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November 1, 2021

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November 1, 2021
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Agency seeks coverage for wire fraud
Posted Date: Wednesday, October 20, 2021
A Florida title agency sought coverage under its cyber insurance policy’s cybercrime endorsement after it became the victim of wire fraud. The claim was denied, and the agency filed suit. Both parties eventually moved for summary judgment.

FinCEN issues ransomware report
Posted Date: Wednesday, October 20, 2021
The Financial Crimes Enforcement Network issued a report on ransomware trends in Bank Secrecy Act reporting filed between January and June 2021. The report was issued pursuant to the Anti-Money Laundering Act of 2020 and shows ransomware is an increasing threat.

California adopts law allowing restrictive covenants to be void
Posted Date: Wednesday, October 20, 2021
The California General Assembly adopted legislation that makes unenforceable against an affordable housing development any restrictive covenant that restricts the number or size of the residences that may be built on a property.

Freddie Mac bulletin addresses third-party risk mitigation, lost note affidavits
Posted Date: Wednesday, October 20, 2021
In Seller/Servicer Guide Bulletin 2021-31, Freddie Mac addressed revisions to seller/servicer and related third-party risk mitigation requirements and updates to its lost note affidavit requirements, among other things.

Texas issues 2020 data call
Posted Date: Wednesday, October 20, 2021
The Texas Department of Insurance issued bulletin B-0028-21, a mandatory data call requiring title insurers and agents to submit business data for the year 2020.

Mississippi man pleads guilty to filing false lien
Posted Date: Wednesday, October 20, 2021
A Jackson, Miss., man pled guilty to a charge of retaliating against a federal employee by filing a false lien.

Parties debate ‘insured’ under policy in coverage dispute
Posted Date: Monday, October 18, 2021
A company sued a title insurer, alleging that it breached a title policy by failing to indemnify the company in a related action concerning a land dispute. The insurer had denied coverage, arguing that the company was not an insured under the policy. The parties eventually filed cross motions for summary judgment.

Congress introduces ENABLERS legislation
Posted Date: Monday, October 18, 2021
A bipartisan group of representatives introduced the bipartisan Establishing Risks to Security (ENABLERS) Act, designed to close loopholes that kleptocrats from around the world use to launder money in the United States. Among other things, it would require the Treasury secretary to promulgate a rule requiring domestic title insurance companies to report to the secretary information on the beneficial owners of entitles that purchase or sell residential or commercial real estate in transactions in which the domestic title insurance company is involved.

Massachusetts considers Nantucket transfer fee
Posted Date: Monday, October 18, 2021
The Massachusetts General Court is considering legislation to authorize the town of Nantucket, Mass., to impose a real estate transfer fee for affordable and workforce housing.

CFPB names senior leadership hires
Posted Date: Monday, October 18, 2021
The Consumer Financial Protection Bureau (CFPB) announced leadership changes within the Bureau. The positions being announced are: deputy director; associate director for Consumer Education & External Affairs; chief of staff; and chief technologist.

Alabama names new Insurance Fraud Bureau director
Posted Date: Monday, October 18, 2021
The Alabama State Fire Marshal’s office named a new director of the Insurance Fraud Bureau, who will also be promoted to assistant state fire marshal.

Chicago fraudster sentenced for mortgage fraud
Posted Date: Monday, October 18, 2021
A suburban Chicago businessman who schemed with an attorney and two others to sell millions of dollars in phony mortgages has been sentenced to 11 years in federal prison.

E&O provider, title company dispute coverage of class action suit
Posted Date: Wednesday, October 13, 2021
A title company and its errors and omissions insurer dispute a duty to defend the title company in a putative class action in state court. The insurer filed suit against the title company, seeking a declaration it did not owe a duty to defend the title company in the class action suit.

Parties dispute liability for overlooked easement beneficiary
Posted Date: Tuesday, October 12, 2021
In a case stemming from the failure of a mixed-use real estate development project because of an overlooked beneficiary of a recorded access easement, the property owner and its investors filed suit against, among others, the title insurer. They alleged claims of contribution and indemnity, which had been assigned to them by the closing attorneys to the transaction.

Global Financial Integrity report finds real estate money laundering safe haven
Posted Date: Tuesday, October 12, 2021
A report by Global Financial Integrity on money laundering in the United States found more than $2.3 billion was laundered through U.S. real estate over a recent five-year period and commercial real estate is involved in many of those transactions.

Mortgagee, secondary lender dispute notice of lien
Posted Date: Tuesday, October 12, 2021
A man loaned friends $100,000 as a down payment to purchase their ranch in Big Horn County, Wyo., with the understanding he would get a lien on the property, but without a written record of that fact. When the couple defaulted and the mortgagee foreclosed, the man filed suit against the bank, arguing his loan had priority over the mortgage and that the lender had notice of his lien.

MIA names director of fiscal services
Posted Date: Tuesday, October 12, 2021
Maryland Insurance Commissioner Kathleen Birrane has named a director of fiscal services for the Maryland Insurance Administration (MIA).

California county launches program to combat deed fraud
Posted Date: Tuesday, October 12, 2021
The County of Marin, Calif., is taking steps to mitigate fraudulent real estate transfers with a new program that notifies property owners when documents have been filed about an ownership transfer.

Court dismisses pension fund’s cybersecurity suit against insurer
Posted Date: Monday, October 11, 2021
A federal court in California dismissed a cybersecurity lawsuit a pension fund filed against a title insurer that had reached a settlement with the U.S. Securities and Exchange Commission regarding the cybersecurity incident.

Virginia Bureau of Insurance issues informational letter on rebating
Posted Date: Monday, October 11, 2021
The Virginia Bureau of Insurance issued an informational letter regarding the prohibition against rebating and legislative amendments to statutory remedies. It addresses inquiries regarding whether a settlement agent may reduce their fee to obtain business.

Parties dispute whether current owners insured under policy
Posted Date: Monday, October 11, 2021
After the heirs of property owners in Montana discovered there was no legal access to the subject property, they filed a claim with the title insurer. The insurer denied the claim, arguing that because the property owners had transferred their interests in the property to irrevocable trusts, the property was no longer covered by the policy. The heirs filed suit.

DOJ announces civil cyberfraud initiative
Posted Date: Monday, October 11, 2021
Deputy Attorney General Lisa Monaco announced the launch of the department’s Civil Cyberfraud Initiative, which will combine the department’s expertise in civil fraud enforcement, government procurement and cybersecurity to combat new and emerging cyberthreats to the security of sensitive information and critical systems.

Fort Meyers man arrested for alleged mortgage fraud
Posted Date: Monday, October 11, 2021
A Fort Meyers, Fla., man was arrested for his role in an alleged mortgage fraud scheme. He was charged with violating Florida’s mortgage loan and loan originator laws, communications fraud, filing false documents against real property, and mortgage fraud.

Insurer seeks reconsideration in policy coverage dispute
Posted Date: Monday, October 11, 2021
A title insurer filed a motion for a federal court to reconsider part of its order finding it was not entitled to summary judgment in the case the holder of a title policy holder filed against the insurer seeking the $10 million policy limit. The policy holder had lost title and interests in the property after the title insurer denied coverage.
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