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Colorado could have new commission overseeing title industry
Posted Date: Friday, March 27, 2015
Everyone in the title industry knows that it is a small portion of the types of insurance that state regulators must understand and regulate on a daily basis. This can be challenging, as the industry has to work to educate their regulator on what its members do and how it differs from other lines of insurance. Add to that the fact that by the time a relationship has been formed with one insurance commissioner, in many states it’s time to educate a new commissioner. Then of course you must also take into account turnover in the commissioner’s staff as well.
To address these challenges, and looking to similar groups formed to oversee related industries in the state, members of the Colorado title industry crafted SB 15-210, which would create the Title Insurance Commission.
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Does violation of state UPL constitute fee split under RESPA?
Posted Date: Thursday, March 19, 2015
After a Georgia homeowner refinanced a mortgage, she sued her title company, the law firm that the title company hired to witness the closing and the firm’s attorney, alleging violations of RESPA and Georgia law. The case eventually went before the 11th U.S. Circuit Court of Appeals.
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Massachusetts may look at public title insurer
Posted Date: Monday, March 16, 2015
A bill has been introduced in the Massachusetts General Assembly that would establish a commission to study the feasibility of creating a title insurer owned by the Commonwealth or by a public authority constituted by the Commonwealth. Read on for more details.
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Defense of title insurance coverage denial at issue in case
Posted Date: Thursday, November 20, 2014
After being denied coverage by their title insurance company, two land owners filed suit against the group, claiming breach of contract and bad faith. A Kentucky circuit court granted a summary judgment in favor of the title insurer, and the owners appealed. Read on to find out the result of their appeal.
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Competing chains of title lead to coverage dispute
Posted Date: Thursday, November 20, 2014
Two parties claimed title to the same tract of land from two separate chains of title. One party sued the other, seeking declaratory judgment. The defendant’s title company got involved, but stopped defending its insured after the insured didn’t agree to settle with the plaintiff as suggested by the law firm the insurer hired to defend it.
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Cordray asked about non-enforcement period for TRID
Posted Date: Monday, March 9, 2015
As the new TILA-RESPA Integrated Mortgage Disclosure rule is less than five months away from implementation, the industry is wondering whether the Consumer Financial Protection Bureau (CFPB) will follow the Department of Housing and Urban Development’s practice and grant members a restrained enforcement period to comply with the rules. CFPB Director Richard Cordray was asked at a House committee hearing about restrained enforcement; read on to see what he had to say.
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Idaho introduces closing protection bill
Posted Date: Thursday, March 19, 2015
A bill has been introduced in the Idaho Legislation that would clarify that a title insurer may issue closing or settlement protection to a buyer, borrower or lender who is a party to a transaction in which a title insurance policy is issued. Read on for details.
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Arkansas may allow attorneys, title agents to release mortgages
Posted Date: Thursday, March 12, 2015
The Arkansas General Assembly has introduced a bill that would permit the release of a mortgage, deed of trust or other lien based on an affidavit by an attorney or title agent that the lien has been satisfied. Read on for more details.
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Rhode Island considers changes to mortgage transfer, recording laws
Posted Date: Monday, March 9, 2015
The Rhode Island General Assembly is considering a bill that would require all transfers of an interest in a mortgage be recorded and prohibit the recording of mortgages and assignments in the name of a party other than the holder of the note secured by the mortgage. Read on for more details.
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Bank of America details new TRID closing timeline
Posted Date: Thursday, March 19, 2015
In a letter to settlement agents, Bank of America announced the new TRID timeline it plans for preparing and delivering the Closing Disclosure. In December, Bank of America said it would be responsible for preparing and delivering the Closing Disclosure starting Aug. 1; read on to find out its latest plans and how they affect settlement agents.
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Latest major bank announces TRID plans
Posted Date: Monday, March 9, 2015
Another major bank has announced its plans for preparing and delivering the combined mortgage disclosures on Aug. 1. Keep reading to learn more.
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Couple who fled to Eastern Europe indicted for mortgage fraud
Posted Date: Monday, March 9, 2015
A King County, Wash., couple who fled to Moldova in Eastern Europe before being indicted by a federal grand jury for bank fraud related to loans fraudulently obtained from Westsound Bank, entered guilty pleas in U.S. District Court in Seattle.
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N.J. man pleads guilty to role in $13M mortgage fraud scam
Posted Date: Thursday, March 12, 2015
A Hudson County, N.J., man admitted his role in a $13 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos in Wildwood and Wildwood Crest.
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Busy legislative season
Posted Date: Friday, March 27, 2015
This legislative session has been very interesting as legislators have actively looked at the title insurance industry and how it is regulated. Massachusetts is looking at creating a commission to look into creating a public title insurer; Vermont has a bill proposed to study how the industry operates. Colorado and Arkansas are looking to change the structure of their regulatory set-ups by creating title insurance commissions, while Utah — the only state that currently has a title insurance commission — clarified the roles of the commission and the insurance commissioner in the state.
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Massachusetts introduces closing protection letter law
Posted Date: Thursday, March 19, 2015
The Massachusetts General Assembly has introduced a bill to authorize title insurance companies to issue closing protection upon the issuance of a preliminary report, binder or title insurance policy. Read on for more details.
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Wells Fargo discloses technology partner to agents
Posted Date: Tuesday, March 17, 2015
In Wells Fargo’s latest quarterly newsletter to settlement agents who close loans with the lender, Wells announces the technology partner with whom agents will be connecting to, as well as answering more questions regarding the company’s plans for the TILA-RESPA Integrated Disclosure Rule implementation Aug. 1. Read on for the details.
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Are closing agents ready for TRID?
Posted Date: Thursday, March 12, 2015
Are closing agents ready for the Aug. 1 implementation date for the TILA/RESPA Integrated Disclosure Rule? A recent poll asked that question. Read on for the results.
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Exclusive: Industry experts discuss readiness for TRID
Posted Date: Thursday, March 12, 2015
As the independent news source for the industries on all sides of the real estate process, we often are asked about important issues affecting the landscape. The TILA-RESPA Integrated Disclosure rule has obviously been on everyone’s thoughts, and as we get 100 days away from the deadline, we continue to receive questions. Will we be ready? Are the systems in place? Will the CFPB give us more time after Aug. 1? Read on to see how ready the industry believes it is for TRID today.
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