughts with the CFPB on ways to improve the CID process. Read on for more details.
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NS3 Preview: Staying alert during escrow
Posted Date: Monday, May 7, 2018
“Fraud is prevalent in every part of society. We have crooks of all sorts come out of the woodwork when there is a lot of money involved,” said Juliana Tu, president, Viva Escrow! Inc., and president-elect, the California Escrow Association, while discussing various types of fraud conducted at the closing table and the importance of staying alert during the escrow process.
During the National Settlement Services Summit (NS3) on June 6-8, in Detroit, Tu and Art Davis, executive director, American Escrow Association will review real-life cases and cautionary tales of escrow fraud, as well as non-digital threats and the appropriate standard of caution.
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First circuit rules on mortgagee’s negligence suit
Posted Date: Monday, May 7, 2018
The First U.S. Court of Appeals recently ruled in a case in which a mortgagee sued its closing agent and title insurer, alleging that the mortgage misidentified the mortgaged property as unimproved property instead of the property that encompassed their home. Read on for more details.
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FDIC OIG issues Special Inquiry report on information security incidents
Posted Date: Monday, May 7, 2018
The Office of Inspector General of the Federal Deposit Insurance Corp. issued a special inquiry report in response to a request from the former chairman of the Senate Banking Committee to examine the circumstances surrounding information security incidents the FDIC experienced in late 2015 and early 2016. The report examines issues at the FDIC related to data security, incident reporting and policies, as well as the representations made by FDIC officials to Congress regarding the incidents. Read on for more details.
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Loan application defect highlights local issues in latest Defect Index
Posted Date: Monday, May 7, 2018
First American Financial Corp. released the First American Loan Application Defect Index for March 2018, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The latest index highlights that property and loan characteristics play an important role in the risk of a local market. Read on for more details.
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Oregon man indicted for Nevada title scam
Posted Date: Monday, May 7, 2018
An Oregon man was indicted by the Clark County, Nev. Grand Jury on four felony charges for her role in taking title, without authorization, to foreclosed properties owned by Federal National Mortgage Association. Read on for more details.
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NS3 Preview: Michigan title manager provides sales strategies that work
Posted Date: Wednesday, May 2, 2018
How do title and settlement companies grow their businesses — or maintain their current level of business for that matter?
Simply expecting new business to drop into your lap is not a strategy. It’s also not realistic to expect employees who are not trained in sales to be able to successfully wear another hat.
During a session at this year’s National Settlement Services Summit (NS3) in Detroit June 6-8 titled “Winning Sales Strategies,” Chris Kass, sales manager at Michigan-based Liberty Title, will discuss sales strategies and offer solutions for growing your business. She will be joined by John Haynes, owner of Make Sales Happen.
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Colorado amending fiduciary regulations
Posted Date: Wednesday, May 2, 2018
The Colorado Division of Insurance will hold a May 15 hearing on amendments to Regulation 8-1-4, regarding title industry members’ fiduciary duties. Last year, the division completed a years-long effort to separate the sections of its former title insurance regulation 3-1-5 to make the regulations more manageable. After a memorandum from the Colorado General Assembly’s Office of Legislative Legal Services found that the commissioner of insurance had no statutory authority to promulgate rules regarding the fiduciary responsibilities of title insurance entities, the division and the Land Title Association of Colorado set to work helping draft a new law giving the commissioner such authority and amending the rule. Read on for more details.
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Oklahoma considers new requirements
Posted Date: Wednesday, May 2, 2018
The Oklahoma State Legislature is considering a bill that requires title insurers to complete certain documents and require the Oklahoma Insurance Department to maintain certain contact information. Read on for more details.
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