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NAIC considers RESPA-related issues
Posted Date: Wednesday, June 29, 2016
During a conference call of the National Association of Insurance Commissioners Title Insurance Task Force on June 28, the group discussed whether to issue a companion bulletin to the CFPB’s bulletin of last year to the states regarding RESPA compliance and marketing service agreements. This is not the first RESPA-related issue they are tackling, as a Title Affiliated Business Process Review working group has also been created this year. Read on to find out more about the task force’s efforts.
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VA. adopts revised rules governing agents
Posted Date: Thursday, June 23, 2016
The Virginia Bureau of Insurance, part of the State Corporation Commission (SCC), has adopted revised Rules Governing Settlement Agents. It introduced the proposed changes late last year to clarify the scope of the regulations, add definitions to align with the Code of Virginia and enhance consumer protections. The new regulation will go into effect July 1. Read on for more details.
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Does email exchange constitute written contract?
Posted Date: Thursday, June 16, 2016
After being sued by a title insurer regarding an easement in the sale of their property, a couple sued their attorney and his law firm, arguing that he breached the written contract established through an email correspondence regarding how to proceed. Read on for more details.
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Homeowners say title insurer negligent
Posted Date: Tuesday, June 21, 2016
After falling behind on their mortgage payments, homeowners arranged for a short sale of their property. The title agency wired the proceeds to the bank after it was required to and the bank sent the funds back. The agency wired the funds to its underwriter, who eventually submitted the proceeds back to the bank, but not before the bank filed a foreclosure action against the homeowners. The homeowners sued, among others, the underwriter for negligence in handling the short sale proceeds. Read on for more details.
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Congress requests change to TRID calculation
Posted Date: Monday, June 13, 2016
Seventy-four members of Congress wrote to the Consumer Financial Protection Bureau, requesting the bureau address the way title insurance premiums are calculated under the TILA-RESPA Integrated Disclosure Rule. Read on for more details.
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FTC files suit against mortgage relief scam
Posted Date: Thursday, June 23, 2016
The Federal Trade Commission has charged the operators of a mortgage relief scam with bilking millions of dollars from homeowners by falsely telling them they could join a so-called “mass joinder” lawsuit that would save them from foreclosure and provide additional financial awards.
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Colorado adopts lien release amendments
Posted Date: Thursday, June 16, 2016
Colorado Gov. John Hickenlooper signed a bill that would amend its lien release law regarding lines of credit. Read on for more details.
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North Carolina considers adjustment to uniform recording fees
Posted Date: Tuesday, June 21, 2016
The General Assembly of North Carolina is considering a bill that would adjust the uniform fee for recording deeds of trust in the state. Read on for more details and to find out what TRID has to do with it.
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MERS, ICE announce agreement
Posted Date: Tuesday, June 21, 2016
MERSCORP Holdings, Inc. and Intercontinental Exchange (ICE), announced that ICE will acquire a majority equity position in MERSCORP Holdings, Inc., owner of Mortgage Electronic Registration Systems, Inc. (collectively MERS). In addition, ICE and MERS have entered into a software development agreement to modernize and enhance the MERS System.
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Virginia SCC reports data breach
Posted Date: Monday, June 13, 2016
The Virginia State Corporation Commission (SCC) is advising former licensed insurance agents of the potential improper access to their personal data by a former contractor. The suspected compromise of personal data pertains to archived Bureau of Insurance records of insurance agents whose licenses expired or became inactive anytime from 1979–2004. Read on for more details.
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New York Senate confirms new DFS superintendent
Posted Date: Tuesday, June 21, 2016
The New York state Senate confirmed Gov. Andrew M. Cuomo’s nomination of Maria T. Vullo as superintendent of the New York State Department of Financial Services, where she has been serving as acting superintendent since February.
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Settlement agent charged in wire fraud scheme
Posted Date: Tuesday, June 21, 2016
The owner of Pennsylvania settlement agencies was charged with one count of wire fraud in connection with a scheme that defrauded borrowers and title insurance companies of approximately $3 million. Read on for more details.
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On first impression, Supreme Court of Arizona calculates title damages
Posted Date: Thursday, June 23, 2016
In a case of first impression in Arizona, the Supreme Court of Arizona determined how to calculate damages under a lender’s title insurance policy that failed to disclose encumbrances that affected the value of the property and prevented its sale. Read on for more details.
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Connecticut representative pleads guilty to bank fraud
Posted Date: Thursday, June 23, 2016
A former Connecticut state representative pleaded guilty to conspiring with others to commit bank fraud in connection with his home mortgage loan applications. Read on for more details.
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Lender sues title agency for alleged negligence
Posted Date: Thursday, June 16, 2016
After discovering it no longer held the first lien on property, a lender sued the title agency that conducted the transaction, arguing that the agency was negligent in failing to record a trust deed in its favor. Read on for more details.
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Senate bill seeks to bolster small business cybersecurity
Posted Date: Thursday, June 16, 2016
Key members of the U.S. Senate Committee on Small Business and Entrepreneurship intruded the Small Business Cyber Security Improvements Act of 2016. The bill would enable the U.S. Small Business Administration’s Small Business Development Centers to work with the U.S. Department of Homeland Security to assist small businesses in planning and protecting against cybersecurity attacks. Read on for more details.
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